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CapitaLand to set up Vietnam fund PDF Print E-mail
Friday, 29 February 2008

Agence France-Presse . Singapore

Southeast Asia's largest property developer, CapitaLand, said Wednesday it is setting up a 300 million US dollars fund to invest in real estate projects in Vietnam.

CapitaLand said it will take a 30 per cent sponsor stake in the fund and has signed a memorandum of understanding with Citi Private Bank, which serves high net worth individuals.

'With the benefit of a fund, CapitaLand is well-positioned to invest in the strong pipeline of real estate projects in the country,' CapitaLand said in a news release.

The firm said more details on the proposed Vietnam fund will be released later. CapitaLand said it also signed Wednesday a statement of intent with its local Vietnamese partner, Nam Thang Long Investment Joint-Stock Company, to form an alliance seeking further real estate opportunities in the country.

'We see vast opportunities in the Vietnam real estate market, driven by the country's strong macroeconomic growth and rapid urbanisation,' said Liew Mun Leong, president and chief executive officer of CapitaLand Group.

'We're confident of doubling our residential pipeline in Vietnam from the present 2,800 homes to about 6,000 in the next three years and we're also looking for opportunities in the office, retail and integrated leisure, entertainment and conventions sectors.

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