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CapitaLand plans 2-tower residential development on newly acquired Vietnam site

CapitaLandLtd. purchased a 0.5-hectare development site in District 1, Ho ChiMinh City in Vietnam for US$51.9 million.

The Singapore-listed company will own a full stake in the propertywhere it plans to build a 22-story, 200-unit serviced residence tower and a17-story, 102-unit luxury residential tower.

CapitaLand's serviced residence arm, The Ascott Ltd., willmanage the serviced residence tower under its Somerset brand. It will offer aswimming pool, fitness center and children's playground, among other amenities.Amenities at the luxury residential tower project, meanwhile, will include aswimming pool, gym and clubhouse.

The development project has an estimated value of US$106million upon completion, which is expected to occur in 2018. It will be thecompany's ninthresidential project in Vietnam and will bring its total residential portfolioin the country to roughly 9,100 homes, according to a release.