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.
