One of Singapore’s property giants, CapitaLand, has just bought up a prime piece of land in Ho Chi Minh city and intends to develop a luxury private residential and serviced residence project which will yield 302 units across 0.5 ha in the city’s Cau Kho ward of District One.
Photo credit: CapitaLand Vietnam
CapitaLand has previously launched 3 residential projects in Vietnam, including The Vista, Vista Verde and Seasons Avenue. All 3 had sales launches in Singapore and response has been positive ever since Vietnam relaxed their rules on foreign ownership of local real estate. The fact that this recent US$51.9 million (S$70 million) purchase is the developer’s third acquisition in less than a year and a half makes them a formidable foreign presence in the Vietnamese real estate sector. This launch will bring CapitaLand’s residential real estate portfolio in Vietnam to 9,100.
Photo credit: CapitaLand Vietnam
As The Ascott‘s largest market in South-east Asia, CapitaLand will be managing the 200-serviced apartments in this new project under Somerset brand. The 17-storey residential block is targeted for a year-end launch, and will house 102-units made up of two- to four-bedroom apartments and penthouses. Akin to Cairnhill Nine, also developed by CapitaLand, in Singapore, plans are for the residential tower to also offer concierge services from the neighbouring serviced apartment block. This is apparently a first in Vietnam.
