Vietnam Riverbank apartments attractive, expensive

Marc Townsend, Executive Manager of CB Richard Ellis real estate consulting company, said: “In the next three to four years, the need for housing of Vietnamese people will rise highly, especially for apartments fronting rivers. The price of this kind of apartment may fluctuate between US$3,000 to $4,000/sq.m.” The price of riverbank apartments in HCM City depends on the infrastructure of each project. In the South Saigon area, apartments of the Him Lam-Kenh Te project currently have the highest prices, ranging from VND21-22 million ($1,300-1,370)/sq.m.

Vietnam : Thanh Cong Textile Co to build 12-storey tower

Thanh Cong Textile and Garment joint stock company recently inked a deal to build a 12 storey tower in Ho Chi Minh City (HCMC) in a bid to diversify its business as well as develop income. Thanh Cong together with Tan Hoang Thang Company will invest VND 450 billion or US $28 million for this venture. HCMC-based company plans to start construction in October 2007 and expects to officially start operations in about 20 months.

Opportunities abound for Vietnam foreign investors

VIETNAM has become a magnet for many foreign investors keen to partake in its booming economic growth. From the construction firms to property developers and service industry players, opportunities abound for those looking to get on the “Vietnam economic bandwagon”. Foreign investors are encouraged by the continuous improvements they see taking place in the regulatory environment for FDIs.

Work all set to begin on Vietnam’s tallest building

When completed in 2010, Hanoi Landmark Tower will house a five-star hotel, offices, apartments, a convention center, and medical facilities. The 336-meter building will be just 50 meters shorter than the iconic Empire State Building in New York, and the 17th tallest in the world, according to Keangnam. An investment consortium led by Woori Bank would put up $500 million for the building and Keangnam the rest, the firm said. But along with Keangnam, several more construction projects are set to take off the ground in the capital before the year-end.

Vietnam : Cat Ba resort project seeks investors

We suggest two major types of investment: Either 100% foreign capital or the establishment of a joint-venture company between Viet Nam Construction and Import and Export Corporation (Vinaconex) and investors.Investors will have the benefit of several incentives. These include exemption from land-use fees; land-use tax and a five-year exemption from corporate tax. We are committed to ensuring that investors will pay the lowest initial investment cost against all other real-estate and tourism projects in Vietnam. This is because the Government and local authorities consider the project of great importance to Vietnam's tourism industry.

Keppel Land has obtained the license to build a US$106 million apartment complex in Ho Chi Minh

Under the investment certificate awarded Tuesday, Keppel Land Estate Pte Ltd and the Ho Chi Minh City-based Tien Phuoc Co will set up a joint venture to develop the Estella apartments in district 2’s An Phu Ward, one of the city’s most luxurious residential areas. The property is near the International School, the British International School, several foreign-developed serviced apartments and the Metro Hypermart, one of the city’s largest supermarkets.

Foreigners can’t buy houses in Vietnam now

The pilot scheme allowing foreigners to buy houses in Vietnam will need more time before it is implemented because the Land and Housing Law doesn’t permit foreigners to own land and houses in Vietnam. Last July the Ministry of Construction submitted to the government a scheme on permitting foreigners to buy houses in Vietnam on a trial basis. If this scheme had been implemented, around 21,000 foreigners who are living in working in Vietnam would have been eligible to buy houses.

Record growth in Vietnam visitor arrivals, hotel occupancy and room rates

The survey shows that hotel developers and operators are now showing renewed interest in the market in the five-star hotel, resort and spa sectors. Such groups include Kingdom Hotels with the Raffles, 4 Seasons and Movenpick brands, Banyan Tree, Colony Resorts and Intercontinental.
With the huge volume of money being channeled into investment funds focused on real estate investment in Vietnam, a number of sales of interest in major hotel properties that took place in the last two years included the Hilton, Sofitel Metropole and Guoman in Hanoi, the Duxton and Omni in HCM City, and the Furama in Da Nang.

