Under the deal, UOA Vietnam BDC will hold a 30% stake in the joint venture entity with CapitaLand (Vietnam) holding the remaining 70%, according to a statement. UOA Vietnam BDC's share is worth $74.13 million, it added.

The proposed project would comprise the construction of four high-rise towers including residential, commercial and retail space, one medium-rise tower with residential and retail areas and two low-rise residential towers, UOA said.

CapitaLand (Vietnam) is part of Singapore-headquartered CapitaLand, which is one of Asia's largest diversified real estate groups, according to its website.

(Reporting by Yantoultra Ngui; Editing by Jamie Freed)