CapitaLand to develop 1,400 homes in Ho Chi Minh City

CapitaLand has signed a deal with its Vietnamese partner Thien Duc to build about 1,400 homes in the prime District 2 of Ho Chi Minh City.

The contract for the 6.7 hectare site includes commercial and retail space.

The development, which is within a popular residential area, will have an estimated total project value of S$690 million.

CapitaLand will take a 60 percent stake in the proposed joint venture, while Thien Duc will hold the remaining 40 percent.

The joint venture is the result of a recent strategic alliance between CapitaLand and Nam Thang Long Investment Joint-Stock Company – a Vietnamese firm specialising in real estate, transportation and chemical manufacturing.

It is also part of CapitaLand’s goal to double the number of homes it is building in Vietnam to about 6,000.

CapitaLand is currently building over 4,200 homes in Ho Chi Minh City.

Source : Channel NewsAsia – 27 Mar 2008

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