Magazines Archives - 2008 April

CapitaLand to tap vast real-estate opportunities in Vietnam
Story 12

SINGAPORE-LISTED CapitaLand Ltd has announced that it will establish a US$300-million investment fund to engage in property-development projects in Vietnam. Group president and CEO Liew Mun Leong said in a press statement: “We see vast opportunities in Vietnam’s real-estate market, driven by the country’s strong macro-economic growth and rapid urbanisation.”

As a further boost, the group also plans to go into an agreement with Vietnamese company Nam Thang Long Investment Joint-Stock Company. Said Liew: “Our aim is to deepen CapitaLand’s presence in [the country]. We’re also looking for opportunities in the office, retail and integrated leisure, entertainment and convention sectors.”

Earlier this year, CapitaLand subsidiary CapitaRetail China Trust announced a S$188-million (approximately US$361.2-million) share offer to fund the partial acquisition of Xizhimen Mall in Beijing, China, which sees a weekly average of 300,000 shoppers.

In addition, CapitaLand has invested S$2.1 billion in 15 shopping centres in India, a country where the burgeoning middle- and high-income classes are spurring the growth in demand for real-estate developments.