Healthy quarterly figures are a result of CapitaLand’s continued expansion across Asia.
Singaporean firm CapitaLand has increased its presence in Vietnam dramatically over the last year. But its expansion into the country has helped contribute to the company’s latest figures recording healthy growth for the third quarter of 2017.
CapitaLand is considered to be one of the region’s largest real estate companies. Operating a number of brands including The Ascott Limited, Capitamalls Asia, Vietnam Joint Venture Company Limited and CapitaLand (Vietnam) Holdings Pte. Ltd. to name just a few. With portfolios across the world it was born in 2000 off the back of a merger of DBS Land and Pidemco Land.
Recent figures released from CapitaLand illustrate a 28 percent increase in earnings. Net profits were achieve of SGD 316.95 million. An increase from SGD 247.5 million for the same period of 2016. A result of the growth in portfolios that includes a 60 percent share in CapitaLand Vietnam Commercial Fund 1.
The two core markets that the property company operate in are Singapore and China. However recently they have ramped up their presence in Vietnam. Here they are making a mark with new developments in the residential and commercial worlds. Earlier in the year they announced plans for a Grade A office tower in Ho Chi Minh City. This supplements other success stories such as Ho Chi Minh City’s first ever co-working space and later in the year the first ever Citadines in Nha Trang.
As Vietnam’s economy continues on an upwards trend it is expected for CapitaLand’s thirst to remain. Expanding further into the country is expected to ensure that Vietnam remains a contributing factor to future growth.
