CapitaLand’s first residential development in Vietnam, The Vista, has been granted first batch of housing ownership certificates, normally known as pink books.
The construction was completed on schedule and the apartments were handed over to home purchasers from end 2011.
“With the pink books, home purchasers can enjoy their legal rights in accordance with the Land Law and the Law on Residential Housing, such as right to assign, right to lease, right to inherit, right for capital contribution,” said a company release.
Yip Hoong Mun, deputy CEO of CapitaLand Vietnam, said: “The Vista marks several milestones achieved by CapitaLand in Vietnam. When The Vista was officially launched in October 2007, it received overwhelming response from the Vietnamese. “Notwithstanding the challenging market, the project was completed as scheduled in September 2011 and has since been handed over successfully to homebuyers. And now the first batch of pink books has been issued. In addition, we are regularly organising various activities for residents, neighbors, and public, such as Vista Christmas Bazaar, Vista Tet Bazaar, Earth Hour event. The Vista is more than just a residence, it is also a community for our residents,” Mun said.
Located in An Phu Ward, the 2.3 hectare prime residential precinct is close to the city centre, The Vista comprises 750 luxurious apartments across five 28-storey towers overlooking the Saigon River.
The development also comprises approximately 8,500 square metres of commercial space including a retail podium, named The Vista Walk.
In addition, The Vista has Vista Tower with 100 serviced residence units under Somerset Vista and more than 11,000 square metres of office space, kindergarten and health clinic.
Vietnam is one of CapitaLand’s key markets in Asia. The real estate market in Vietnam is supported by the country’s strong economic growth, rapid urbanisation and a young and growing population. CapitaLand is committed to being a long term real estate developer in the country.
In the residential sector, CapitaLand has a portfolio of close to 6,000 quality homes across six residential projects in Ho Chi Minh City and Hanoi.
In the serviced residence sector, its wholly-owned serviced residence business unit, The Ascott Limited, has a portfolio of more than 1,800 apartment units in 12 properties across the four major cities, making it the largest international serviced residence owner-operator in the country.
By Bich Ngoc