CapitaLand has acquired a 1.45ha site in District 4 which will be developed into an 870-unit residential development worth a total of US$177 million, the real estate company announced without disclosing the deal value.

The acquisition represents the company’s ninth residential development in HCM City and 11th project in Viet Nam, according to the press release issued on Thursday.

Strategically located within a five-minute drive from Districts 1 and 7, the project will comprise three 24-storey towers and enjoy panoramic views of the Sai Gon River and city skyline.

The latest acquisition comes on the back of a year of record home sales growth for CapitaLand in Viet Nam, it said.

“2017 marks a record year of growth for CapitaLand in Viet Nam with the highest home sales value achieved in nine months, surpassing that of the 2016 fiscal year by close to 50 per cent,” said Chen Lian Pang, CEO of CapitaLand Vietnam.

Viet Nam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As at end September 2017, it has S$2 billion worth of gross assets under management in Viet Nam.

The latest acquisition will expand CapitaLand’s portfolio to 11 residential developments, 21 serviced residences with around 4,700 units and one international Grade A office development across six cities in Viet Nam. – VNS