-- CapitaLand Development (CLD) has made significant strides in its Vietnam expansion strategy with two key announcements: a strategic collaboration agreement with Vinhomes Joint Stock Company (Vinhomes – Stock Code: VHM), Vietnam’s leading real estate developer, and the unveiling of The Fullton, a low-rise residential development in Hung Yen Province, Greater Hanoi, with an estimated total development value of $800 million.
Among the representatives at the signing of the Memorandum of Understanding (MoU) were Mr Jonathan Yap, CEO of CLD (centre), Mr Pham Nhat Vuong, founder and Chairman of Vingroup Joint Stock Company (Vingroup) (fifth from left), and other representatives from CLD and Vingroup.
The partnership with Vinhomes marks a pivotal milestone, solidifying the collaboration between two regional real estate developers. By joining forces, the two companies aim to create sustainable, long-term value within Vietnam’s booming real estate market. The agreement sets the stage for future joint ventures in large-scale urban developments. CLD’s successful track record within Vinhomes' townships, including projects such as Lumi Hanoi in Vinhomes Smart City and The Senique Hanoi in Vinhomes Ocean Park, lays a solid foundation for continued collaboration.
Mr Tan Wee Hsien, CEO of CLD Vietnam and International
On the partnership, Mr Tan Wee Hsien, CEO of CLD Vietnam and International, said: “Vietnam is a core market for CLD, alongside Singapore and China. Through this partnership with Vinhomes, we aim to more than double our capital investment in the country over the next five years. By combining Vinhomes’ deep local knowledge with CLD’s regional expertise across design, development, and asset management, we are well-positioned to jointly contribute to Vietnam’s rapidly evolving real estate landscape."
Ms Nguyen Dieu Linh, Vice Chairwoman of Vingroup and a Member of the Board of Directors at Vinhomes, stated: “The strategic collaboration with CapitaLand Development, a leading real estate group in Asia, marks a significant step in Vinhomes’ growth trajectory. This also underscores our commitment to striving to build premier, highly livable urban areas in Vietnam, bringing a better life to the community. In the future, Vinhomes and CapitaLand Development will jointly develop urban areas according to international standards, creating ideal and luxurious living spaces, contributing to the development of a civilised, modern, and prosperous resident community nationwide."
Expanding CLD’s Residential Portfolio with The Fullton in Hung Yen
CLD is also expanding its residential footprint in Vietnam with The Fullton, a low-rise project located in Vinhomes Ocean Park 3, Hung Yen Province, near Hanoi. With a total projected development value of approximately $800 million, The Fullton marks CLD's first low-rise undertaking in Hung Yen Province, increasing CLD’s total residential development portfolio in Vietnam to over 19,000 units across 19 projects.
Artist’s impression of The Fullton, CLD’s first low-rise project in Hung Yen Province.
The Fullton occupies a strategic location just east of Hanoi, providing convenient access to the Northern Key Economic Region via major transportation corridors, including National Highway 5A, Ring Road 3.5, the Hanoi – Hai Phong Expressway, Ngoc Hoi Bridge, and Tran Hung Dao Street (with anticipated commencement in 2025). The development will offer an attractive mix of residential properties, including shophouses, cluster villas, garden villas, and single villas. The Fullton will feature an innovative gated community concept, ensuring privacy and security for its future residents.
Added Mr Tan Wee Hsien, CEO of CLD Vietnam and International: “The Fullton aligns with our goal to scale up CLD’s operations in Vietnam, with a target of 30,000 residential units by 2029. This project will enhance our residential portfolio, expanding our presence in a key location with excellent growth potential. The Fullton is a key milestone in CLD’s long-term strategy for the Vietnamese market. With our full-spectrum expertise across the real estate value chain, CLD is committed to transforming The Fullton into a landmark development that will redefine the residential landscape in Greater Hanoi. We look forward to exploring new investment opportunities and contributing to Vietnam’s continued growth.”
Hung Yen Province, which has seen consistent urban growth, is expected to increase its urbanisation rate from 41.2% in 2020 to a projected 60-65% by 20301. The population of the province reached an estimated 1.32 million in 20242, highlighting the growing demand for quality housing. Notably, owing to its strategic positioning and well-integrated transportation infrastructure, The Fullton is strategically poised to capitalise on the robust development momentum of the surrounding area.
The development spans 25 hectares and will be executed in two phases. The first phase, covering 12 hectares, will deliver 342 residential units by 2026, while the second phase, spanning 13 hectares, will add approximately 350 units by 2027.
The Fullton is designed to provide residents with a premium living experience. The centerpiece of the development will be a 1.9-hectare Central Park complemented by a comprehensive range of state-of-the-art amenities. The iconic clubhouse will feature a 50-meter lap pool, outdoor jacuzzi, fitness center, party houses, games room, co-working spaces, and a dedicated reading room.
A range of family-friendly facilities, such as playgrounds, a skate park, a sandpit, and a maze garden, will ensure a dynamic environment for all ages. Fitness enthusiasts can enjoy jogging tracks, outdoor fitness stations, and a multi-purpose court, along with pickleball courts. For those seeking moments of tranquility, The Fullton will also feature the Secret Garden – a serene space for yoga, meditation, and quiet reflection.
Inspired by the terraced gardens of Vietnam’s natural landscapes, The Fullton’s design integrates residences within lush greenery, offering a harmonious and peaceful living environment. The development introduces a mix of residential unit types to cater to a diverse range of preferences, from urban dwellers to those seeking a more spacious, tranquil lifestyle.
[1] Bao Dau Tu, https://baodautu.vn/phe-duyet-quy-hoach-tinh-hung-yen-tro-thanh-tinh-cong-nghiep-hien-dai-d217349.html
[2] World Population Review, https://worldpopulationreview.com/cities/vietnam/hung-yen
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