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CapitaLand unit acquires 90% stake in Vietnamese subsidiary

A CapitaLand Ltd. unit invested in a Vietnamese subsidiary by acquiring a 90% stake for 162 billion Vietnamese dong.

CapitaLand's wholly owned unit Sophia VN Ltd. subscribed for a stake in CapitaLand Thanh Nien Co. Ltd. as part of it strategy of expanding its portfolio of residential properties in Vietnam.

CapitaLand Thanh Nien owns an approximately 0.8-hectare land parcel in Thao Dien Ward, Ho Chi Minh City, which will serve as the site for the development of around 317 residential units. Saigon Commercial and Tourism Corp. owns the remaining 10% stake in the company.

CapitaLand also recently unveiled a plan to develop its first office property in the country in Ho Chi Minh City's central business district.

As of Jan. 20, US$1 was equivalent to 22,571.00 Vietnamese dong.