United Overseas Australia has expanded its footprint in Vietnam with a $68-million acquisition of a prime land site in central Ho Chi Minh City. The move strengthens the developer’s long-term growth strategy and positions it to capitalise on the city’s future as a regional financial hub.
On September 26, United Overseas Australia Ltd (UOA), dual-listed on the Australian Securities Exchange and the Singapore Exchange, finalised the purchase of 100 per cent of VIAS Hong Ngoc Bao JSC.
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| Artist’s impression of the latest development of UOA in the heart of Ho Chi Minh City |
“Our expansion in fast-growing Vietnam capitalises on its government-led transition to a global financial hub, with heavy state investment in high-tech sectors and infrastructure,” said Dickson Kong, head of Investment of UOA.
“This acquisition will elevate our total GFA footprint to almost 120,000 sq.m in Ho Chi Minh City. We are also actively exploring residential development opportunities in Vietnam, leveraging our strong track record. With the country strongly headed towards more sustainable development, UOA aims to partner with Vietnam towards a greener urban future, said Kong.
The investment, financed through UOA’s internal reserves, is part of the group’s diversification strategy to broaden its portfolio and secure stable recurring income, alongside existing assets in Australia, Malaysia, Singapore, and Vietnam.
The site will be developed into a modern Grade A office building with a total gross floor area of around 20,000 sq.m. Groundbreaking is scheduled for later this year, with completion expected by Q2/2028.
UOA made headlines last year by partnering with CapitaLand Development, one of Singapore’s leading property developers, on the Sycamore residential development (around 3,500 units) in Binh Duong ward, Ho Chi Minh City.
UOA’s Vietnam portfolio also includes Grade A office developments such as UOA Tower and Millennial Tower in the Phu My Hung urban area.
With its prime city-centre location surrounded by Grade A and B office towers and home to multinational corporations, financial institutions, and leading domestic enterprises, the project will benefit from the established business ecosystem, rich urban amenities, and the ongoing upgrade of transport infrastructure.
In particular, the future operation of Metro Line 4 and the North-South high-speed railway will significantly enhance connectivity and the area’s value.
The acquisition was carried out through three wholly owned subsidiaries of UOA. Including UOA Vietnam, UTD Vietnam and UTM Vietnam.
Founded in 1987, UOA Group is one of Asia’s leading property developers, with extensive experience in delivering comprehensive real estate solutions across the value chain, from development, investment, and construction to asset management.
The group operates through listed entities in Australia, Singapore, and Malaysia, alongside its Vietnam subsidiary, UOA Vietnam.
While its core business is managed through UOA Development Bhd in Malaysia, UOA is also expanding into Singapore, Vietnam, and Australia with a diversified portfolio ranging from large-scale residential and commercial developments in key urban centres, to hospitality projects and modern healthcare facilities.
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CapitaLand Vietnam and UOA agree to $247 million joint project
Malaysia-headquartered property company United Overseas Australia (UOA) announced on December 11 that its Vietnamese unit had signed a joint venture agreement with CapitaLand Vietnam Holdings (CLV) to develop a $247 million property project in Vietnam. |
