CapitaLand Limited has successfully launched its first commercial fund in Vietnam, namely CapitaLand Vietnam Commercial Fund I (CVCFI), which opens a series of investment opportunities and has closed at US$300 million.
CVCFI will have a life span of eight years and focus on Grade A commercial real estate in Vietnam. CapitaLand will hold a 40% stake in CVCFI while major institutional investors will hold the remaining interests.
Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand is confident about the growth trajectory of Vietnam and foresees that this trend will continue for at least the next decade. Apart from the growing demand for residential properties with urbanisation, we also see strong potential in the commercial real estate sector given the mismatch between demand and supply of quality office space.”
Mr Chen Lian Pang, CEO of CapitaLand Vietnam, said: “Having been part of the Vietnam growth story for over two decades, CapitaLand has earned a reputation for delivering quality residential developments and serviced residences in key cities."
He added, "In January this year, we made our first foray into commercial real estate through our acquisition and development of an international Grade A office tower located in the central business District of Ho Chi Minh City. We are committed to being a long-term player in Vietnam and will continue to seek opportunities to grow our presence through strategic investments.”
Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. CapitaLand has nine residential developments, 22 serviced residences with over 4,700 units and one international Grade A office development across six cities in Vietnam.
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