Leading Malaysian developer UOA Group has acquired a prime land lot in HCMC for $68 million, making it one of the city’s largest real estate transactions this year.
UOA Vietnam has bought out VIAS Hong Ngoc Bao Jsc, which owns the 2,000 square-meter lot in Tan Dinh Ward.
The transaction, slated for completion in September, positions UOA to develop a 22-story grade A office building on one of the most sought-after sites in Vietnam’s biggest city.
 |
|
UOA Tower in Ho Chi Minh City. Photo courtesy of UOA Group |
Founded in 1987, UOA Group’s parent company, United Overseas Australia, is listed on the Australian and Singapore stock exchanges.
Its core operations, managed through UOA Development Bhd, boast a market capitalization of nearly $900 million, cementing its status as a top-tier Malaysian real estate player.
Its footprint in Vietnam includes prominent projects in HCMC such as the grade A office buildings UOA Tower and Millennial Tower in the Phu My Hung area and luxury residential development The MarQ in the erstwhile District 1.
It has also partnered with CapitaLand Development for the nearly 19-hectare Sycamore complex in Binh Duong Ward.
