Vinhomes is a part of Vingroup, the country's largest conglomerate, and is the biggest real estate developer in Vietnam with a capitalised value of $8 billion as of March 17.

The above-mentioned source said CapitaLand is considering buying part of Vinhomes' Ocean Park 3 project, a 294-hectare resort city-style development near the Vietnamese capital city of Hanoi, and another project in the northern city of Haiphong.

CapitaLand Group's CapitaLand Development (CLD) is now developing residential projects, including luxury condominiums, in four cities in Vietnam.

When contacted by Reuters, CLD’s representatives did not directly comment on any potential deal with Vinhomes, but said, "Vietnam is one of CLD's core markets. We constantly evaluate investment opportunities to grow our presence in the country."

CLD (Vietnam) oversees and grows CLD’s investment and development business in Vietnam, one of CLD’s core markets where it has built an extensive presence over 29 years. CLD's (Vietnam) portfolio comprises one retail mall, one Small Office, Home Office project, three integrated developments, and over 13,000 quality homes across 17 residential areas.

Vingroup declined to comment on any discussions with CapitaLand but said that as a listed company, it would disclose the information if any transactions happen.

A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years.

CapitaLand Group, majority owned by Singaporean state investor Temasek Holdings, is operating in 40 countries in retail, office, residential, business park, and data centre development, among other businesses.

CapitaLand in negotiation to buy assets valued at $1.5 billion from Vinhomes

According to Vinhomes’ unaudited consolidated financial statements for the fourth quarter of 2022 that were released in January, its total consolidated net revenue reached $1.35 billion, representing an increase of 34 per cent compared to the same period last year thanks to the additional delivery of over 2,200 low-rise units at Vinhomes Ocean Park 2, the Empire.

The consolidated profit before tax was $543 million and consolidated profit after tax and minority interest was $386.9 million, representing on-year decreases of 10 per cent and 24 per cent respectively.