Recently, a group of analysts went to visit CapLand’s projects in Vietnam, both in Hanoi and Ho Chi Minh City (HCMC) which coincide with the group’s topping out ceremony for its first residential development, The Vista in HCMC, on 8 June. To-date, about 629 of the 850 units have already been sold at US$1,200 - $1,600 psm. In view of its gd location, the mgmt said that it is in no hurry to release the remaining units, which could fetch about US$2,000 psm.
Looking ahead, Group CEO Liew Mun Leong sees more opportunities in Vietnam, such as providing more affordable housing to the masses, as well as retail mall development under CMA. All these will be in-line with the Group’s intentions to increase its asset allocation into Vietnam from the current 1% to 10% over the next 3-5 years. Maintaining our BUY rating with a TP of $5.15, pegged to a 15% premium to RNAV
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