CapitaLand to Boost Investment in Real Estate in Vietnam
Singaporean CapitaLand has recently signed a memorandum of understanding (MOU) with Citi Private Bank to set up a US$300 million development fund in a bid to invest in real estate projects in Vietnam, the local Vietnam Economic Times said Thursday [February 28].
With the MOU, CapitaLand, ASEAN’s largest property investment group, will contribute 30 per cent to the fund’s capital.
CapitaLand's CEO Liew Mun Leong said the fund will help his group invest in Vietnam's potential property market, which is driven by the strong economic growth and rapid urbanization.
The group sees no hurdle caused by the tightened monetary policies in providing loans for property development. It plans to double its number of apartments for sale to 6,000 from 2,800 in Vietnam in next three year, Liew Mum Leong added.
Yesterday, it signed a strategic cooperation statement with Nam Thang Long Investment Joint Stock Co to seek further business opportunities.
The two sides will work together to kick off real estate projects in HCMC and plans to expand its operations in northern Vietnam. (Vietstock.com.vn, Vietnam Economic Times)
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