SINGAPORE: CapitaLand has set up a joint venture to develop a 12-hectare site in Vietnam's Ho Chi Minh City.

It will inject S$48 million for a 75 percent stake in the joint venture with Vietnamese infrastructure and property developer, Azure City Company.

CapitaLand plans to build 300 luxury villas on the site which belongs to its partner.

The development is expected to be ready for launch by September next year.

This will be the third residential project in Ho Chi Minh City for the Singapore developer.

It will bring CapitaLand's pipeline of homes in the city to 1,600.