Singapore’s CapitaLand, one of Asia’s largest real estate companies, has expressed interest in building smart cities in Vietnam, according to Ng Kee Choe, the group's chairman.
Prime Minister Nguyen Xuan Phuc (r) and Ng Kee Choe, CapitaLand’s chairman (l). Source: VGP.
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Ng Kee Choe revealed the company is considering to invest in housing projects for low-income people in Vietnam.
Vietnam’s PM Phuc requested CapitaLand to give priority to high-tech projects in Vietnam, which in turn create high added value and contribute to the development of Vietnam, as well as the relations between Vietnam and Singapore.
According to Phuc, Vietnam is accelerating the urbanization process which is considered one of the driving forces for the country’s growth.
Phuc, therefore, expected CapitaLand to make the difference in Vietnam by working on projects with high-added value, particularly in the context of the Fourth Industrial Revolution.
Additionally, Phuc noted CapitaLand’s projects should be modern, green and environmentally-friendly, adding green and smart urban areas are the current trend in Vietnam.
Last March, CapitaLand acquired a land plot in West Lake district of Hanoi for US$30.2 million. Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As of December 2017, it had US$694 million worth of gross assets under management in Vietnam.
The latest acquisition has expanded CapitaLand's portfolio to 12 residential developments, one integrated development and 21 serviced residences with around 4,700 units, across six cities in Vietnam.
