HCMC
– Singapore-invested property developer CapitaLand on Thursday inaugurated The
Vista apartment building, its first residential project in Vietnam, after three
years of construction.
The Vista project in An Phu Ward in District
2, which was jointly developed with two local developers, Thien Duc and Phu
Gia, comprises of five 28-floor blocks with 750 luxury apartments, 100 serviced
apartments and 35,00 square meters for shopping and office spaces.
Yip Hoong Mun, deputy chief executive officer
of CapitaLand Vietnam, said the project was finished on schedule despite the
current challenging time in Vietnam’s property market.
The project attracted much attention with a
long queue of homebuyers when its first sales program was launched in October
2007, during an exuberant period of the local property market.
In addition to The Vista, CapitaLand is
currently investing in three other luxury projects, namely the Beau Rivage with
962 apartments in HCMC’s District 2, the 1,478-apartment Mulberry Lane with in
Hanoi City’s Ha Dong District and another project under development with 960
apartments.
CapitaLand, which considers Vietnam as its
fourth major market besides China, Singapore and Australia, has established a
subsidiary CapitaValues Homes to develop housing projects in the low-cost
segment with a total of 960 apartments.
Having a presence in Vietnam’s apartment
market since 1994, CapitaLand has invested in four large cities including HCMC,
Hanoi, Haiphong and Danang cities, providing the local property market around
5,500 commercial apartments and 1,300 serviced apartments which are run by its
subsidiary Ascott Limited.
By Dinh Dung - The Saigon Times Daily
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