CapitaValue Homes Limited, a subsidiary of the Singapore-basedCapitaLand Group focusing on building value homes in Asia, has acquired65 percent of Quoc Cuong Sai Gon Company for VND121.2 billion (US$5.8million).
The Ho Chi Minh City-based QCSG has a 9,000-square meter piece of land in the city’s Binh Chanh District and a license to develop the land.
QCSG intends to build 800 value-for-money homes with investment mainly by CapitaValue Homes.
The VND906-billion ($45.3 million) development, CapitaLand’s third in the value category and seventh overall in Vietnam.
It will take the total number of value homes in Asia for the Singapore housing company to 4,200.
CapitaLand has built more than 6,400 houses across seven residential developments in Ho Chi Minh City and Hanoi.
Tuoitre