UOA’s Bold Expansion in Ho Chi Minh City: A Transformative Vision
United Overseas Australia (UOA) is making significant strides in Vietnam’s real estate sector, showcasing its commitment to the region’s promising growth. This journey began with the company’s first residential project in Ho Chi Minh City (HCMC), a joint venture with CapitaLand Development. The ambitious 3,500-unit Sycamore project in Binh Duong Ward exemplifies UOA’s strategic position to capitalize on the bustling city landscape.
A Strategic Investment
In late September, UOA deepened its bet on Vietnam by acquiring a prime site in HCMC’s Central Business District for US$68 million. This acquisition, executed through the full purchase of VIAS Hong Ngoc Bao Joint Stock Company, secures UOA a vital foothold in one of the city’s most prominent commercial districts—District 1. The developer has ambitious plans to invest US$120 million in transforming this 21,528 square-foot site into Parc Tower, a green-certified office development spanning over 215,280 square feet. Set to break ground in the fourth quarter of 2025, Parc Tower is projected for completion in the second quarter of 2028, establishing UOA’s flagship development in Vietnam.
Addressing the Growing Demand
UOA’s investment strategy is heavily influenced by the growing demand for Grade-A office spaces in HCMC. Dickson Kong, UOA’s head of investment, highlights the stark imbalance in supply and demand within the city’s office market. Despite a total office stock of approximately 2.96 million square meters as of Q3 2025, projected new supply will predominantly comprise Grade-B developments, with Grade-A options remaining limited. This scarcity positions UOA favorably, particularly for ICT and finance industry tenants looking for larger, efficient office spaces.
Track Record and Commitment to Quality
UOA has established itself as a notable player in Vietnam, with previous successful projects like UOA Tower and Millennial Tower. Kong’s confidence stems from the sustained demand for high-quality spaces as companies seek to establish their presence in HCMC. Historical trends indicate that despite varying economic conditions, a continuous demand for office space persists, particularly as the city’s economy demonstrates resilience.
Real Estate Landscape
As UOA rolls out its office projects, its ventures also encompass residential developments. The Sycamore project, a collaboration with CapitaLand Development, underscores UOA’s ability to diversify its portfolio. The project consists of three phases, with the first two nearly sold out, reflecting a positive reception in the residential market. Yet, UOA acknowledges the challenges foreign entities face in entering this sector, given the competitiveness of domestic developers.
Vietnam’s primary housing market signals a transition toward mid-tier developments, yet UOA remains optimistic about its potential, especially in light of the current supply constraints. Savills’ reports indicate a y-o-y surge in primary housing stock, although the limitations on foreign ownership can hinder broader investment from international players.
Experience Driving Expansion
Kong’s personal journey in Vietnam began over a decade ago, coinciding with his transition from investment banking at Merrill Lynch. His initial experiences during Vietnam’s economic turbulence in 2010 laid the groundwork for his understanding of the market dynamics. Kong discovered that opportunities for distressed assets were scarce; a reality that persists even in the face of economic fluctuations, including those experienced during the pandemic.
This wealth of experience informs UOA’s strategic planning, as Kong emphasizes the importance of understanding local trends and the real estate landscape’s complexities. His dual expertise in finance and real estate enables him to navigate Vietnam’s market confidently.
Family Legacy in Real Estate
UOA’s foundation is rooted in a family legacy that spans over 38 years. Founded in 1987 by Kong Chong Soon and Kong Pak Lim, the company has evolved into one of Malaysia’s leading property developers. Today, both founders remain actively involved in steering UOA’s strategic direction, ensuring that the company aligns with the dynamic needs of the market.
Vietnam’s Economic Resilience
The resilience of Vietnam’s economy can’t be understated. Recent reports reveal notable GDP growth, significant foreign direct investment, and a rising demand for real estate, solidifying Vietnam’s standing as an emerging market. Notably, Vietnam’s transition from a frontier to an emerging market reflects its increasing stability amidst global economic fluctuations. This evolution is especially relevant for investors looking for less volatile markets.
UOA’s commitment to Vietnam, bolstered by Kong’s deep-seated familiarity and fluency in Vietnamese, underscores the company’s dedication to establishing a long-term presence in the city.
With steady stewardship from its founders and a clear vision for the future, UOA is poised to make a lasting impact on Ho Chi Minh City’s urban landscape while harnessing the region’s untapped potential.