CapitaLand Development (CLD) is acquiring a site in Ho Chi Minh City in Vietnam for a $720m (€713m) mixed-use project.

The Singapore-based developer expects to complete the development at Thu Duc City in 2027.

The latest deal came after CapitaLand Development’s recent memorandum of understanding with the provincial government of Binh Duong to invest in an emerging province, known as Bac Giang province.

Ronald Tay, CEO of CLD Vietnam, said: “Leveraging CLD’s global real estate expertise in delivering high-quality residential projects, we are confident of transforming our latest site in Thu Duc City into a vibrant and iconic mixed-use development.”

Tay said CapitaLand would continue to seek more investment opportunities across various asset classes to strengthen CLD’s position as a leading developer in Vietnam.

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