Hongkong Land has surpassed many other foreign investors to become Ho Chi Minh City Infrastructure Investment JSC (CII)’s partner to develop a 1,140 apartment project.
Hongkong Land is a property investment, management, and development group with investments in Hongkong, Singapore, mainland China and other parts of Asia.
The group has reached an agreement with CII regarding the development of the Thu Thiem River Park apartment project located in the Thu Thiem New Urban Area, District 2, Ho Chi Minh City.
The project will have 1,140 residential units, including apartments, villas and other facilities such as swimming pools, green spaces, supermarkets, and other stores. The total investment of the project is expected to be US$400 million.
The contract also marks CII’s milestone in joining high-end real estate after acquiring a land fund located in a prime position in Thu Thiem via BT projects.
More than 2.5 years ago, CII gained an 84,255 square meter land fund worth VND2,343 billion (roughly US$103.31 million) after reaching an agreement for a BT project with Ho Chi Minh authorities. Under the contract, CII would invest in the infrastructure in the residential area in the north of the City and complete the north-south axis project in the Thu Thiem New Urban Area.
Tan Wee Hsien, Hongkong Land Head of Residential Property for South Asia, said that this is the second high-end apartment project of Hongkong Land in Vietnam, showing the group’s confidence in the long-term potential of Vietnam’s real estate market.
Hongkong Land is one of the first foreign real estate investors entering the Vietnam market since 1995 with the office building located at No. 63 Ly Thai To and the Central Building at No. 31 Hai Ba Trung, Hanoi.
However, after these projects, Hongkong Land’s activities in Vietnam dwindled until the recent announcement about the Thu Thiem project.
Hong Kong Land had the first apartment project for sale in Vietnam after collaborating with Son Kim Land to invest in the 238 luxury apartment Nassim project located in Thao Dien, District 2, Ho Chi Minh City.
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