Capitaland – a real estate giant from Singapore, is preparing to launch a new project with a scale of more than 2,000 apartments in the eastern area of Hanoi this quarter, with a total investment of up to about 10,800 billion VND.
On the morning of August 14, CapitaLand Development (CLD) announced a new project called The Senique Hanoi, with a scale of more than 2,000 apartments, with an investment capital of up to 600 million SGD (about 10,800 billion VND), located in the East of Hanoi.
The Senique Hanoi will be developed on a 2.1-hectare land plot, with three 37-storey towers, expected to be implemented in two phases.
CLD revealed that it will cooperate with two partners from Japan, Mitsubishi Estate and Nomura Real Estate Development, to launch the project this quarter. The first products of The Senique Hanoi are expected to be handover in 2027.
2024 marks a big step forward for CLD in the Vietnamese real estate market, as the company continuously announces and starts many large-scale projects.
Notably, earlier this year, CLD began construction on the Lumi Hanoi project, which will include about 4,000 luxury apartments on a 5.6-hectare site in the west of the capital. The company said that 3,100 apartments, or 97% of the total number of apartments in the first two phases of the project, have been reserved.
Mr. Alwin Low, Northern Regional Director of CLD Vietnam, said the company is preparing for an exclusive launch event for phase 3 of the project, scheduled to take place in the fourth quarter of 2024.
In addition, the company is also preparing to hand over more than 170 luxury apartments at the Heritage West Lake project, near the West Lake area, next September.
In addition to the Hanoi market, earlier this year CLD also started construction on The Orchard subdivision of the Sycamore project in Binh Duong New City (Thu Dau Mot City, Binh Duong). With a scale of 18.9 hectares, Sycamore is CapitaLand's largest housing project in Vietnam.
The developer recently announced that more than 70% of the apartments at The Orchard have been reserved. At the same time, they also launched phase 2 of the project, with two high-rise towers comprising 774 apartments in the Orchard Hill subdivision. The new subdivision is expected to open for sale in the fourth quarter of 2024 and be completed by the end of 2026, with handover scheduled for 2027.
CapitaLand is one of the world's leading real estate groups, headquartered in Singapore and operating in two main areas: investment management and real estate development, which have been divided into independent units setting. Of which, CapitaLand Development (CLD) is in charge of real estate development, while CapitaLand Investment (CLI) ensures investment management.
As of June 30, CLD’s portfolio was worth S$21.3 billion. In Vietnam, CLD has developed 18 residential projects with more than 18,000 apartments. The company aims to increase the number to 27,000 apartments by 2028.
In an interview with Nikkei Asia in early July, Ms. Patricia Goh, CEO of Southeast Asia Investment at CapitaLand Investment, said the company plans to invest an additional SGD 100-150 million (equivalent to USD 73-110 million) in Vietnam over the next two years.
In addition to Vietnam, the company also plans to make similar investments in Malaysia and Thailand, with the ambition of supporting the region's rapid industrialization.
Chinese textile companies are looking to Vietnam as an ideal manufacturing location, while electronics manufacturers, such as those from South Korea, are also considering expanding production in Vietnam, Ms. Goh said.
To seize this opportunity, Ms. Goh revealed that CapitaLand Investment is looking for land to build new factories or acquire existing industrial infrastructure, to expand its portfolio in Vietnam.
Source: Znews
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