UOA Expands Vietnam Presence with $68M Ho Chi Minh City Acquisition
United Overseas Australia (UOA) has expanded its Vietnam presence with a significant acquisition in Ho Chi Minh City. The Australian property giant has bought a prime commercial land lot in District 1 from Office Depot for $68 million, marking its third property in the country.
The acquisition, finalised through the full takeover of VIAS Hong Ngoc Bao JSC, adds a 2,000-sqm plot to UOA's portfolio. This site, nestled among Grade-A and Grade-B office towers, is expected to house a new sustainable Grade-A office building with a gross floor area (GFA) of 20,000 sqm. UOA plans to invest $120 million in this development, which is slated to commence in Q4/2025 and conclude in Q2/2028.
UOA's local expansion is part of its broader strategy to explore residential development opportunities in Vietnam. Earlier this year, the company joined forces with CapitaLand Development to embark on the 3,500-unit Sycamore residential project in HCMC. This acquisition further bolsters UOA's commitment to the Vietnamese market, bringing its total GFA to nearly 120,000 sqm across three properties.
UOA's latest acquisition in Ho Chi Minh City signals its confidence in Vietnam's property market. The planned development will not only strengthen UOA's office portfolio but also contribute to the city's skyline, further cementing UOA's position as a key player in Vietnam's real estate landscape.
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