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CapitaLand signs Conditional Joint Venture Agreement for fifth residential project in Vietnam

28 Oct
VNRECapitaLand, through its wholly-owned subsidiary, CVH Cayman 10 Limited, held through another wholly-owned subsidiary, CapitaLand (Vietnam) Holdings, has signed a Conditional Joint Venture Agreement (“JVA”) with No Va Land Investment Group Corporation (“NovaLand”), a leading real estate developer in Vietnam, to jointly develop a residential site in District 9, Ho Chi Minh City, Vietnam. The signing ceremony held in Hanoi today was witnessed by Singapore Prime Minister Lee Hsien Loong and Vietnam Prime Minister Nguyen Tan Dung.

The approximately 9,000-square-metre site is located in Phuoc Long B Ward in Ho Chi Minh City’s District 9, an established populous area with amenities such as a supermarket, vocational school and planned sports and recreational facilities. CapitaLand and NovaLand plan to develop the site, located about 10 kilometres from the city’s Central Business District, into a residential development with approximately 500 apartments.

The residential development has an estimated total project development cost of US$40 million (approximately S$54.5 million). The incorporation of the joint venture company is subject to relevant approvals from the Ho Chi Minh City People’s Committee and the Ministry of Planning and Investment of Vietnam for the issuance of a foreign investment certificate. Upon approvals being obtained, CapitaLand will take a 70% stake in the project while NovaLand will own the
remaining 30% stake from the injection of the site into the joint venture.

Mr Chen Lian Pang, CEO (Southeast Asia) of CapitaLand Commercial Limited and CEO of CapitaLand (Vietnam) Holdings, said, “We are confident of the outlook in Vietnam, underpinned by its strong economic growth, stable government and pro-growth regulatory environment. The country’s real estate market is supported by rapid urbanisation and a huge population of 86 million people of which more than half of them are under the age of 30. As urbanisation gathers pace and the middle class grows in tandem with the economy, demand for housing in Ho Chi Minh City and Hanoi is set to rise.”

Mr Chen added, “We are pleased to partner NovaLand in our fifth residential project in Vietnam. NovaLand is a reputable developer that possesses deep domain knowledge and an extensive network in the local real estate realm. CapitaLand will continue to explore opportunities to extend its presence in other real estate segments in Vietnam through strategic partnerships. We target to grow our current total asset base of S$400 million in Vietnam to approximately S$2 billion over the next three to five years.”

Mr Bui Thanh Nhon, Chairman of No Va Land Investment Group Corporation, said: “This is our first collaboration with a foreign developer and we are pleased to partner CapitaLand, one of Asia’s largest real estate companies. With CapitaLand’s international experience and strong proven track records in real estate development and project management as well as real estate financial services, we are able to leverage on each other’s expertise and domain knowledge. We are confident that our first residential project in collaboration with CapitaLand will be successful and we hope that this will be the start of a fruitful and win-win partnership for more projects in the future.”

The site is strategically located at Do Xuan Hop Street, Phuoc Long B Ward in District 9, at the fringe of the city centre in Ho Chi Minh City. The development sits close to the future Ho Chi Minh – Long Thanh Highway and Hanoi Highway. It is within close proximity to the proposed Saigon Sport City & Saigon Golf Mixed-use Development projects, as well as Ho Chi Minh Vocational College of Technology and Saigon Hightech Park.

Site Location

The above transaction is not expected to have any material impact on the net tangible assets or earnings per share of CapitaLand Group for the financial year ending 31 December 2010. None of the Directors or the controlling shareholder of Capitaland has any interest, direct or indirect, in the above transaction.

About CapitaLand in Vietnam

Vietnam is a key market in Asia for CapitaLand Group. Vietnam is the Group’s fourth pillar of growth, in addition to its core markets of China, Singapore and Australia. The real estate market is supported by the country’s strong economic growth, stable government, coupled with rapid urbanisation and a young and growing population. CapitaLand is committed to being a long-term real estate player in Vietnam.

Currently, the Group’s presence in Vietnam is in Ho Chi Minh City, Hanoi, Hai Phong and Danang, in the residential and serviced residence sectors. The Group has five quality residential projects with a development pipeline of over 4,500 residential apartments in Ho Chi Minh City and Hanoi. Its wholly-owned serviced residence business unit, The Ascott Limited, has over 1,300 apartment units in eight properties across the four major cities, making it the largest international serviced residence owner-operator in Vietnam.

