All 273 condominium units offered yesterday morning under the first phase of CapitaLand’s maiden Vietnamese residential project were fully booked by the afternoon, the company said yesterday. Indicative prices range from US$1,200-US$1,600 per sq metre.
The Vista condominium is in the An Phu Ward of Ho Chi Minh City. ‘Over 400 people queued for a total of 273 units in two towers,’ CapitaLand said. The entire project comprises a total of 750 apartments in five towers.
CapitaLand has an 80 per cent stake in the joint venture company that is developing The Vista. The Singapore-listed property group is also the lead development manager.
‘With the highest per capita GDP in the country and growing foreign investments, Ho Chi Minh City’s rapid economic development presents many business opportunities for CapitaLand,’ said the group’s president and CEO Liew Mun Leong. ‘Moreover, with the burgeoning urbanisation, the growth potential of the real estate market in Vietnam is tremendous and there will be greater demand for quality homes.’
CapitaLand also has another residential project in the city, comprising about 600 homes. This will be a joint venture with South Saigon Development Corporation - a state-owned joint-stock company established by the Ho Chi Minh City People’s Committee.
Source: The Business Times, 08 June 2007
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