United Overseas Australia, dual-listed on both the Australian and Singapore exchanges, has bought a 2,000 sqm site in Ho Chi Minh City for US$68 million, and will have an estimated total investment value of US$120 million.
The planned Grade A office development will have about 20,000 sqm of gross floor area. Construction will begin in Q4 2025, with targeted completion in Q2 2028.
This deal by UOA follows an earlier joint venture it had last March, where together with CapitaLand Development, it will develop a 3,500-unit residential project also in Ho Chi Minh City.
UOA’s Vietnam portfolio includes Grade A office buildings UOA Tower and Millennial Tower, also within Ho Chi Minh City.
“Our expansion in fast-growing Vietnam capitalises on its government-led transition to a global financial hub, with heavy state investment in high-tech sectors and infrastructure,” said Dickson Kong, Head of Investment at UOA.
“This acquisition will elevate our total GFA footprint to almost 120,000 sq m in Ho Chi Minh City. We are also actively exploring residential development opportunities in Vietnam, leveraging our strong track record. With the country strongly headed towards more sustainable development, UOA aims to partner with Vietnam towards a greener urban future,” he adds.
