CapitaLand tops out second project in city

April 12, 2013 | 08:31
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CapitaLand Limited together with its partner Khang Dien House Trading and Investment Company on Wednesday held a topping out ceremony for PARCSpring, its second apartment project in HCMC.

Representatives of CapitaLand and the partner at the topping out ceremony of the PARCSpring project in HCMC’s District 9 - Photo: Dinh Dung

According to the Singaporean investor, the project’s structure consisting of three blocks of 12-18 floors on Nguyen Duy Trinh Street in HCMC’s District 9 has been completed. After completion, the project will supply over 400 apartments for the market.

Yip Hoong Mun, Deputy CEO of CapitaLand (Vietnam) Holdings, said that completing the project’s structure on schedule was great effort of the firm amid current economic difficulties.

CapitaLand does not take out bank loans but uses its own capital to develop the PARCSpring project, which requires total investment of around $71 million. CapitaLand holds a 95pct stake in the project and Khang Dien the balance.

The price of PARCSpring apartments starts from VND1.5 billion per unit.

To attract customers, the investor has offered some promotions such as a furniture package worth VND200 million as well as flexible payment methods and even no bank interests for customers taking out loans at Standard Chartered, VietinBank, HongLeong Bank and Military Bank.

According to CapitaLand, although the property market is facing many challenges, Vietnam is still an important market due to a high housing demand. In addition to implementing current projects, CapitaLand will look for other projects in the coming time.

CapitaLand is currently involved in six housing projects in Vietnam with a total of some 6,000 apartments. Besides, via the subsidiary The Ascott, CapitaLand is running 12 projects with around 1,800 serviced apartments in Hanoi, Haiphong, Danang and HCMC.


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