CapitaLand Development (CLD), the development arm of CapitaLand Group, has plans to acquire a prime site from Becamex IDC for its first large-scale residential project in Vietnam, with a projected total gross development value of approximately S$1.12 billion ($820 million).
The site is located in Binh Duong New City within the Binh Duong province, about 30 kilometers (19 miles) from Ho Chi Minh City. The transaction is expected to be completed by first half 2022.
Ronald Tay, CEO of CLD (Vietnam) said: “This residential project is our largest project in Vietnam, boosting our pipeline of residential units in the country. It also marks our first expansion outside the tier one cities of Ho Chi Minh City and Hanoi, where we have a strong presence, to seize opportunities in the fast-growing secondary cities. The Binh Duong province was one of the largest recipients of foreign direct investment in Vietnam, ahead of Hanoi in 1H 2021 despite COVID-19. The project is strategic
