CapitaLand Development divests its Grade A office building Capital Place in Hanoi for S$751 million

In line with CapitaLand Development’s capital recycling strategy

Online PR News – 20-January-2022 – Singapore – Capital Place was acquired by CVCVF in 2018. Opened in 2020, Capital Place is strategically located in the heart of Ba Dinh District. The international Grade A development has 100,000 square metres (sqm) of net lettable area across two 37-storey office towers. Through CLD’s asset management expertise and network, Capital Place is home to multinational tenants such as HSBC Vietnam, Porsche, Standard Chartered Bank Vietnam, TOTO Vietnam and more. Capital Place is the first office development in Hanoi to obtain Leadership in Energy and Environmental Design (LEED) Gold certification. It was also awarded the ‘Best Office Development’ in Asia and Vietnam at the 2019 PropertyGuru Property Awards.

CapitaLand Development’s portfolio in Vietnam
Vietnam remains one of CLD’s core markets where it has built an extensive presence over the past 27 years. Besides Capital Place, CLD currently has one office asset located within its integrated development in Hanoi. The integrated development has a net lettable area of 20,000 sqm and is slated for completion in 2Q 2024. Post-divestment, CLD’s portfolio will comprise two integrated developments, over 12,000 quality homes across 16 residential developments and one retail mall in Hanoi and Ho Chi Minh City.

In December 2021, CLD announced the acquisition of a prime freehold site for its first large scale residential project in Vietnam, with a projected total gross development value of approximately S$1.12 billion (VND18,330 billion ). The 18.9-hectare site is located in Binh Duong New City within the Binh Duong province, about 30 kilometres from Ho Chi Minh City. The prime large scale residential project is expected to comprise over 3,700 freehold residential units across a mix of low-, mid- and high-rise residential developments, providing homes for about 13,000 residents. The project is expected to be launched in phases and construction of the first phase consisting of about 1,300 landed houses and apartments will start in 2022. Completion of the first phase is slated to be in 2024, while the rest of the project is scheduled for completion in 2027.

In November 2021, CLD unveiled the designs of two of its upcoming luxury residential developments – Heritage West Lake in Hanoi and DEFINE in Ho Chi Minh City. The developments feature multiple first-in-market amenities such as a private lift lobby for all units, a rooftop heated swimming pool and an automated smart car parking system. Launched for sale on 4 December 2021, DEFINE was sold out within two hours at an average selling price of about VND125 million (US$5,500 ) per sqm and all units were sold above VND23 billion (US$1 million). Sale of Heritage West Lake is expected to be launched in 1H 2022.

CLD’s strong design and development expertise were recognised with seven awards at the recent PropertyGuru Vietnam Property Awards 2021. CLD won the ‘Most Sustainable Developer’ award, received the ‘Special Recognition for Building Communities’ as well as ‘Special Recognition in Sustainable Design and Construction’ awards. CLD also garnered top honours for three of its luxury residential developments. Heritage West Lake and DEFINE received ‘Best Luxury Condo Development’ for Hanoi and Ho Chi Minh City respectively. DEFINE also won ‘Best High Rise Condo Development’ in Vietnam while CLD’s upcoming residential development, ZENITY in Ho Chi Minh City received ‘Best Luxury Condo Interior Design’.