Singapore’s CapitaLand to develop A office development in Ho Chi Minh City,Vietnam
CapitaLand Limited, through its wholly owned subsidiary, CapitaLand (Vietnam) Holdings, has entered into a conditional agreement to acquire a prime commercial site in the Central Business District (CBD) of Ho Chi Minh City to develop its first international Grade A office tower in Vietnam.
CapitaLand will hold a 100% stake in the 0.6- hectare site with a gross floor area of 106,000 square metres (sqm). Located in the heart of Ho Chi Minh City’s District 1, the site will be developed into a 240-metre, international Grade A office tower with retail units at the ground and basement levels.
The development will be directly connected to a planned metro station which will link the CBD to the districts of Binh Thanh, 2 and 9. Construction is expected to commence in 1Q 2017 and will complete in 2020, which is about the same time the metro line is expected to begin operation.
Mr Lim Ming Yan, President & Group CEO, CapitaLand Limited said, “The acquisition and development of our first Grade A office tower in a prime location in Ho Chi Minh City, serves to diversify CapitaLand’s portfolio and strengthen our foothold in Vietnam. It is also in line with our plan to establish a US$500 million investment fund to focus on commercial properties in Vietnam. CapitaLand has a 22-year track record in Vietnam which has delivered to-date, 22 serviced residences, nine residential developments and now, a prime commercial property. Given its strong growth outlook and positive market sentiments, we are excited to be a long-term player in Vietnam’s growth story and will continue to look out for opportunities to grow our footprint.”
Located near the Saigon River in the heart of District 1, the towering development is set to light up the city skyline with its distinctive and timeless design; which is inspired by the iron tree, a recognisable symbol of strength, stability and wealth in Asia. The upper floors of the tower will feature lush open terraces bursting with greenery where tenants can meet, network or relax while enjoying unobstructed views of the Saigon River and the city. It is within walking distance to the city’s vibrant shopping and entertainment area, and the Ascott Waterfront Saigon – a 222-unit luxury serviced residence due to open in July 2017 which is managed by CapitaLand’s wholly owned serviced residence arm, The Ascott Limited.