Bookmark & Share
Singapore property giant CapitaLand is eyeing to invest in Vietnam’s office property markey as it seeks to expand its portfolio beyond serviced and residential apartments within the fast-growing economy, reported Reuters.
Aside from land, the company plans to acquire completed office buildings and upgrade them, revealed CapitaLand Vietnam chief executive officer Chen Lian Pang.
“If there is a potential to do asset enhancement, this is a kind of prime target that we are looking at,” said Chen.
Vietnam is presently recovering from a property bubble—which burst four years ago—buoyed by government’s efforts to ease restrictions on foreign buyers and restructure the banking sector.
The recovery prompted foreign developers including CapitaLand as well as Keppel Corp’s unit Keppel Land, Nishi Nippon Railroad and Amata Corp Pcl to expand in Vietnam’s property market.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg