HCM CITY – CapitaLand Development (CLD), the development arm of CapitaLand Group (CapitaLand), aims to increase its portfolio in Việt Nam to 27,000 residential units by 2028.

This was declared during the recent groundbreaking ceremonies for its latest residential projects, Lumi Hanoi in Hà Nội and Sycamore in the southern province of Bình Dương.

The target represents a 70 per cent increase from its current portfolio of some 16,000 residential units, including 7,500 units at Sycamore and Lumi Hanoi projects.

Ronald Tay, CEO of CLD (Vietnam) (fifth right) at the groundbreaking ceremony for Sycamore with representatives and distinguished guests, including Vietnam’s Minister of Construction Nguyễn Thanh Nghị (middle), His Excellency Roy Kho, Consul General of the Republic of Singapore in HCM City (fourth right), His Excellency Firdauz Othman, Consul General of Malaysia in HCM City (third right), Võ Văn Minh, Chairman of the Bình Dương Province People’s Committee (fourth left), Dickson Kong, CEO of UOA Group (second right), and Nguyễn Văn Hùng, Chairman of Becamex IDC (first left).

Jonathan Yap, CEO of CLD, said: “CapitaLand entered Việt Nam in 1994, starting with serviced residence and commercial projects before embarking on residential developments in 2007 with The Vista in Ho Chi Minh City. 

Through decades of efforts, we are heartened to have built strong brand recognition for CapitaLand as a trusted developer of choice in Việt Nam, especially known for our top-notch residential offerings of superior quality.

Today, CLD’s portfolio in Việt Nam comprises one shopping mall, one SOHO development, two integrated developments, and about 16,000 quality homes across 17 residential developments in Hà Nội, HCM City and Bình Dương Province. 

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

“In addition to Việt Nam’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. 

“As Việt Nam increasingly emphasises sustainable development, new opportunities that play to CLD’s strengths in sustainability have also emerged.

“We look forward to working closely with the authorities and our partners to contribute meaningfully to Việt Nam’s economic development and urbanisation journey.”       

Ronald Tay, CEO of CLD (Vietnam) (middle left) with representatives and distinguished guests at the groundbreaking ceremony for Lumi Hanoi, including His Excellency Jaya Ratnam, Singapore’s Ambassador to Vietnam (middle right), Takashi Kagamoto, CEO of Mitsubishi Estate Vietnam (third left), Marc Boey, executive director of property services & chief operating officer of Far East International (third right), and Jean-François Milou, principal architect of studioMilou (second right).

Ronald Tay, CEO of CLD (Vietnam), said: “To achieve CLD’s target of adding another 11,000 residential units in the next five years, we will step up our capital disbursement in Việt Nam and expand our development portfolio through strategic tie-ups with reputable and like-minded local and foreign partners. 

“We will focus on well-located large-scale projects in key locations – including Hà Nội, HCM City and up-and-coming provinces nearby such as Bình Dương 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.

“Sycamore and Lumi Hanoi reflect some of these strategies. To bring these mega developments to fruition, CLD is pleased to partner with United Overseas Australia (UOA) Group for Sycamore and enter into a joint venture with Mitsubishi Estate and Far East Organisation for Lumi Hanoi. 

“Offering a diverse selection of unit types, first-rate amenities and sustainability features that enhance the well-being of residents, we are confident that Sycamore and Lumi Hanoi will meet the aspirations of increasingly discerning homebuyers in Việt Nam.”

CLD’s continued confidence in Việt Nam’s housing market is supported by the country’s robust economic fundamentals, favourable demographics and increasing urbanisation. 

“In 2023 Việt Nam’s GDP grew by 5.05 per cent, making it one of the fastest growing economies in Southeast Asia.  Việt Nam’s population of over 100 million and its rising middle class also offer a large and growing consumer market for various real estate sectors.”

Sycamore is situated in Bình Dương New City in Bình Dương province, some 30km from HCM City.

With a projected total gross development value of over S$1 billion (VNĐ18 trillion), Sycamore offers around 3,500 freehold units across a mix of low-, mid- and high-rise residential developments, providing homes for an estimated 13,000 residents on a site of 18.9 hectares. 

The completion of the first phase is scheduled for 2024, while the remaining is set to be finished by 2027.

Sycamore is slated to launch in Q2 2024.

Designed by renowned French architect Jean-François Milou of Studio Milou, Lumi Hanoi is a high-end residential project on a prime site in the West of Hanoi also with a projected gross development value of over S$1 billion (VNĐ18 trillion). 

Covering a total land area of around 5.6 hectares, the project will comprise some 4,000 units across nine 29- to 35-storey towers to be developed in phases. 

Lumi Hanoi is also slated to launch in Q2 2024.

Both Sycamore and Lumi are designed to achieve EDGE (Excellence in Design for Greater Efficiencies) certification issued by the International Finance Corporation. 

The design of Sycamore incorporates lush greenery, providing an estimated 80 per cent shade coverage for the communal areas to mitigate the urban heat island effect while enhancing wellness for residents. 

Its other sustainability and wellness features include rainwater harvesting, bicycle lots and abundant community spaces. 

Lumi Hanoi offers more than 80 facilities for residents of all ages, including 15 sports courts and various pools to promote an active lifestyle. 

Its key sustainability features include 4.3 hectares of verdant landscaping, rainwater harvesting, ecosystem ponds, biotope system, electric vehicle charging lots and bicycle lots.