SINGAPORE - Singapore's CapitaLand said on Wednesday it will build a condominium bloc in Ho Chi Minh City under a joint venture agreement with a Vietnamese partner.CapitaLand, which signed the venture agreement through its subsidiary, will invest US$32.25 million into the project for a majority 75 per cent stake, the Singapore developer said in a statement.
Its partner, Azure City, will hold the remaining 25 per cent, CapitaLand said.
The project, which is CapitaLand's fourth residential site in the city, will comprise of 1,200 apartments. The first phase of development is slated for launch at the end of 2008.
Singapore companies have stepped up investments in Vietnam, which is one of the fastest growing economies in Asia with expected growth of 8.5 per cent this year.
On Tuesday, Singapore's Keppel Land said a subsidiary and its local partner have secured a licence to build a residential apartment bloc also in Ho Chi Minh City. -- AFP
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