CapitaLand said the project on a prime 6.7-hectare (16.5-acre) site in HCM City will involve building a 28-storey condominium comprising 1,400 apartments, as well as commercial and retail space.
The Singapore company will take a 60% stake in the joint venture, while its Vietnamese partner, privately owned real estate firm Thien Duc Co Ltd, will hold 40%.
Thien Duc is also a shareholder in CapitaLand's residential condominium project called "The Vista" in HCM City.
"HCM City continues to be a key focus of our residential and other investments in Vietnam," said Lui Chong Chee, chief executive of CapitaLand Residential.
CapitaLand expects to launch the first phase of the project in the second quarter of 2009.
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