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Fund pours 223 million USD into real estate
The Singaporean-headquartered CapitaLand has deployed 299 million Singaporean dollars (223 million USD) to further its growth in the real estate sector in Vietnam.
In a press release last week, the company says Vietnam is the group’s potential fourth pillar of growth in addition to its core markets of China , Singapore and Australia .
“Vietnam is a key Asian market for CapitaLand Group. The country’s strong economic growth and rapid urbanisation have presented many opportunities for international real estate companies like CapitaLand,” says the press release.
Currently, CapitaLand Group’s presence in Vietnam is in HCM City, Hanoi and Hai Phong, in the residential and serviced residences sectors.
Following the successful launch of The Vista in HCM City, CapitaLand has invested in a new residential development project in Hanoi named Mulberry Lane.
In October, CapitaLand started pre-sales activities for one of the five towers at Mulberry Lane . All 330 units released were fully booked in two days. The units were sold at prices between 1,350 USD and 1,700 USD per sq.m.
CapitaLand is one of Asia ’s largest real estate companies. Its subsidiaries and associates include Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust and CapitaRetail China Trust.
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