Thursday 28 Mar 2024
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SINGAPORE (Sept 23): CapitaLand has made its third acquisition in Vietnam within 14 months with the purchase of a prime site in Ho Chi Minh City, for US$51.9 million (S$70.4 million).

Wholly owned subsidiary CapitaLand (Vietnam) Holdings will hold a 100% stake in the 0.5ha site which is expected to offer 302 units across two towers: A 17-storey residential tower and a 22-storey serviced residence tower.

The Somerset branded serviced residence will be managed by CapitaLand’s serviced residence arm, The Ascott Limited.

With an estimated project value of S$143 million when completed, the development will be CapitaLand’s ninth residential project and 19th serviced residence in the country.

Located in the bustling Cau Kho ward of District 1, Ho Chi Minh City, the development is slated to be completed in 2018, and will be near amenities such as shopping malls, cinemas, schools, office buildings, restaurants, and medical facilities.

Connected to downtown Ho Chi Minh City via the Vo Van Kiet highway, it is a five-minute drive from the Central Business District and about a 10-minute drive to the shopping malls at Tran Hung Dao Street and Nguyen Van Cu Street.

The 200-unit serviced residence will offer expatriates and business travellers a range of two- and three-bedroom apartments, penthouse units. Amenities include a swimming pool, fitness centre and children’s playground. Meanwhile, the 102-unit luxurious residential tower will offer a variety of two-, three- and four-bedroom apartments, and penthouse units.

It will be the first residential project in Vietnam to offer concierge services, which will be provided by the serviced residence next door. Residents will also get to enjoy facilities such as the swimming pool, gym and clubhouse that provide panoramic views of the surroundings.

The project is expected to be launched in 4Q, 2016.

Shares of Capitaland closed 1 Singaporean cent lower at S$3.13 yesterday.  

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