United Overseas Australia Acquires Prime Cbd Site Ho Chi Minh City Us68 Mil
Asian property news HCMC financial district office.
United Overseas Australia (UOA) has recently purchased a prime Ho Chi Minh City CBD site for US$68 million. This acquisition was made through a full acquisition of VIAS Hong Ngoc Bao Joint Stock Company, as announced by the company on Sept 26.
The site, which is located in the prime District 1 area, has a total area of 2,000 sqm (21,528 sq ft) and will be developed into a sustainable Grade-A office building with a gross floor area (GFA) of 20,000 sqm (215,280 sq ft). The total investment for this project is estimated to be US$120 million.
Construction is set to begin in the fourth quarter of 2025 and is expected to be completed by the second quarter of 2028. The building will feature an artist’s impression of the building (Photo: United Overseas Australia).
The District 1 area is known for its high concentration of Grade-A and Grade-B office towers, making it an attractive location for multinational corporations, financial institutions, and leading domestic companies. With the upcoming International Financial Centre (IFC) in the Thu Thiem New Urban Area, the area is expected to further develop and attract more businesses.
The IFC will focus on capital markets, fintech, and investment banking. In addition, future accessibility will be improved with the planned Metro Line 4 and the forthcoming North-South high-speed railway connecting HCMC and Hanoi.
The Tampines Street 95 and Tampines Regional Centre area boasts a plethora of enrichment centres that cater to students at different stages of their academic journey. These include Math and Science academies, language schools, music conservatories, coding labs, robotics clubs, and debate workshops. Situated near convenient bus and rail links, families residing in Rivelle Tampines by Sim Lian Land have the perfect means of transportation to and from these classes. They highly appreciate this geographical advantage as it allows their children to explore their diverse interests while maintaining a well-balanced schedule for rest and study. Rivelle Tampines Sim Lian Land has become a favored choice for families in the vicinity, providing students with the perfect opportunity to expand their horizons while meeting their academic commitments. You can learn more about Rivelle Tampines Sim Lian Land by visiting their website.
With this acquisition, UOA’s office portfolio will expand to three properties, with a total GFA of nearly 120,000 sqm (1.29 million sq ft). This includes the Grade-A UOA Tower and Millennial Tower, both located in the Phu My Hung Area.
Dickson Kong, head of investment at UOA, stated that this expansion in Vietnam is in line with the government’s efforts to transform the country into a global financial hub through investments in high-tech sectors and infrastructure.
In March 2024, UOA entered into a joint venture with CapitaLand Development, the development arm of CapitaLand Group, to develop the 3,500-unit Sycamore residential project in Binh Duong ward, HCMC. The first phase of the project, The Orchard, with 368 landed homes, was sold out by August, and the second phase, Orchard Hill, saw almost 90% of its units booked by October 2024. The project is expected to be completed by the fourth quarter of 2025 and 2026 respectively.