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CapitaLand's Vietnam fund raises US$130M for US$217M mixed-use project in Hanoi

CapitaLand Ltd.'s CapitaLand Vietnam Commercial Value-Added Fund raised US$130 million at closing for the Singapore-listed developer's planned US$217 million integrated development in Hanoi.

A 50/50 joint venture between CapitaLand and MEA Commercial Holdings Pte. Ltd., the commercial fund is the diversified developer's second in Vietnam after the US$300 million CapitaLand Vietnam Commercial Fund, which was launched in 2017. It has a term of eight years and a mandate focused on grade A Vietnamese commercial properties.

President and CEO Lim Ming Yan said the investments in the second fund will be used to bankroll the development of a mixed-use project in Hanoi, which the company said is its first integrated development in the capital city.

For the proposed mixed-use project, the Singapore-based company purchased a 0.9-hectare site in Hanoi's Tay Ho District. The proposed development will comprise a 380-unit residence featuring SoHo apartments, approximately 230,000 square feet of office space and more than 208,000 square feet of retail space.

Vietnam is CapitaLand's third-largest market in Southeast Asia after Singapore and Malaysia. Its acquisition of the site for the proposed integrated project increased its portfolio in Vietnam to 12 residential developments, one integrated project and 4,700 serviced residence units across 21 projects and six Vietnamese cities.