CapitaLand aims to grow Vietnam residential units to 27,000 by 2028

CLD plans to focus on large-scale projects in Hanoi, Ho Chi Minh, and Binh Duong.

CapitaLand Development (CLD) is aiming to grow its residential portfolio in Vietnam to 27,000 units over the next four years.

As of March 2024, CLD has a residential portfolio of 16,000 units in Vietnam, of which approximately 7,500 are of the recently announced residential projects Sycamore in Binh Duong and Lumi Hanoi.

To achieve this target, CLD aims to add another 11,000 residential units in the next 5 years, expand capital deployment in Vietnam, and enter into partnerships with local and foreign partners, CLD (Vietnam) CEO Ronald Tay said. 

“We will focus on well-located large-scale projects in key cities – including Hanoi, Ho Chi Minh City, and up-and-coming provinces nearby such as Binh Duong province – to capitalise on CLD’s unique end-to-end expertise across the real estate value chain in multiple asset classes as well as our competitive advantages in master planning and sustainability,” Tay said in a press release.

The recently announced Sycamore and Lumi Hanoi are CLD’s largest residential projects in Vietnam to date, with a combined gross development value of S$2b (VND36t). 

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With this, CLD’s current portfolio in Vietnam now include 1 retail mall, 1 SOHO development, 2 integrated developments, and 16,000 homes across 17 residential developments in Hanoi, Ho Chi Minh City, and Binh Duong.

CLD is the development arm of CapitaLand and first entered the Vietnam market. CapitaLand first entered the market in 1994, starting with serviced residence and commercial projects before adding residential developments in its portfolio in 2007.

“As the Group marks 30 years of successful local operations in 2024, we are pleased to reinforce our commitment to Vietnam with a target for CLD’s residential business to reach 27,000 units by 2028,” says CLD CEO Jonathan Yap.

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Yap also floated the possibility of CLD expanding to more real estate opportunities in the commercial, industrial, and logistics sectors in Vietnam.

“In addition to Vietnam’s residential sector, we see the potential for CLD to tap real estate opportunities in its burgeoning commercial, industrial and logistics sectors in tandem with the country’s ascent as a global manufacturing hub,” Yap was quoted saying in a press release announcing CLD’s new targets.