Magazines Archives - 2008 April
CapitaLand to tap vast real-estate opportunities in Vietnam
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 Vietnams real-estate market, driven by the countrys 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 CapitaLands presence in [the country]. Were 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.