About Nova Land Investment Group Corporation

Nova Land Investment Group Corporation (“NovaLand”), formerly known as “Thanh Nhon Trading Ltd.” established in 1992 and merged in 2004, is the real estate investment and development arm fully owned by Nova Investment Group. NovaLand is one of the most prominent real estate development groups of international stature in Vietnam. NovaLand is helmed by a professional team and focuses on large scale and premium projects in good locations. Fanning out of Ho Chi Minh City, NovaLand has development interests in urban areas, resorts, residential, offices and commercial projects.

NovaLand’s flagship project is Sunrise City, a premium 500,000 square-meter mega-mixed development situated in District 7 of Ho Chi Minh City with an investment capital exceeding US$500 million.

The member companies of NovaLand include The Novaland Company, Thanh Nhon Real Estate Company, Novaland Thao Dien Company, Novaland Vidiphar Company, Novaland My Dinh Company, Novaland Long Thanh Company, Novaland Phuc Long Company, Dong Tay Real Estate Company and Novahomes Company. NovaLand has a robust chartered capital of VND 1,200 billion and is slated for listing on the stock exchange in 2011.

About CapitaLand Group

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments,spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.

Source: CapitaLand Group

CapitaMalls to Seek Shopping-Center Ventures in Vietnam After China, India

6 Aug
Vnre.blogspot.comCapitaMalls Asia Ltd., the retail property unit of Southeast Asia’s biggest developer, may seek shopping-center ventures in Vietnam after expanding in markets including China and India.
Singapore-based CapitaMalls may collaborate with its parent company CapitaLand Ltd. to explore “interesting opportunities” in Vietnam, Chief Executive Officer Lim Beng Chee said. CapitaLand, which is building homes in the nation, said this year it expects properties in Vietnam to make up 10 percent of its assets in three to five years from about 1.5 percent now.

“If they come across something interesting that we could look at for a shopping mall, we can tap on their expertise to go into the market,” Lim said in an interview in Singapore late yesterday.

CapitaMalls is seeking retail projects in Vietnam as the economy expanded 6.4 percent in the three months through June, compared with 5.8 percent in the first quarter. The company also plans to invest S$800 million ($592 million) to S$1 billion in the second half in Singapore, Malaysia and China, it said yesterday.

The retail property operator will also open three more malls in China by the end of the year in addition to the four properties it recently acquired, Lim said.

“There is definitely a positive outlook on retail in the region,” said Ong Choon Fah, head of research at DTZ Debenham Tie Leung in Singapore, a real-estate consulting group. Lifestyle changes in the region “will support retail, but it’s very competitive. There will be some that do exceedingly well, and there will be some that fall to the wayside.”

CapitaMalls said yesterday its second-quarter profit fell 24 percent to S$113.1 million as it booked a smaller gain from the increase in value of its properties. Without the one-time changes, earnings would have increased six times, it said.

In Singapore, CapitaMalls plans to eventually offer its ION mall development along the Orchard Road shopping belt to CapitaMall Trust, the island state’s biggest real-estate investment trust, which it manages. The sale will only be considered when the property is “stabilized,” Lim said.

Reported by Kristine Aquino/Bloomberg

CapitaLand finishes HCMC apartment body frame

11 Jun
CapitaLand Group Tuesday finished construction of the body frame for the US$200-million The Vista apartment tower in Ho Chi Minh City’s District 2.

The Singapore-based developer’s first apartment project in Vietnam will have a 28-story building with 750 units, 100 serviced apartments, and 35,000 square meters of commercial space.

It sold 630 of the 850 apartments at $1,800-$2,000 a square meter and they are expected to be ready for occupation next June.

Capital Land plans to expand in Vietnam, which it considers a key market, building four high-class condominiums with 4,000 units and 1,300 serviced apartments in Hanoi, Hai Phong, Danang, and HCMC.

It has total assets of $1.2 billion in Vietnam.

Source: The saigon Times

Mulberry Lane – Latest hot property in town

10 Mar
Until recently, Ha Dong District in Vietnam’s capital city, Hanoi, was best known for its world famous silk production industry. Since the launch of CapitaLand’s first residential development there, the area is now also known for being home to the spanking new, Mulberry Lane. Inspired by the concept of silkworms feeding on mulberry leaves to weave the finest silk, the property is so named because it promises to weave your aspirations into a dream lifestyle.

Where You Can be at Home with Nature

Set in 2.4 hectares of prime land, the 1,478-unit Mulberry Lane’s five towers have a north-east/south-west orientation, giving each apartment access to winds from the northeastern corridors; natural sunlight; and stunning views of the surrounding parks, lakes and landscape.

