CapitaLand to develop large-scale residential project in Vietnam

CapitaLand Development (CLD), the development arm of CapitaLand Group, has announced its first large-scale residential project in Vietnam, located in Binh Duong New City within the Binh Duong province, about 30 km from Ho Chi Minh City. 

With a total area of 18.9 ha, the project is expected to offer more than 3,700 residential units across a mix of low-, mid- and high-rise residential developments, providing homes for about 13,000 people. The total gross development value is estimated to be S$1.12 billion (VND18,330 billion).

The project is planned to be launched in phases and the first phase consisting of about 1,300 landed houses and apartments is scheduled to start in 2022. Completion of the first phase is slated for 2024, while the rest of the project is due for completion in 2027.

“Vietnam is one of CLD’s core markets given its strong economic fundamentals,” said Jason Leow, CEO of CLD. “Our first prime large-scale residential project in Vietnam will showcase CLD’s international expertise in building high-quality and vibrant communities at scale as we utilise our experience in creating iconic and award-winning integrated and urban developments in other countries.  

“As a sustainable real estate developer, we will incorporate biophilic and sustainable features from the design stage to meet the increasing demand from eco-conscious homeowners and to encourage more to lead sustainable lifestyles.”

According to CLD, sustainability features will be integrated across the residential development and within each of the residential communities. To encourage green mobility, sustainable transport infrastructure such as outdoor electric vehicle charging points will be incorporated. Bicycle lanes and pedestrian-friendly pavements will be available as well, and there will be electric vehicle buggies shuttling across the two low-rise residential developments.

A 10,000-sq-m central park will also be created within the mid-rise development. Plus, rainwater or grey water will be collected and recycled for irrigation of the park and other green spaces.

Mr Leow said, “In addition to residential projects, we continue to explore investment opportunities in new economy assets such as logistics facilities, data centres and business parks. We are also working with local partners and government authorities to seek more large-scale residential projects, master planning and urban development opportunities to expand our real estate portfolio in Vietnam.”

The new residential development is one of the first projects in Binh Duong New City to face the city’s scenic central lake, said CLD. It is located next to the city’s green lung, a sprawling 700,000-sq-m central public park. Vietnam’s largest trade centre, the 70,000-sq-m World Trade Centre complex comprising an international exhibition centre, a shopping centre, offices, hotels, and a metro station linked to the Ho Chi Minh City Metro Line 1, is within a five-minute drive away.  

Image: CapitaLand