CapitaLand Limited has acquired a prime site for a new mixed-use development in Vietnam’s capital city, Hanoi. Featuring 25 storeys, it will comprise a 380-unit residence including SoHo apartments, around 230,000 sq ft of office space and over 208,000 sq ft of retail space.
The US$217 million development will stand on an approximately 0.9-ha site in Tay Ho District, well connected to both the new and old business districts and less than a 20-minute drive away from Hanoi’s Noi Bai International Airport.
“Vietnam is a key growth market for CapitaLand and we are seeing strong demand for vibrant, quality live-work-play spaces with rapid urbanisation and the evolving lifestyles of young and mobile Vietnamese,” said Chen Lian Pang, CEO of CapitaLand Vietnam. “This upcoming integrated development will offer the best-in-class in homes, offices and malls which will attract young Vietnamese urbanites, multinational companies and local start-ups.”
In Singapore, CapitaLand has also acquired the Pearl Bank Apartments situated on Pearl's Hill in Outram Park (above). This prime site has a land area of 82,376 sq ft, which is planned to be redeveloped into a high-rise residential development comprising around 800 units.
According to CapitaLand, every unit will enjoy panoramic views extending from the central business district (CBD) to Sentosa as the site is perched on elevated ground. The development is targeted for completion by early 2023, right after the opening of the third MRT line in Outram, the Thomson-East Coast line.