United Overseas Australia Acquires Prime Cbd Site Ho Chi Minh City Us68 Mil

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0 As reported on Sept 26, United Overseas Australia (UOA), a listed company on both the Australian Securities Exchange and Singapore Exchange, has acquired a prime commercial land in Ho Chi Minh City CBD for a total of US$68 million. Their recent company release has stated that the development and investment of the 2,000 sqm (21,528 sq ft) land will cost US$120 million, with the completion of a sustainable Grade-A office building expected in the second quarter of 2028. The site is located in District 1, a highly sought-after area for Grade-A and Grade-B office buildings, which have attracted multinational corporations, financial institutions, and local businesses. With upcoming developments in the area, such as the International Financial Centre (IFC) and planned transportation links, the future accessibility of the site is expected to increase substantially. This acquisition will add to UOA’s existing office portfolio, which includes the Grade-A UOA Tower and Millennial Tower, both situated in the Phu My Hung Area.UOA’s head of investment, Dickson Kong, expressed that this expansion into Vietnam is a strategic move, capitalizing on the government’s efforts to transform the country into a global financial hub. He also mentioned that UOA is actively exploring residential development opportunities in Vietnam. In March 2024, UOA entered into a joint venture with CapitaLand Development to develop the 3,500-unit Sycamore residential project in Binh Duong ward, HCMC. With more than 90% of the first phase of Sycamore already sold, UOA is confident in their venture and looks forward to the completion of both phases in 2025 and 2026.With the growing demand for mixed-use developments, UOA’s acquisition of this prime CBD site in Ho Chi Minh City seems to be a strategic and promising move for the company. The completion of a Grade-A office building in this highly sought-after area, coupled with the upcoming development plans in District 1, will likely attract even more companies and investors to the site, resulting in a thriving business hub. Furthermore, with UOA’s existing and upcoming residential projects in Vietnam, the company is poised to benefit greatly from the country’s growing economy.