The company sees strong potential in the office sector, especially Ho Chi Minh City upmarket segment.
Singapore-based
developer CapitaLand has announced plans to expand its presence in Vietnam by
establishing a $500 million fund by next year for commercial property
development, mainly in Hanoi and Ho Chi Minh City.
The company
said in a statement on Monday that it sees “strong potential upside” in the office
market, especially in the country’s largest city Ho Chi Minh where there is
a mismatch between demand and supply of grade-A offices, the Straits Times
reported.
Lim Ming
Yan, CapitaLand’s president and chief executive, was cited in the report as
saying that there are many opportunities in the commercial space in Vietnam.
“This trend will continue for at least the next 10 years.”
CapitaLand
has been operating in Vietnam since 1994, investing mainly in residential
projects with more than 9,100 units in Hanoi and Ho Chi Minh City.
It has plans
to acquire more sites to develop around 2,000 to 2,500 more residential units
in the cities, trying to capitalize of Vietnam's urbanization and a growing
middle class.
“We are
focusing on sites within a 10-minute radius from metro lines,” said Vincent
Wee, deputy chief executive at CapitaLand Vietnam, referring to urban transport
systems being developed in both Hanoi and Ho Chi Minh City.
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Reference
source:
E.vnexpress
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