Singapore's CapitaLand in $500 mln Vietnam venture

SINGAPORE, March 27 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's biggest developer by market value, said on Thursday it has entered a joint venture to develop a $500 million mixed-use project in Vietnam's Ho Chi Minh City. The development, which comprises 1,400 apartments, and space for shops and offices, will be launched for sale starting from the second quarter of 2009, CapitaLand said in a statement.

CapitaLand will take up 60 percent of the venture, while Vietnamese developer Thien Duc will hold the remainder, it said.

(Reporting by Daryl Loo; Editing by Jennifer Tan)