CapitaLand Buys a Residential Site in Vietnam's Ho Chi Minh City for US$38.9 Million

By Joanne ChiuFeaturesDow Jones Newswires

CapitaLand Ltd. (C31.SG) has acquired a residential site in Vietnam's Ho Chi Minh city for US$38.9 million, as the Singapore real-estate developer seeks to boost its portfolio in the southeast Asian country.

CapitaLand said Thursday the site will be developed into a 870-unit residential development with a retail component at a total cost of US$177 million. The latest acquisition, which expands CapitaLand's portfolio to 11 residential developments in Vietnam, comes amid strong home sales growth for CapitaLand in Vietnam this year, it said.

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(END) Dow Jones Newswires

November 15, 2017 19:24 ET (00:24 GMT)