The Singapore-headquartered CapitaLand has deployed 299 million Singaporean dollars (US$223 million) to further its growth in the real estate sector in Vietnam.

In a press release last week, the company said that Vietnam was the group’s potential fourth pillar of growth in addition to its core markets of China, Singapore and Australia.

“Vietnam is a key Asian market for CapitaLand Group. The country’s strong economic growth and rapid urbanisation have creasted many opportunities for international real estate companies like CapitaLand,” says the press release.

Currently, CapitaLand Group’s presence in Vietnam is in Ho Chi Minh City, Hanoi and Hai Phong, in the residential and serviced residences sectors.

Following the successful launch of The Vista in Ho Chi Minh City, CapitaLand has invested in a new residential development project in Hanoi named Mulberry Lane.

In October, CapitaLand started pre-sales activities for one of the five towers at Mulberry Lane. All 330 units released were fully booked in two days. The units were sold at between US$1,350 and US$1,700 per square metre.

CapitaLand is one of Asia’s largest real estate companies. Its subsidiaries and associates include Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust and CapitaRetail China Trust. (VNA)