Senja Close EC™

ASSISTANT ONLINE EDITORBy Assistant Online Editor, 04 Jan 2022

United Overseas Australia (UOA), a publicly listed company on both the Australian Securities Exchange and the Singapore Exchange, has recently acquired a highly sought-after site in Ho Chi Minh City’s central business district (CBD) for US$68 million. The acquisition was made through a full purchase of VIAS Hong Ngoc Bao Joint Stock Company, as announced in a press release on September 26.

Living in District 23 has many perks, one of which is the easy access to public transportation. Residents of the area can easily travel to the city center as Bukit Panjang MRT station is located just a few kilometers away. For those heading to Orchard or the Central Business District, bus 972 and 190 provide a convenient mode of transportation. Additionally, the presence of multiple expressways nearby makes driving a breeze. It only takes 20 minutes to reach the bustling Orchard Shopping District and the busy Central Business District. For those interested in senja close ec, Senja Residences EC is situated just 0.36 km away from Bukit Panjang MRT station, offering a convenient and accessible location for its residents.

The company plans to invest a total of US$120 million to develop the 2,000 sqm (21,528 sq ft) commercial land into a sustainable Grade-A office building, with a gross floor area (GFA) of 20,000 sqm (215,280 sq ft). Construction is scheduled to begin in the fourth quarter of 2025 and is expected to be completed by the second quarter of 2028.

The site is located in the prime District 1, which is home to numerous Grade-A and Grade-B office buildings that have attracted multinational corporations, financial institutions, and leading domestic companies. Additionally, the area will 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.

The future accessibility of the area is expected to improve with the planned Metro Line 4 and the upcoming North-South high-speed railway connecting HCMC and Hanoi. This strategic acquisition will add to UOA’s office portfolio, which currently includes two properties totaling nearly 120,000 sqm (1.29 million sq ft) of GFA – the Grade-A UOA Tower and Millennial Tower, both located in the Phu My Hung Area.

Dickson Kong, head of investment at UOA, commented on the company’s expansion into Vietnam, saying, “Our expansion in the fast-growing Vietnamese market aligns with the government’s efforts to establish the country as a global financial hub, with significant investments in high-tech sectors and infrastructure.” He also mentioned that UOA is actively exploring opportunities in residential development in Vietnam.

In March 2024, UOA entered into a joint venture with CapitaLand Development, the development arm of CapitaLand Group, to develop the 3,500-unit Sycamore residential project in Binh Duong ward, HCMC. The first phase of the project, called The Orchard, which consists of 368 landed homes, was almost completely sold out by August 2024. The second phase, known as Orchard Hill, saw 694 out of 774 units booked by late October 2024. The Orchard is expected to be handed over by the fourth quarter of 2025, while Orchard Hill will be completed by the fourth quarter of 2026.

In conclusion, UOA’s latest acquisition in Ho Chi Minh City’s CBD reflects the company’s confidence in the rapidly growing Vietnamese market. With its extensive portfolio in both commercial and residential properties, UOA is well-positioned to capitalize on the country’s transformation into a global financial hub.