Singapore property firms CapitaLand and Keppel Land on Friday signed agreements with local partners to develop new projects in Vietnam with a combined investment of more than US$200 million.
CapitaLand and Vietnamese company NovaLand signed an agreement to develop a 9,000 square meter residential project in Ho Chi Minh City's District 9. The project is expected to cost $40 million.
Chen Lian Pang, general director of CapitaLand Vietnam Holdings, said the company plans to increase its investment in Vietnam from S$400 million to S$2 billion (US$1.54 billion) in the next three to five years.
Also on Friday, Keppel Land signed two joint venture agreements with Vietnamese partners. The agreements are for two villa projects in Ho Chi Minh City, worth $63 million and $115 million respectively.
As of September, Singapore was the fifth largest investor in Vietnam with cumulative investments of $17.9 billion. The capital has flowed into various sectors, including infrastructure, hospitality and logistics industries.