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CapitaLand to develop new residential project in Vietnam

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An artist’s impression of the new residential development to be built by CapitaLand in District 2 of Ho Chi Minh City, Vietnam. (Image: CapitaLand)

CapitaLand is planning to build a new residential development in Ho Chi Minh City, Vietnam. Covering an area of 60,000 sq m, the project is expected to offer more than 100 landed residential units, targeted for completion by 2021.

The site is located in Binh Trung Dong Ward in District 2 of Ho Chi Minh City. It is next to the Ring Road 2, about 6 km to the Phu My Bridge, providing a convenient access to many key destinations. Near the site, several major infrastructure developments such as the construction of the My Thuy interchange and Cat Lai bridge are underway. When completed, these will further enhance the connectivity of the area.

According to Lim Ming Yan, CapitaLand’s president and group CEO, strong economic development, rapid urbanisation and the rising affluence of Vietnam’s population continue to fuel demand for quality residential developments in the country. “CapitaLand has been seeing year-on-year growth in our Vietnam home sales, which are continually contributing to the Group’s earnings,” he added.

In the first half of 2018, Vietnam’s GDP reportedly grew at over 7%, the highest in seven years. It is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia.

Earlier this year in March, CapitaLand also announced a joint venture to develop a 0.9-ha site in Tay Ho District in Hanoi to build an integrated development, catering to the needs for vibrant live-work-play spaces.