United Overseas Australia (UOA), listed on the Australian Securities Exchange and Singapore Exchange, has acquired a prime land lot in Ho Chi Minh City for $68 million as part of its expansion strategy in Vietnam.

The transaction was completed through the full acquisition of VIAS Hong Ngoc Bao JSC, as announced in a company release on Friday.

UOA plans to invest $120 million to develop the 2,000-sqm commercial land into a sustainable Grade-A office building, with a gross floor area (GFA) of 20,000 sqm.

Construction is scheduled to begin in Q4/2025 and is expected to be completed in Q2/2028.

The site is situated in District 1, which is condensed with Grade-A and Grade-B office towers that have attracted many multinational corporations, financial institutions, and leading domestic companies.

The acquisition will expand UOA’s Vietnam office portfolio to three properties, totaling nearly 120,000 sqm of GFA, including the Grade-A UOA Tower and Millennial Tower, both located in HCMC’s Phu My Hung area.

“Our expansion in fast-growing Vietnam capitalizes 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 at UOA.

UOA is actively exploring residential development opportunities in Vietnam, Kong said. 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 HCMC.

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