UOA buys prime Ho Chi Minh City plot for $68mn to develop office tower

The acquisition was completed through UOA’s purchase of 100 percent of Ho Chi Minh City-based Ruby Strip Invest Company Limited, which holds the development rights over the land lot on Vo Thi Sau Street, Tan Dinh Ward.

The new office tower is expected to offer a total floor area of approximately 20,000 square meters and carry a total investment of $120 million.

The project will be financed from UOA’s internal reserves and forms part of the group’s strategy to diversify its portfolio and enhance stable income streams alongside its existing assets in Australia, Malaysia, Singapore, and Vietnam.

Construction is scheduled to begin in the second quarter of 2025, with completion targeted for the second quarter of 2028.

Situated in central Ho Chi Minh City’s former District 1, the project site is located in an area slated to become an international financial hub in the near future.

Surrounded by Grade-A and Grade-B office buildings, the location attracts multinational corporations, financial institutions, and leading domestic companies.

UOA expects the development to benefit from the existing business ecosystem, abundant urban amenities, and upgraded transport infrastructure, including the future metro line No. 4 and the North–South high-speed railway, which are set to significantly enhance connectivity and regional value.

Dickson Kong, head of investment at UOA, highlighted Vietnam’s emergence as a regional financial and technology center, driven by government-led strategic investments in high-tech industries and infrastructure.

“This acquisition increases UOA’s total leasable office space in Ho Chi Minh City to nearly 120,000 square meters. We are also actively exploring opportunities to develop modern, sustainable residential projects that contribute to Vietnam’s green urban development, drawing on our proven expertise in Malaysia,” he said.

Before this transaction, UOA had developed three projects in Vietnam, all located in the city, including the Sycamore residential development in Binh Duong Ward and two Grade-A office projects, UOA Tower and Millennial Tower, both in the Phu My Hung urban area.

Founded in 1987, UOA is a prominent Asian property firm with expertise in development, investment, construction, and asset management.

UOA is publicly listed on both the Australian Securities Exchange (ASX) and Singapore Exchange (SGX) and maintains a primary focus on Malaysia while expanding operations in Singapore, Vietnam, and Australia through local representatives.