CapitaLand will establish a $500 million fund next year to invest in commercial property, primarily in Ho Chi Minh City and Hanoi.
“Given the mismatch between demand and supply, the Group sees strong demand in the Grade A office sector, particularly in Ho Chi Minh City,” a CapitaLand spokesperson told VET.
“We see opportunities in the commercial space in Vietnam so we are prepared to take a position,” President and Group Chief Executive Lim Ming Yan said on Straitstimes.com.
“I think the general trajectory for Vietnam is favorable and we foresee that this trend will continue for at least the next ten years.”
Seed projects for the new commercial fund have been identified and the group is in talks with capital partners. Mr. Lim said. “If you talk to many of these sovereign wealth funds and pension funds, they feel they are underexposed to Asian real estate at this point and are prepared to allot more capital,” he explained.
This will be CapitaLand’s second investment fund in Vietnam, after a $200 million fund launched in 2010 that has been fully invested in the development of three residential projects in Ho Chi Minh City and Hanoi. Capital partners were sovereign wealth fund GIC and Mitsubishi Estate Asia.
The developer has set a target of raising funds with total assets under management (AUM) of up to $10 billion from various private investment vehicles by 2020. CapitaLand Vietnam aims to grow its funds under management to $1 billion by next year to support the group’s AUM goals.
It also plans to acquire more sites in Vietnam for residential development – possibly yielding 2,000 to 2,500 units – as demand for housing is expected to increase amid rising urbanization and a growing middle class.
Vietnam Loship secures investment from Skype co-founder
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US pledges to enhance cooperation with Mekong subregion’s countries
The US will bolster support for countries in the Mekong subregion through the Mekong-US partnership, US Principal Deputy Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs Atul Keshap said at a recent online seminar to reveal results of a report on transboundary rivers and addressing challenges in Mekong River.(more…)
Vietnam Import-export value surpasses 74 billion USD since 2021’s beginning
Vietnam’s import-export turnover posted a year-on-year rise of 31 percent to reach 74.51 billion USD from the beginning of 2021 to February 16.
In the reviewed period, Vietnam enjoyed a trade surplus of 2.63 billion USD, according to the Vietnam Customs.
During the Tet (Lunar New Year) holiday 2021 from February 10-16, a total of 960 firms conducted import-export activities, up 363 against the Tet holiday 2020.
A total of 10,300 customs declaration forms were filled out, up 59 percent against the previous holiday.
Meanwhile, the import-export value hit 1.67 percent, a year-on-year increase of 53 percent.
Main exports included mobile phones and spare parts, computers, electronics and components./.
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