CapitaLand, through wholly-owned subsidiary of CapitaLand (Vietnam) Holdings, has signed a joint venture agreement with Hoang Thanh Investment and Infrastructure Development Joint Stock Company, a leading real estate developer in Vietnam, to jointly develop a 14,000-square metre residential site in Ha Dong District in Mo Lao New Urban Area, Hanoi.

CapitaLand has a 70% stake in the project while Hoang Thanh will hold the remaining 30% stake. The site, to be developed into four residential towers with about 960 apartments, has an estimated total project development cost of US$170 million ($239 million).

This is CapitaLand’s second joint venture project with Hoang Thanh, following the success of their first Hanoi residential development, named Mulberry Lane. In the recent preview sales of Mulberry Lane, about 451 units or 82% of the total 549 units released for sale were sold, at prices ranging from US$1,350 ($1,876) to US$1,900 per square metre.