Singapore’s CapitaLand Ltd is looking to invest in Vietnam’s office property segment, its country head said, as the real estate developer seeks to grow its portfolio beyond residential and serviced apartments in the fast-growing economy.
Besides land, the company is looking to buy completed office buildings and upgrade them, Chen Lian Pang, chief executive officer of CapitaLand Vietnam, told Reuters. “If there is a potential to do asset enhancement, this is a kind of prime target that we are looking at,” Chen said.
Vietnam is currently recovering from a property market bubble that burst four years ago, helped by the government’s moves to restructure the banking sector and ease restrictions on overseas buyers. The recovery has prompted CapitaLand and other foreign developers such as conglomerate Keppel Corp’s unit Keppel Land, Amata Corp Pcl and Nishi Nippon Railroad to expand in that country’s property market. (Reporting By Aradhana Aravindan; Editing by Gopakumar Warrier)