Nhan Dan Online – Singapore’s headquartered CapitaLand Group, the largest listed real estate company in South Ease Asia, on February 27 affirmed its increasing presence in Vietnam, which it considered as one of its key Asian markets, through forming a strategic partnership with a local partner to provide a pipeline of properties and setting up a US $300 million development fund to invest in real estate projects in Vietnam.

CapitaLand signed a Statement of Strategic Intent with its local Vietnamese partner, Nam Thang Long Investment Joint-Stock Company, to form a strategic alliance to seek further business opportunities in Vietnam with a real estate focus. Nam Thang Long Investment Joint-Stock Company will seek and explore potential business opportunities in Vietnam; and together with CapitaLand, develop residential properties and commercial/residential mixed developments.

CapitaLand also signed a Memorandum of Understanding with Citi Private Bank, one of the world’s largest wealth managers, to set up a real estate development fund to invest in Vietnam. The target fund size is US $300 million and it will be marketed to Citi Private Bank’s wide network of sophisticated and high net worth investors, who are increasingly interested in investments in high growth economies like Vietnam.

Addressing the signing ceremony, Mr Liew Mun Leong, President & CEO of CapitaLand Group, said: “We see vast opportunities in the Vietnam real estate market, driven by the country’s strong macro-economic growth and rapid urbanisation. Our aim is to deepen CapitaLand’s presence in Vietnam to become a significant long term real estate player here”. He said CapitaLand was confident of doubling their residential pipeline in Vietnam from the present 2,800 homes to about 6,000 in the next three years.

Singaporean President S.R. Nathan, who is on a five-day official visit to Vietnam, attended the signing ceremony.

CapitaLand ‘s core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Gulf Co-operation Council (GCC) countries. The company's real estate and hospitality portfolio spans more than 100 cities in over 20 countries. CapitaLand also leverages on its significant real estate asset base, financial skills and market knowledge to develop real estate financial products and services in Singapore and the region.

The listed subsidiaries and associates of CapitaLand include The Ascott Group, Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust and Quill Capita Trust.

Capital Land made its first investment in Vietnam’s residential market in February 2006. Its first residential project in Vietnam, the Vista, was launched in Ho Chi Minh City in 2007. In addition, it is committed to develop three other projects with a pipeline of 2,800 homes in Ho Chi Minh City.

Tags: estate, property, real, singapore.

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