This exclusive, planned community is designed with the traditional five elements of Nature in mind: metal, wood, water, fire and earth with each tower taking into consideration the balance of these elements. In keeping with the silk motif, the walls around the building are cocooned in fins, ledges and gable walls, giving the illusion of the woven pattern of silk. Even the lifts are designed with silkscreen panels for a touch of whimsy.

“Silk is a very interesting fabric. Traditionally, it is worn by aristocrats and royalty because it is so luxurious and sensual. It is also versatile – able to keep you warm in winter and cool during summer. It embodies all that we planned for Mulberry Lane. That’s why we chose silk as the inspiration for this property,” said Ms Jaselyn Wan, Deputy General Manager, Sales & Marketing, CapitaLand Vietnam.

This perfect blend of modern architecture and the ancient art of fengshui brings Nature close to home. Mulberry Lane welcomes you with a water feature at the main entrance, as well as lush landscaped gardens and a splendid promenade along the lake. It’s spacious, tranquil living at its best.

Where You Can Be Within Reach of the City

Mulberry Lane sits in Mo Lao area within Hanoi’s new Central Business District. Just 10km from downtown Hanoi and within close proximity of Noi Bai International Airport, the National Convention Centre and several local universities, hospitals, shopping malls, supermarkets and trade and handicraft villages, the area will soon be serviced by the new Le Van Luong Street which will provide an alternative, shorter route to the Hanoi City Centre.

Where Units are Designed to Offer Choice

At Mulberry Lane, a variety of units are offered, ranging from one- to three-plus-one-bedroom apartments, special duplexes, penthouses with access to private rooftop gardens and loft units. Careful thought has been given to the layout of the different apartments to optimise space and afford a magnificent city or lake view.

Bedrooms have timber flooring and are a spectacular synergy of glamourous living and traditional design. The kitchens are fully equipped with branded appliances and the bathrooms, living and dining rooms are all tiled in light colours to suit every décor style.

Security is paramount and each apartment has its own video, inter-com system ensuring exclusivity and privacy.

Where You Get the Best of Fine Living

Life at Mulberry Lane is a daily adventure. Take a dip at the swimming pool or get your day’s exercise at the 50-metre lap pool while the children chill out at the wadding pool or scale the low rock-climbing wall. Then relax at the jacuzzi or yoga deck and let the stresses of the day slip away.

If a little activity is what you’re looking for, hit the fully equipped gym, exercise lawn or taichi zone before steaming it up at the sauna. There is a foot reflexology path and 300 metres of jogging tracks along the lake, giving you a stellar vista while you keep fit. You can even invite friends to play at the basketball, badminton and table tennis courts before you party at the BBQ cabanas, dine under the stars at the picnic lawns or sky gardens.

If quiet solitude is what you seek, the library and reading lounge are the perfect hideaway or simply relax with a cuppa at the clubhouse with a lounge or at the cyber café. Retail stores like a mini mart and laundromat also mean that residents have all their needs taken care of within the development.

“Our facilities are designed to encourage community living and are ideal for the three-generation family, with something to appeal to every age group. We also planned for facilities to promote healthy living,” said Mr Tan Boon Thor, Senior Manager, Design Management, CapitaLand Vietnam.

There are sheltered walkways and ramps leading up to the five-storey carpark with 500 parking spaces for cars and 3,000 spaces for bikes mean you never need be at the mercy of the elements.

Where Lifelong Investment is Key

Mulberry Lane’s soft launch in October 2009 was a raging success. All 330 units released were fully booked in less than two days at prices between US$1,350 and US $1,700 per square metre.

Said Mr Manh, a managing director of a textile export company, who bought a three-room apartment, “There are not that many quality residential developments in Hanoi. The fact that CapitaLand is a prestigious, international brand name is guarantee that this will not only be a home but a long-term investment for me.”

“I trust their professionalism and the quality is evident in the concept and design,” he added.

Mulberry Lane is expected to have its official launch in the first half of 2010.

For more information, contact:

CapitaLand Vietnam
Unit #703, 7th Floor Hanoi Towers, 49 Hai Ba Trung,
Hoan Kiem District, Hanoi
Phone: 84.4.3934 3972 – Sales hotline: 84.4.3553 3388

Ascott bags Vietnam management contract

5 Oct
CAPITALAND’S serviced residence arm has clinched a management contract for a property in the coastal city of Hai Phong.

The Somerset Central TD, Hai Phong, will open in the second half of next year and offer 132 units ranging from studio to three-bedroom apartments, The Ascott Group said yesterday.

