Property Giant UOA Finalizes Acquisition for Ho Chi Minh City Financial Hub Site
On September 26, United Overseas Australia Ltd (UOA), which is dual-listed on both the Australian Securities Exchange and the Singapore Exchange, successfully finalized the purchase of a 100 percent stake in VIAS Hong Ngoc Bao JSC.
This strategic deal secures a prime 2,000-square-metre site in the city’s former District 1, which is the designated location for Ho Chi Minh City’s ambitious, forthcoming $120-million International Financial Centre.
The acquisition is a clear statement of confidence in the Vietnamese market.
Dickson Kong, head of Investment at UOA Group, emphasized that Vietnam is rapidly emerging as a new financial and technology hub in the Southeast Asian region.
This growth, he notes, is strongly driven by the government’s strategic, large-scale investments in high-tech industries and essential urban infrastructure.
Kong stated, “This acquisition increases UOA’s total leasable office space in Ho Chi Minh City to nearly 120,000 square meters.
At the same time, we are actively seeking opportunities to develop modern, sustainable residential communities that contribute to Vietnam’s green urban growth, building on the group’s established reputation and track record in Malaysia.”
The entire investment was financed using UOA’s internal reserves, making it a key component of the group’s diversification strategy aimed at broadening its portfolio and securing stable, recurring income streams alongside its existing assets in Australia, Malaysia, Singapore, and Vietnam.
Developing a Grade A Office Tower and Expanding Regional Footprint
The newly acquired site in Ho Chi Minh City is scheduled for immediate development into a state-of-the-art Grade A office building, further cementing UOA’s commitment to high-quality commercial property, while its corporate structure supports broad regional growth.
The new development is projected to have a total gross floor area of approximately 20,000 square meters.
Groundbreaking is anticipated to be scheduled for later this year, with the completion of the tower expected by the second quarter of 2028.
This project builds upon the success of UOA’s recent high-profile ventures in the country.
Last year, the group made headlines by entering into a strategic partnership with CapitaLand Development, one of Singapore’s leading property developers, for the Sycamore residential development.
This massive project includes around 3,500 residential units in the Binh Duong ward near Ho Chi Minh City, demonstrating UOA’s ambition in the residential sector.
UOA’s current Vietnam portfolio is already extensive, including successful Grade A office developments such as the UOA Tower and the Millennial Tower, both located within the prominent Phu My Hung urban area.
The latest acquisition was seamlessly carried out through three wholly owned subsidiaries of UOA: UOA Vietnam, UTD Vietnam, and UTM Vietnam.
Founded in 1987, UOA Group has evolved into one of Asia’s leading property developers, with deep experience in delivering comprehensive real estate solutions spanning the entire value chain, from initial development, investment, and construction to long-term asset management.
Strategic Location and Enhanced Connectivity for Future Growth
The project’s prime city-centre location ensures it will benefit significantly from the established business ecosystem, rich urban amenities, and the future enhancement of transport infrastructure, driving its long-term value and appeal to tenants.
Located in a central business district area, the new office tower is surrounded by numerous existing Grade A and Grade B office towers and is home to a diverse mix of multinational corporations, prominent financial institutions, and leading domestic enterprises.
This highly established business ecosystem and the wealth of urban amenities in the vicinity are expected to give the project a strong competitive edge upon completion.
Specifically, the future operation of Metro Line 4 and the highly anticipated North-South high-speed railway will significantly enhance regional and urban connectivity, boosting both accessibility and the area’s overall value proposition.
The UOA Group operates through listed entities in Australia, Singapore, and Malaysia, in addition to its Vietnam subsidiary, UOA Vietnam.
While its core business remains centered around UOA Development Bhd in Malaysia, the group is aggressively expanding its diversified portfolio into Singapore, Vietnam, and Australia.
This portfolio now ranges from large-scale residential and commercial developments strategically placed in key urban centers to specialized hospitality projects and modern healthcare facilities, reflecting UOA’s comprehensive approach to property development and investment across the Asia-Pacific region.
