CapitaLand in JV to invest in residential projects in Vietnam

Property developer CapitaLand on Wednesday said it has entered into a joint venture with Mitsubishi Estate Asia and GIC Real Estate to invest in residential projects in Vietnam.

CapitaLand will invest US$100 million for a 50 per cent stake.

Each of the other two partners are investing US$50 million for a 25 per cent stake.

The joint venture will use the committed capital for acquisitions and development as well as other administrative expenses. It will focus on property developments in Ho Chi Minh City and Hanoi.

Source : Channel NewsAsia – 24 Nov 2010

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