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Thursday, September 29, 2022

CLD signs MoU for US$1 billion investment in Vietnam

The Saigon Times

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HCMC – CapitaLand Development (CLD), the development arm of CapitaLand Group, has signed a Memorandum of Understanding (MoU) with the goverment of Bac Giang Province for infrastructure development.

The MoU outlines CLD’s and the provincial government’s mutual interest to explore the development of CLD’s first industrial park, logistics park and township development in Vietnam, with a total projected investment value of US$1 billion (VND22.7 trillion).

The exchange of the signed MoU was witnessed by President Nguyen Xuan Phuc during his state visit to Singapore. The MoU marks one of the largest investments sealed between a Singaporean company and the Vietnamese Government during the state visit.

The deal further reinforces CLD’s long-term commitment to Vietnam’s economic development. In the next five years, CLD plans to accelerate its growth in Vietnam, expand its portfolio in asset classes such as data centers, logistics facilities as well as industrial and business parks. CLD will also seek master planning and urban development opportunities, while expanding its current residential portfolio.

In a separate meeting with President Phuc on February 26, Wong Kan Seng, chairman of CapitaLand Group, and Jason Leow, CEO of CLD, provided the Vietnamese leader with an overview of CLD’s activities in Vietnam, CLD’s investment strategy and plans for Vietnam, and reiterated CLD’s long-term commitment to invest in Vietnam.

“As a responsible real estate company, CLD seeks to create quality spaces for the community to live, work and play through sustainable and innovative solutions to enrich their lives. Together with CapitaLand Hope Foundation, CLD will also continue to support local communities in Vietnam, particularly the development and education of vulnerable children in the country,” said Leow.

Ronald Tay, CEO of CLD Vietnam, said, “We look forward to working closely with the government of Bac Giang Province and contributing to the province’s urbanization through the development of sustainable and smart real estate projects.”

“The investment opportunity will be CLD’s first industrial, logistics and township development in Vietnam. Our proposed investment in Bac Giang for the ecological industrial park, modern logistics park and smart township of over 400 hectares will support the creation of a dynamic supply chain network in Vietnam’s northern key economic region. It will also potentially create over 20,000 new jobs and improve the standard of living for Bac Giang’s residents and workforce, uplifting the overall Bac Giang community,” added Tay.

As part of the deal, CLD will team up with the provincial government to evaluate several greenfield sites totaling over 400 hectares across the province. This includes a township development along the Cau River and several industrial parks and logistics assets near Viet Yen District.

The developments are designed to be green certified with plans to obtain LEED certification by the U.S. Green Building Council. The proposed developments will be sustainable and climate-resilient while also creating green and blue spaces that promote community building and placemaking.

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