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CapitaLand Vietnam: Journey of a reliable developer

Released at: 19:22, 22/04/2017

CapitaLand Vietnam: Journey of a reliable developer

Photos: Seasons Avenue, Hanoi (CapitaLand)

Over the past two decades, CapitaLand has pinpointed the potential Vietnam has to offer: her young, literate, and hard working population, her rapidly growing economy, and her growing middle class.

Good results from a good strategy

The Singaporean media, including major newspapers like The Straits Times, The BusinessTimes, and Property Report, have unanimously praised CapitaLand’s successes in Vietnam. According to the media, Vietnam has become one of CapitaLand’s top markets in Asia. As at the third quarter of 2016, the property developer had sold 656 apartments in the country and reaped S$114 million ($78.7 million) in revenue. It now provides housing and serviced residence complexes in six major Vietnamese cities and provinces: Ho Chi Minh City, Hanoi, Hai Phong, Ha Long city, Da Nang, Binh Duong province, and Nha Trang. It has launched a total of 9,100 high-quality apartments in nine projects around Hanoi and Ho Chi Minh City. The Ascott Limited, CapitaLand’s wholly-owned serviced residence business unit, has a diverse portfolio of 4,600 serviced apartments in 22 Somerset buildings. The Ascott is currently the largest international operator of serviced apartments in Vietnam.

Journey of a reliable developer

Looking back at CapitaLand’s 23-year journey in Vietnam, it is not difficult to see that the Singaporean developer has had a consistent investment strategy: building trust and success by committing to sustainable practices. Unlike some other developers, CapitaLand did not flee Vietnam during the real estate glut a few years ago. Instead, it forged onwards to prepare high-quality products in anticipation of the recovery in the property market. Ms. Leow Siu Lin, Consulate-General of Singapore in Ho Chi Minh City, recalled the launching ceremony of Vista Verde in 2014, when the glut started to ease. Ms. Leow noted that homebuyers at the ceremony were truly enthusiastic about the project. “CapitaLand’s success is a wonderful example of Singaporean companies’ commitment to the Vietnamese market. To these entrepreneurs, Vietnam has enormous potential, especially due to its geographical proximity to Singapore. I want to stress that Singapore is committed to applying world-class experience and knowledge to the Vietnamese housing market. In particular, the Vista Verde project will be a great addition to the scenery and social life of District 2,” said Ms. Leow. 

Feliz en Vista, HCMC

Responsibility towards homebuyers

Besides Vista Verde, other high-quality CapitaLand projects, such as The Vista, Seasons Avenue, and Mulberry Lane are also favored by Vietnamese and foreign buyers. These projects all adhere to the highest construction standards, including superior facilities and green areas, which create a luxurious living space for residents. Thanks to their great value, these projects have attracted various Vietnamese and foreign customers, most of whom are long-term investors. Most recently, Felizen Vista received a positive response from homebuyers. Mr. Chen Lian Pang, CEO of CapitaLand Vietnam, noted that since real estate is a long-term sector, a good developer must stick with the market through thick and thin. When the market booms, developers can sell a great number of apartments to homebuyers and earn huge profits, but they should also take care of homebuyers when things go south. “An apartment has a long product cycle, so I believe that homebuyers are entitled to long-time assistance, or even lifetime help, from developers,” he said. “CapitaLand is proud to be one of Asia’s most trusted developers and has withstood the ups and downs of the market. Our activities in Vietnam are no different. We are here for the long term and will always be available to assist our valued customers.” 

To be appreciated by Vietnamese customers as a reliable developer during its 23 years in the country, CapitaLand Vietnam is committed to Singaporean development standards, on-schedule delivery, and giving back to the community. It will establish a $500 million fund by next year to invest in commercial property, mainly in Ho Chi Minh City and Hanoi. Given the imbalance between demand and supply, the Group sees strong demand in the Grade A office sector, particularly in Ho Chi Minh City.

Feliz en Vista, HCMC

Building communities

Besides its efficient business projects, CapitaLand has proven to be a responsible corporate citizen. Each year it donates 0.5 per cent of its profits to its philanthropic arm, the CapitaLand Hope Foundation (CHF). CHF’s mission is to support underprivileged children throughout Vietnam. CHF has built two Hope Schools, educating 400 primary school students in the northern province of Phu Tho and the Mekong Delta’s Long An province. A third is now under construction. Adding to its commitment, CHF supports students at these schools by providing maintenance services, presenting gifts to students with the best academic records, and giving other ongoing support. CHF’s community support activities have also covered blood donations, tree planting, and organizing feasts for underprivileged children in Vietnam.

The Krista, HCMC

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