CAPITALAND has signed a conditional joint venture (JV) agreement with Azure City Co to develop a 1,200-unit high-rise condominium project in Ho Chi Mi

CAPITALAND has signed a conditional joint venture (JV) agreement with Azure City Co to develop a 1,200-unit high-rise condominium project in Ho Chi Minh City, Vietnam.

This brings CapitaLand’s pipeline of residential units in Vietnam to 2,800 homes, after venturing there in 2006.

CapitaLand will take a 75 per cent stake in the JV for $48.8 million.

Azure City Co, a local Vietnamese company involved in infrastructure and property, will hold the remaining 25 per cent.

The site is located in Ho Chi Minh City’s District 9 and CapitaLand said it will develop the project over the next three to four years.

CapitaLand Residential CEO Lui Chong Chee said: ‘With the country’s strong economic growth fuelling rapid urbanisation, we see demand for well-built and well-designed homes rising in both metropolitan cities like Ho Chi Minh City and Hanoi, as well as the other major cities in the country.’

This will be CapitaLand’s fourth residential development in Vietnam.

All four are in Ho Chi Minh City. The first is the 750-unit Vista in District 2 and CapitaLand says that the first phase, which was launched in June, has been fully taken up.

A 600-unit development in District 7 will be launched by end-2007.

CapitaLand also announced earlier this month that it will develop a 300-unit landed-housing develop with Azure City Co.

Source : Business Times - 23 Aug 2007