SINGAPORE - Singapore's CapitaLand Ltd, the biggest property developer in Southeast Asia, said Thursday it will develop a residential project in Vietnam's Ho Chi Minh city in partnership with Thien Duc Co Ltd, a privately-owned property investment company.
CapitaLand said the project, which will involve building a 28-story condominium comprising about 1,400 apartments, as well as commercial and retail space on the 6.7-hectare site, would cost 500 million US dolalrs.
The company expects to launch the first phase of the project in the second quarter of 2009.
CapitaLand, through unit CapitaLand (Vietnam) Holdings, will have a 60 percent stake in the joint venture, while Thien Duc will own the remaining 40 percent, it said.
Thien Duc is a shareholder in CapitaLand's 273-unit residential condominium project called 'The Vista' in the same city.
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