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23/06/2010 - CapitaLand to double real estate investments in Vietnam  23/06/2010 - CapitaLand to double real estate investments in Vietnam

CapitaLand, Southeast Asia's largest property developer will be increasing their real estate investments in Vietnam from 1.2 billion to 2.5 billion USD over the next three to five years, effectively doubling their investment in the country.

Major cities such as Hanoi and Ho Chi Minh City with benefit from CapitaLand's development of affordable homes and shopping centres. CapitalLand's key aim is to build homes for the lower 30% to 50% of Vietnamese citizens.

As 120,000 homes are needed each year, CapitaLand plans to build affordable homes for people with a monthly household income  of approximately 2,000 USD.  Helping to bridge the housing gap.

"I think this is a very good opportunity for us.  So we will be aggressively chasing this prospect of building this housing that common people can buy." said CapitaLand's CEO, Liew Mun Leong.

The construction of shopping malls is also being considered as they are practically non-existent in cities such as Hanoi.

"Vietnam is progressing to the next stage of urbanisation.  Our vision is to build shopping malls, firstly for what we call necessity shopping. If I'm building a shopping mall that can sell basic necessities plus a few things they can afford, then I think I'm addressing the needs of the population." said Mun Leong.
CapitaLand is also considering mixed developments of offices and housing, similar to it's Raffles City developments in China and Singapore.

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