CLD acquires prime site for large-scale residential project in Vietnam

Over 3,700 homes will be developed for 13,000 units in Binh Duong New City.

CapitaLand Development (CLD), the development arm of CapitaLand Group, acquired a prime site for its first large-scale residential project in Vietnam.

A total gross development value of around $1.2b was realised, with the site being located in Binh Duong New City, in the Binh Duong Province. The transaction is expected to be completed by the first quarter of 2022.

The site has a total area of 18.9 hectares, with over 3,700 freehold residential units proving homes for about 13,000 residents. Low-, mid-, and high-rise residential developments are included in these units, with the first phase of the project consisting of around 13,000 landed houses and apartments expected to begin in 2022.

“Vietnam is one of CLD’s core markets given its strong economic fundamentals. Our first prime large scale residential project in Vietnam will showcase CLD’s international expertise in building high-quality and vibrant communities at scale as we utilise our experience in creating iconic and award-winning integrated and urban developments in other countries. As a sustainable real estate developer, we will incorporate biophilic and sustainable features from the design stage to meet the increasing demand from eco-conscious homeowners and to encourage more to lead sustainable lifestyles,” said Jason Leow, CEO, CLD.

With the addition of this project, CLD will have more than 12,000 units across 16 residential developments across 16 cities in Vietnam.

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