Malaysia property firm to pump $964 mln into Vietnam

Under the deal signed Tuesday, Gamuda Land plans to pump $711 million of the sum into developing a 327ha-complex in Hoang Mai and Thanh Tri districts.
The urban complex would be home to high-end hotels, a convention hall, office towers, shopping malls, car parks, villas and apartments for both sale and rent.
Gamuda would also build Yen So Park, which would include an educational-cultural center, a plaza and other international-standard recreation facilities.

Nearly US$40 billion to enter Vietnam

Real estate and tourism projects account for over $16 billion, equivalent to 40.2% of the total amount of foreign capital that will come to Vietnam. Notably, Chinese investors have expressed interest in building five big works in the fields of thermo power and real estate. During President Nguyen Minh Triet’s visit to the US last May, the two sides signed memorandums of understanding on these five projects.

Singapore's CapitaLand to invest 47.7 mln sgd in Vietnam

SINGAPORE (Thomson Financial) - Southeast Asia's biggest property developer CapitaLand said Friday it has, through unit CapitaLand (Vietnam) Holdings, entered into a conditional joint venture agreement with an affiliate of Vietnam's Azure City Co, to develop a residential site in Ho Chi Minh City .

CapitaLand said it will inject 47.7 million Singapore dollars for a 75 percent stake in the joint venture company.

FI keeps flowing into Vietnam

Two more real estate and tourism projects by VinaCapital and the American KOR Group, with capital totalling US$525 million, will be launched in the central city of Da Nang.
The city authority on August 2 officially approved the VinaCapital Fund to invest in the construction of the VinaCapital Square Urban Area in An Bac Hai Precinct, Son Tra Peninsula, with $325 million in capital, according to the People´s Committee office in Da Nang.

Singapore tops list of ASEAN investors in Vietnam

The city state, according to the latest statistics from the Department of Foreign Investment, has over the first seven months of this year pumped over 1.3 billion USD into 44 projects in Vietnam, coming in at second among 39 countries and territories investing in Vietnam over the period.
An official from the Singaporean General Consulate in Ho Chi Minh City said that Singapore's experience in housing was due to his country's limited land acreage. According to the Department of Foreign Investment, the Vietnam-Singapore Industrial Zone Joint Venture and the Nasteelvina Company - a joint venture in steel production - are some of Singapore's bigger projects that are already reaping heavy benefits for the investor and the host country alike.

Domestic consortium forms real estate firm

A consortium of State-owned and private enterprises has launched a new real estate development company with a chartered capital of VND 1 trillion (US $62.5 million).

The Lilama Land Joint Stock Co was co-founded by the Vietnam Construction and Machinery Installation Corporation (Lilama), Vietnam National Tobacco Corporation (Vinataba), Hanoi Beer, Alcohol and Beverage Corporation (Habeco), Tan Long Ltd Co, the Vietnam National Construction Consultants Group, and the Hanoi Building Commercial Joint Stock Bank (Habubank).

The firm will focus on major real estate projects such as new urban areas, shopping centres, high-rise offices and apartments, and industrial and economic zones, as well as offering consulting services.

New real estate fever not likely

VietNamNet Bridge – Nguyen Manh Ha, Head of the House Management Department of the Ministry of Construction (MoC) brushed aside fears that real estate prices would skyrocket if a plan that permits foreigners to buy homes in the country by 2008 wins government approval. Under the plan foreign nationals will only be permitted to purchase one home that may be sold, gifted, mortgaged, or left in inheritance but will not be permitted to lease the property.

Billions coming in, but who knows for sure?

While the Ministry of Planning and Investment (MPI) joyfully announced the monthly inflow of foreign direct investment (FDI) into Vietnam, the State Bank of Vietnam (SBV) has nearly ‘blockaded’ all information about the Foreign Institutional Investment (FII) flow. According to statistics of the foreign bank which is managing the largest number of accounts for financial investment institutions, there are around 74 foreign investment funds pouring money into Vietnam, including 22 funds that have been established so far this year. Among new funds are Sumitomo Misui Vietnam, Fullerton Vietnam Fund, TongYang Vietnam, Maxford Growth Vietnam Focus, Vietnam Resource, Credit Agricole Fund.