CapitaLand to develop US$217 million integrated development in Hanoi

CapitaLand’s first integrated development in Hanoi would be constructed on an approximately 0.9-hectare site in Tay Ho District, well connected to both the new and old business districts and less than a 20-minute drive away from Hanoi’s Noi Bai International Airport.

The project will also be in close proximity to the city’s diplomatic district and new government offices headquarters, one of the top international schools, United Nations International School as well as the expatriate enclave of Xuan Dieu.

At this prime location, CapitaLand expects to construct a 25-storey integrated development worth about US$217 million, comprising a 380-unit residence including SoHo apartments, around 230,000 square feet of office space and over 208,000 square feet of retail space.

Stepping up growth momentum in Vietnam, CapitaLand Limited has successfully set up its second commercial fund in the country worth US$130 million. With a fund lifespan of eight years, CapitaLand will hold a 50 per cent stake in CVCVF with the balance interest held by MEA Commercial Holdings Pte. Ltd. CVCVF will focus on Grade A commercial properties in Vietnam.

Chen Lian Pang, CEO of CapitaLand Vietnam said that Vietnam is a key growth market for CapitaLand and this upcoming integrated development will offer the best-in-class in homes, offices, and malls which will attract young Vietnamese urbanites, multinational companies and local start-ups.

2017 was a year of stellar growth for CapitaLand in Vietnam with 1,409 residential units sold to hit record sales of US$348.25 million.

Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As at end December 2017, it has US$718.5 million worth of gross assets under management in Vietnam.

The latest acquisition will expand CapitaLand’s portfolio to 12 residential developments, one integrated development and 21 serviced residences with around 4,700 units, across six cities in Vietnam.