United Overseas Australia Acquires Prime Cbd Site Ho Chi Minh City Us68 Mil
It was announced in a press release from the company on September 26 that United Overseas Australia (UOA) has acquired a valuable Ho Chi Minh City CBD site for US$68 million, through the full acquisition of VIAS Hong Ngoc Bao Joint Stock Company. This move by UOA has been listed on the Australian Securities Exchange and the Singapore Exchange.The company plans on investing a total of US$120 million for the development of the commercial land, which is 2,000 sqm (21,528 sq ft) in size. The goal is to transform it into a sustainable Grade-A office building with a gross floor area (GFA) of 20,000 sqm (215,280 sq ft). With construction set to begin in the fourth quarter of 2025, the project is expected to be completed in the second quarter of 2028. The artist’s impression of the building has been released, showcasing a modern and sophisticated design.The site is strategically located in prime District 1, an area that boasts a high concentration of Grade-A and Grade-B office towers that have attracted many multinational corporations, financial institutions and leading domestic companies. Furthermore, the development will be integrated with the new International Financial Centre (IFC) in the Thu Thiem New Urban Area. The IFC in District 1 will have a focus on capital markets, fintech and investment banking.AdvertisementThe company has also highlighted the future accessibility to the site with the planned Metro Line 4 and the forthcoming North-South high-speed railway connecting HCMC and Hanoi. This acquisition will expand UOA’s office portfolio to three properties, totalling almost 120,000 sqm (1.29 million sq ft) of GFA. This includes the existing Grade-A UOA Tower and Millennial Tower, both situated in the Phu My Hung Area.“Our expansion in Vietnam aligns with the country’s government-led transition to a global financial hub, with heavy investment in high-tech sectors and infrastructure,” said Dickson Kong, head of investment at UOA. He further added that the company is actively seeking residential development opportunities in Vietnam.In March 2024, UOA entered into a joint venture with CapitaLand Development, the development arm of CapitaLand Group, to develop the Sycamore residential project in Binh Duong ward, HCMC. With 90% of The Orchard, the first phase of Sycamore, already sold out, the company is seeing success. The second phase of Sycamore, Orchard Hill, has also sold well, with 90% of the 774 units booked by late October 2024. The Orchard will be delivered by the fourth quarter of 2025 and Orchard Hill by the fourth quarter of 2026.
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United Overseas Australia (UOA), a company listed on both the Australian Securities Exchange and the Singapore Exchange, has recently made a significant acquisition in Ho Chi Minh City. According to a press release on September 26, the company acquired a prime commercial site in the CBD for US$68 million through the full acquisition of VIAS Hong Ngoc Bao Joint Stock Company.
The acquisition is part of UOA’s plan to invest a total of US$120 million in transforming the 2,000 sqm (21,528 sq ft) site into a sustainable Grade-A office building with a gross floor area (GFA) of 20,000 sqm (215,280 sq ft). Construction is set to begin in the fourth quarter of 2025 and is expected to be completed by the second quarter of 2028.
The site is strategically located in District 1, an area with a high concentration of Grade-A and Grade-B office towers that have attracted multinational corporations, financial institutions and leading domestic companies. It will also be integrated with the new International Financial Centre (IFC) in the Thu Thiem New Urban Area, with a focus on capital markets, fintech and investment banking. Additionally, the planned Metro Line 4 and the forthcoming North-South high-speed railway connecting HCMC and Hanoi will increase accessibility to the site.
This acquisition will expand UOA’s office portfolio to three properties, totaling nearly 120,000 sqm (1.29 million sq ft) of GFA, including the existing Grade-A UOA Tower and Millennial Tower in the Phu My Hung Area.
According to Dickson Kong, head of investment at UOA, this expansion in Vietnam aligns with the government’s efforts to transition the country into a global financial hub through investments in high-tech sectors and infrastructure. The company is also actively seeking residential development opportunities in Vietnam.
In March 2024, UOA entered into a joint venture with CapitaLand Development, the development arm of CapitaLand Group, to develop the Sycamore residential project in HCMC. The first phase, The Orchard, has seen success with 90% of its 368 landed homes already sold. The second phase, Orchard Hill, has also sold well with 90% of its 774 units booked by late October 2024. The Orchard is set to be delivered by the fourth quarter of 2025 and Orchard Hill by the fourth quarter of 2026.