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People are reflected on a glass panel with a Capitaland logo at a mall in Singapore Reuters

Singapore-listed CapitaLand on Thursday announced its new S$247 million residential project in Ho Chi Minh City as the property developer strengthens its foothold in Vietnam.

The 870-unit residential project is CapitaLand's ninth development in Ho Chi Minh City and 11th in the country, the company said in a regulatory filing.

The latest acquisition comes on the back of a year of record home sales growth for CapitaLand in Vietnam.

"Beyond the residential market, we have made strategic inroads and expanded our footprint in the country with prime assets in gateway cities," Chen Lian Pang, CEO of CapitaLand Vietnam said in a statement.

Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia.

As at end September 2017, it had S$2.0 billion worth of gross assets under management in Vietnam.

The latest acquisition will expand CapitaLand's portfolio to 11 residential developments, 21 serviced residences with around 4,700 units and one international Grade A office development across six cities in Vietnam.

Shares in the company were up 0.28 percent at S$3.55 on the Singapore Exchange.