Aseana Properties, the London-listed Asian property developer, has purchased a half stake in a $420m (£230m) mixed-use property in Ho Chi Minh City, Vietnam.

Aseana has purchased a 51% stake in the equity of the International Hi-Tech Health Park development in the Binh Tan District of the city for $27.6m (£15m) from undisclosed sellers.

The scheme was approved by the People’s Committee of Ho Chi Minh City last month and development is expected to begin in the fourth quarter this year.

The scheme, which will be developed over 92 acres, will have a healthcare theme and include private hospitals, mixed-commercial space, hospitality and residential developments. It is aimed at ‘servicing’ a catchment of 8 million people.

Dato’ Mohammed Azlan bin Hashim, chairman of Aseana Properties said: ‘Vietnam has a shortage of good quality, international hospitals. As such, the government has placed great priority and importance to the International Hi-Tech Health Park project, and has entrusted the private sector to spearhead its development.’