SINGAPORE (Thomson Financial) - Southeast Asia's biggest property developer CapitaLand said Friday it has, through unit CapitaLand (Vietnam) Holdings, entered into a conditional joint venture agreement with an affiliate of Vietnam's Azure City Co, to develop a residential site in Ho Chi Minh City .
CapitaLand said it will inject 47.7 million Singapore dollars for a 75 percent stake in the joint venture company.
The company intends to build about 300 luxury villas on the 117,200 square meter site to be launched by the third quarter next year.
This will be CapitaLand's third project in Vietnam, and in all it has a pipeline of about 1,600 homes in Ho Chi Minh City, the company said.
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