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CapitaLand to expand into offices in Vietnam

CAPITALAND could double the number of homes it is building in Vietnam to about 6,000 units in the next three years – from about 2,800 homes now – chief executive Liew Mun Leong told reporters in Vietnam yesterday.

The Vietnam market also presents opportunities for CapitaLand to expand beyond its present service apartment and residential portfolio to include offices, retail and integrated leisure, entertainment and conventions projects, Mr Liew said.

For offices, CapitaLand is looking to build the equivalent of its Capital Tower and Raffles City projects in Vietnam as well – provided it can find suitable sites. And as for retail, there are opportunities to grow the business segment as there is a lack of an organised retail scene in Vietnam, Mr Liew said.

For CapitaLand’s fledgling integrated leisure, entertainment and conventions business segment, the developer is now prospecting for sites in Vietnam. When the opportunity arises, CapitaLand will also look into setting up private real estate funds for its businesses in Vietnam.

‘Overall, as a long-term player, CapitaLand sees tremendous growth potential in Vietnam as it is one of the fastest growing economies in Asia,’ the company said.

Channel News Asia, reporting from Vietnam, said that CapitaLand is exploring the idea of creating a US $300 million development fund which could invest in a range of Vietnamese properties. It also reported Mr Liew as saying that the US sub-prime woes may not have a huge impact on the Singapore property market.

 

Source: Business Times 5 Dec 07

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