UOA Completes $103.7M Vietnam Land Deal, Plans 20,000 sqm Office Tower
United Overseas Australia Ltd has completed its acquisition of a prime land parcel in Ho Chi Minh City, setting the stage for a major Grade A office development that aligns with Vietnam’s growing financial hub ambitions.
- Acquisition of 100% shares in VIAS Hong Ngoc Bao Joint Stock Company completed
- Prime 2,000+ sqm land secured in former District 1, Ho Chi Minh City
- Planned sustainable Grade A office development of 20,000 sqm
- Construction to start Q4 2025, completion targeted for Q2 2028
- Investment valued at approximately AU$182.3 million, financed via reserves
Strategic Land Acquisition in Vietnam
United Overseas Australia Ltd (UOA) has officially closed the purchase of a significant landholding in Ho Chi Minh City’s former District 1, a coveted location known for its concentration of premium office towers. The acquisition, executed through its wholly owned subsidiary UOA Vietnam Pte Ltd and related entities, involved acquiring 100% of the shares in VIAS Hong Ngoc Bao Joint Stock Company for approximately AU$103.7 million.
This move marks a decisive step in UOA’s ongoing expansion within Vietnam, a market that has been gaining momentum as a regional financial and commercial hub. The land parcel spans over 2,000 square meters, offering a rare opportunity to develop high-grade office space in an area that attracts multinational corporations and financial institutions.
Ambitious Development Plans
UOA plans to leverage this acquisition by developing a sustainable Grade A office building with a gross floor area of about 20,000 square meters. Construction is slated to begin in the fourth quarter of 2025, with completion expected by mid-2028. The total investment for this project is estimated at US$120 million (around AU$182.3 million), underscoring UOA’s commitment to delivering premium, environmentally conscious commercial real estate.
Such a development aligns with Vietnam’s government-led initiatives to transform Ho Chi Minh City into a global financial hub, supported by heavy state investment in high-tech sectors and infrastructure. UOA’s Head of Investment, Dickson Kong, highlighted the company’s strategic intent to capitalize on this transition and contribute to a greener urban future.
Diversification and Growth Strategy
This acquisition complements UOA’s diversified portfolio, which already includes properties across Australia, Malaysia, Singapore, and Vietnam. By expanding its footprint in Ho Chi Minh City to nearly 120,000 square meters of gross floor area, UOA is positioning itself to benefit from the city’s rapid economic growth and increasing demand for quality office space.
Moreover, UOA is actively exploring residential development opportunities in Vietnam, leveraging its strong track record in the region. The company’s approach reflects a broader strategy to diversify income streams and enhance long-term value creation across dynamic Asian property markets.
Looking Ahead
While the acquisition is fully financed through reserves, the upcoming development will require careful execution to manage construction timelines and costs. The project’s success will be a key indicator of UOA’s ability to navigate Vietnam’s evolving real estate landscape and capitalize on emerging opportunities.
Bottom Line?
UOA’s Vietnam expansion is a bold bet on the city’s future as a financial powerhouse, with the next few years critical to turning land into landmark.
Questions in the middle?
- How will UOA mitigate construction and market risks amid Vietnam’s evolving regulatory environment?
- What are the expected rental yields and pre-commitment levels for the new Grade A office space?
- How might UOA’s residential development plans in Vietnam complement or compete with this commercial project?
