United Overseas Australia Ltd (UOA Ltd), which is dual-listed on the Australian Securities Exchange and the Singapore Exchange, was accorded the award at the 17th Vietnam Mergers and Acquisitions (M&A) Forum held by Vietnam Investment Review (VIR) on December 9 following its acquisition of VIAS Hong Ngoc Bao JSC. The transaction grants UOA Ltd the rights to develop Parc Tower, a new Grade A office development in downtown Ho Chi Minh City with a planned gross floor area of approximately 20,000 square metres.
Parc Tower will feature contemporary architectural design, efficient floor plates, and sustainability-focused specifications, offering a premium workspace tailored for multinational companies and high-growth enterprises. Positioned in the heart of the city’s commercial district, the development is set to meet rising demand for high-quality office space in one of Southeast Asia’s fastest-expanding business hubs.
The development is designed to achieve LEED Gold and WELL Silver certifications, aligning with growing demand for green and health-focused work environments. Construction of Parc Tower commenced in October, with completion targeted in 2028.
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| A UOA representative receives the trophy for 'Outstanding M&A Deal', joined by Phan Duc Hieu (left), standing member of the Economic Committee of the National Assembly, and Pham Van Hoanh (right), editor-in-chief of VIR |
On this occasion, VIR’s Bich Ngoc spoke with Dickson Kong, head of Investment at UOA Ltd, about the company’s investment strategy in Vietnam.
How do you assess Vietnam’s position in the global M&A landscape amid geopolitical shifts, supply-chain diversification, and tighter financial conditions?
Vietnam is positioning itself as a rising financial and technology hub, driven by strong digital adoption, increasing foreign investment, and a young, capable workforce.
This creates significant opportunities in areas such as fintech, tech manufacturing, and startup innovation, all supported by proactive government policies.
UOA Ltd has been in the Vietnamese market since 2017. We see long-term, strategic potential in Vietnam’s growth, especially in Ho Chi Minh City.
The city is evolving rapidly, and the demand for high-quality office space is growing. Our developments, such as UOA Tower and Millennial Tower, are positioned to meet that demand, and our recent prime commercial site acquisition is part of a broader plan to deepen our footprint in this market.
The recent amalgamation of Ho Chi Minh City with surrounding areas, along with urbanisation led by access to education and job opportunities, is creating a much larger, more dynamic metro region.
This kind of organic growth fuels long-term demand for office, commercial, and lifestyle spaces.
In addition, the government's initiatives towards creating an international financial centre (IFC) signal a broader shift towards a service-oriented economy with significant investment in high-tech industries and infrastructure, contributing to the market's long-term potential.
That is going to pull in both talent and capital, and we are establishing a foothold to support and benefit from that ecosystem as it matures.
UOA Ltd has expanded its Vietnam footprint through several M&A transactions. What is the strategic rationale behind this, and how do these acquisitions support the company’s long-term development roadmap in the market?
Our recent acquisition of the office project in the former District 1 reflects our long-term expansion strategy in Vietnam.
Investing in a prime, high-value site demonstrates our commitment to landmark Grade A office projects and addressing the shortage of premium office space in Ho Chi Minh City.
Ho Chi Minh City has nearly twice the population of Kuala Lumpur, over 14 million, yet less than a third of its office space.
We see this as huge pent-up demand for quality office supplies, which is why we are optimistic about the economy.
Furthermore, the site is in the former of District 1, part of it will be integrated into the IFC in the Thu Thiem New Urban Area, a master-planned district aimed at establishing Ho Chi Minh City as a regional financial hub.
For UOA Ltd, the gap between demand and limited Grade A office supply reinforces its long-term strategy and gives it a competitive edge. Office developments are very capital-intensive, allowing us to leverage the group’s strengths and proven track record in Malaysia as one of the largest office landlords.
Looking ahead, which asset types or sectors is UOA Ltd prioritising for future M&A in Vietnam, and what criteria guide its evaluation of potential partners or projects, especially amid legal reforms, intensifying competition, and growing demand for sustainable urban development?
Our goal is to deliver strategic, high-quality residential and commercial projects in prime or well-connected locations, emphasising long-term value, sustainability, and integrated living environments, reinforcing our building excellence.
Our strategic focus remains on the core Ho Chi Minh City areas, particularly the city centre, as well as the East and South regions. The East is poised for growth, supported by upcoming infrastructure projects connecting it to Long Thanh International Airport, which will enhance both accessibility and attractiveness. The South, while largely developed, still offers opportunities in its suburban wards, which continue to show potential for expansion.
In addition, especially post-merger, satellite wards in Binh Duong, Long An, Dong Nai, and Vung Tau present promising opportunities in the mid-range housing segment. These areas benefit from planned infrastructure improvements linking them to the central business district, allowing developers to capitalise on growing housing demand. In line with our strategic plan, we prioritise projects that have transparent land origins and clear regulatory approvals.