This will be the seventh property in Ascott’s portfolio in the country and will boost its inventory in Vietnam to 1,182 units.

The latest management contract is from Thuy Duong Investment Joint Stock Company, a property company with developments across Vietnam’s major cities.

The property is part of the landmark TD Plaza, a mixed use development at Le Hong Phong Road that comprises a five-storey mall, which is already operating; an office block; and two towers of residential apartments and serviced residences.

‘The new Somerset property will be the first international branded serviced residence and the largest serviced apartment in Hai Phong,’ Ascott said.

The latest property will cement Ascott’s position as the largest international serviced residence operator in Vietnam.

Ascott CEO Lim Ming Yan, said: ‘Vietnam has significant potential for Ascott to grow its presence. Our five properties in Hanoi and Ho Chi Minh City are performing well with an average occupancy of about 90 per cent.

‘We expect strong demand from the influx of expatriates to Hai Phong as the city further urbanises. The local government has plans for new industrial parks in Hai Phong which will spur economic growth. Vietnam and Singapore will also develop a 1,600-hectare integrated township and industrial park there,’ he added.

Ascott currently manages five serviced residence properties in Hanoi and Ho Chi Minh City totalling 818 units. Another property with 232 units will open in Ho Chi Minh City in the second half of 2011.

Source: The Business Times

Mulberry Lane-Weaving your life

24 Sep
CapitaLand’s first residential project in Vietnam is The Vista, a joint development by CapitaLand and its partners. The development comprises a total of 750 residential apartments and 100 serviced residence units located on a 2.3–hectare site in District 2, Ho Chi Minh City.

Following the successful launch of The Vista, CapitaLand has grown its presence in Vietnam with a new residential development in Hanoi, named Mulberry Lane. This project is a joint development between CapitaLand and a local partner, Hoang Thanh Investment and Infrastructure Development Joint Stock Company, a company specializing in investment, construction, trading and developing real estate projects such as hotels, commercial buildings as well as new urban area and infrastructure development.

Located in Ha Dong District which is best known for its silk production, Mulberry Lane is inspired by the concept of silk-making and the mulberry leaf. Silkworms that feed on mulberry leaves will weave the finest silk… just as Mulberry Lane will weave your dream lifestyle. Mulberry Lane offers unit types ranging from 1-bedroom to 3-bedroom as well as special duplexes with double volume spaces and penthouses with access to a private rooftop landscape deck.

At Mulberry Lane, you will enjoy wide-ranging recreational facilities to complete your desired lifestyle. Swimming pools, lawns, garden, and fitness and reading corners, as well as a gym with Tai-Chi zones and chess areas are set amidst the waters for a relaxing environment in harmony with the senses.


For more information, please contact:

CapitaLand–Hoang Thanh Company Limited
Address: Co Ngua Area, Mo Lao New Urban Area, Mo Lao Ward,
Ha Dong – Ha Noi.
Tel: 84.4.3553 3388 – Fax: 84.4.3553 6789
Hotline: 04 3553 3388 – Email:

CapitaLand residential developments win property awards

18 Jul
Singapore-based real estate company CapitaLand says its three residential developments in Vietnam and Thailand have been awarded at the CNBC Asia Pacific Property Awards 2009, a prestigious competition to recognize the best real estate professionals across the globe

–>The Vista Project

The Vista, the company’s maiden residential project in Vietnam that is being developed in HCMC’s District 2, won the Best Development Marketing award. This is the first international award for the facility.

The company boasts that the award recognizes The Vista’s successful marketing campaign for a real estate project which is positioned to meet the increasing demand for quality apartments in the city.

The company received awards for its two other property projects, the Royal Residence and S&S Sukhumvit in Thailand.

Chen Lian Pang, chief executive officer to Southeast Asia of CapitaLand Commercial Limited, said in a statement sent to the Daily late last week that it was an honor for the company’s three projects in Vietnam and Thailand to be recognized at the CNBC Asia Pacific Property Awards.

He said CapitaLand earlier this year won the Golden Dragon Award which recognized the property company as one of the most promising foreign investor companies with a significant contribution to the Vietnamese economy.

“These awards are a testament of our commitment in providing quality homes in growth markets like Vietnam and Thailand. With this in mind, we will strive to achieve higher standards in future projects,” Chen said.

Located in An Phu Ward in HCMC’s District 2, the Vista comprises five 28-story towers with 850 residential apartments and serviced residences, a retail podium and office facilities overlooking the Saigon River.

Source: The Saigon Times