UOA Group completes Vietnam land acquisition for office tower in Ho Chi Minh City

United Overseas Australia Ltd (UOA) announced the satisfaction of all conditions for its share purchase agreement (SPA) to acquire VIAS Hong Ngoc Bao Joint Stock Company. This acquisition, valued at VND1,775,000,000,000, transfers ownership of an over 2,000 sqm land parcel in Ho Chi Minh City's former District 1 to UOA's wholly owned entities.

The company plans to develop a high-quality, sustainable Grade A office tower on the site, aiming for approximately 20,000 sqm of gross floor area. Construction is slated to commence in Q4 2025, with an estimated completion in Q2 2028. The total investment for this project is projected to be $120,000,000, financed through company reserves.

This acquisition is part of UOA Group's strategy to strengthen income streams and diversify its portfolio across Australia, Malaysia, Singapore, and Vietnam. Dickson Kong, head of investment at United Overseas Australia Ltd, highlighted the expansion's focus on Vietnam's growth as a financial hub and announced an elevated total GFA footprint to almost 120,000 sqm in Ho Chi Minh City.