GUOCOLAND yesterday broke ground on a US$58 million development in Vietnam - its first project in the country. The 17.5 ha site will be home to The Canary - an integrated development which will house some 1,200 residential apartments, a hotel, a trendy retail mall and an international school.
GuocoLand said that the first phase of the residential apartments will be launched soon. This will be followed by the development of the first phase of the retail mall.
The entire development is scheduled to be completed in five to six years' time, the developer said. 'However, the actual progress will depend on market conditions in Vietnam,' said Lawrence Peh, GuocoLand's general manager for Vietnam.
The Canary is located near the Vietnam-Singapore Industrial Park, near Ho Chi Minh City. The project will be the first fully integrated development in Vietnam's Binh Duong Province, GuocoLand said.
'When The Canary is completed, it will add vibrancy to Binh Duong Province, which is a leading recipient of foreign direct investment among Vietnam's provinces,' said GuocoLand in a statement.
Besides GuocoLand, many other Singaporean developers - including Keppel Land, CapitaLand, Frasers Centrepoint and Allgreen Properties - have of late made forays into Vietnam's booming property market.
GuocoLand's shares closed five cents down at $5.20 yesterday. The company's stock has climbed 128.5 per cent since the start of the year.
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