CapitaValue Homes Limited, a wholly-owned subsidiary of CapitaLand Limited, last week launched its first value housing project in Vietnam.
With selling price of less than $1,000 per square metre, PARCSpring marks Capital Land’s official penetration into the medium-end segment in Vietnam.
PARCSpring is being developed by CapitaValue Homes Limited in collaboration with its local partner Khang Dien. It will be an urban living community along the river promenade in the Binh Trung Dong Ward in District 2, Ho Chi Minh City. Phase 1 structural work is expected to be completed by the end of 2012.
CapitalValue Homes Limited announced that the project will comprise 394 residential apartments and 10 commercial units across two 18-storey and one 12-storey building. The apartments will be designed with a functional layout maximising living space, with two and three bedroom units furnished in earthy tones for a pleasant living atmosphere.
“We envisage each of our value housing developments to be a vibrant living community sought after by young executives, first-time homebuyers and home up-graders to set up their homes. To ensure value for money and cost efficiency, CapitaValue Homes adopts standardized designs using industrialized construction method,” said Yip Hoong Mun, the deputy chief executive officer of CapitaLand in Vietnam.
He added PARCSpring would provide quality homes that are value for money and cater to the essential needs and affordability of middle-class and first-time homebuyers.
“Notwithstanding the current economic situation, we are still well-positioned to ride on the strong growth potential in the mass market residential segment in Vietnam. We will build more value homes in Vietnam for the large numbers of homebuyers,” said Mun.
To date, about 10 per cent of total apartments in the first block of PARC Spring has been sold.
Yip also confirmed that the company would build more value homes in Vietnam for the large number of genuine home-buyers.
CapitaLand set up CapitaValue Homes in October 2010 and currently has a pipeline of more than 7,000 units across five value homes projects. In Vietnam, it is developing approximately 1,700 value homes across two projects in Ho Chi Minh City: PARCSpring, located in District 2 and another project in Binh Chanh district.