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CBRE Vietnam Real Estate Spotlight – W3 2018

Bidding to open for 11 North-South route projects, Japanese capital continues to pour into housing, HCMC industrial zones seek $900m this year…



Ascendas-Singbridge JV starts office tower construction in Ho Chi Minh City's first business park
Business Times

Ascendas-Singbridge and its joint venture partner, Saigon Bund Capital Partners announced that construction works for an office tower in Ho Chi Minh City's first fully integrated business park has begun. This construction involves Office Tower 1 at OneHub Saigon situated in Saigon Hi-Tech Park. With a gross floor area of about 12,000 sq m over six floors, the tower is expected to start operations from the first quarter next year. Also, leasing for Tower 1 is now open, and customers targeted include firms in the information technology, business process outsourcing and finance sectors.
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Billionaire Phuong Thao's company acquires 50 per cent of Splendora urban project
The Leader

Phu Long has replaced Posco E & C to become a shareholder holding a 50 percent stake in An Khanh Joint Venture, the developer of the Splendora urban project. Phu Long made two consecutive capital injections in December 2017, from VND 700 billion to VND 2,000 billion (US$ 30.8 million to 88.2 million), then to 3,000 billion (US$ 132.3 million) before the acquisition of shares. The Splendora project, which was a joint venture between Vinaconex and Posco E & C, has the total investment capital of US$ 2.57 billion and was commenced in 2009. This is a 26 ha urban area located along the Lang – Hoa Lac expressway with 6,440 apartments and 1,311 villas and townhouses. Previously, due to prolonged losses of this joint-venture, Vinaconex offered to sell its shares but failed to do so. One of the reasons is that Posco E&C has a pre-emptive right to buy these shares before Vinaconex sells to a third party. With the withdrawal of Posco E&C from the joint venture, Phu Long will have the opportunity to own a 100 per cent stake in the project if Vinaconex also makes divestment. 

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Hanoi to develop additional 11 million sm of housing in 2018

According to Deputy Director of the municipal Department of Construction Nguyen Chi Dung, the city built more than 11 million sm of new housing last year, including nearly 60,700 sm of social houses, 164,600 sm of resettlement houses and over 2.5 million sm of commercial houses. Hanoi sets a target of developing additional 11 million sm of housing in 2018, including 430,000 sm of social housing, nearly 348,000 sm of resettlement housing and more than 2.1 million sm of commercial housing. Currently, the city is branching out social housing projects in Tien Duong commune (Dong Anh district), Co Bi commune (Gia Lam district), Ngoc Hoi commune (Thanh Tri district) and Co Nhue ward (Bac Tu Liem district).


MoF tightens casino supervision

Eligible casinos in the country must follow the latest decree’s regulations on management of money, conventional currency and organisation. Accordingly, casino establishments in Vietnam must soon equip their venues with features like a working camera system to aid the Ministry of Finance in supervising the casinos’ operations and all transactions related to domestic, foreign and conventional currency must be monitored by computer software with the purpose of ensuring that casinos are run properly and winnings are reported regularly for tax collection purposes.



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HCMC continuously says no with 25 square meter apartments
Hanoi Times

HCMC has still kept insisting that it does not want to build small apartments of 25 sm and the minimum area set for the city’s commercial apartments at 45 sm. The city explained that small apartments would allow more people to buy property in the already overcrowded city, which would lead to population growth and more pressure on infrastructure. While HCMC does not want to build such small apartments, the Ministry of Construction supports the construction of apartments from 25-45 sm to meet high demands of single persons, small families and low-income buyers.

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HCMC industrial zones seek $900m this year

HCMC industrial zones hopes to attract new investment worth US$900 million this year. More than 60% is targeted in four technology-oriented industries — food processing, chemical-rubber, mechanical, and information technology and supporting. As of last year, there were 1,495 projects in the IPs and EPZs with a combined capital of nearly $10 billion. Simplification of administrative procedures related to investment, labour and construction in the city helped attract investments last year.


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Agreement on Da Nang urban railway

The urban railway, subway and tramway would help meet the transit needs of the rapidly urbanising city in the near future. As planned, Da Nang and Seoul Metro Korea will start pre-feasibility studies of some projects including subway, tramway, sky road and metro system for the city’s internal traffic in the coming years. According to the city’s Master Plan, Da Nang will develop five Bus Rapid Transit (BRT) routes, 14 regular bus routes, three metro routes and two tramways by 2020. The project will help the central city boost ‘smart and green’ transport measures and build Da Nang as a smart and green city by 2025.

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Hanoi requested to speed up the progress of 3 projects in Ba Vi

After overseeing three projects including Tan Vien International Luxury Tourism Area; Yen Ky Cemetery (phase 1); Tich river Rehabilitation and Restoration Project, The City’s People Committee comments: These are important projects advocated by the people, but the implementing is slow, there is a project that prolonged to 10 years, causing negative affect on the people’s daily life. The oversight also shows insufficient capability in land management, calculation and compensation in Ba Vi. A special group in the People Committee of Ba Vi is assigned to make frequent checking and overseeing the projects’ progress and report to the People Committee for thoroughly oversight of these three projects.

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H:Connect brings Korean style to Vietnam
Retail News Asia

Korean fast-fashion brand H:Connect has expanded into Vietnam with the first two stores. The first one opened in Ha Noi two weeks ago and the second one opened on 14-01-2018 in Crescent Mall in HCMC's District 7, taking up more than 450sqm. Both shops offer trendy clothing designed in Korea for both men and women. Vietnam has long been on the radar of the brand thanks to the huge popularity of Korean wave there, as well as the country’s large Korean expat community. 

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Bidding to open for 11 North-South route projects
Vietnam Breaking News

Last November, the National Assembly passed an investment plan for the construction of the eastern North-South Expressway, requiring 3,736 ha of land and the total investment of VND 118.7 trillion (US$ 5.27 billion) for the project in 2017 – 2020.  With the approval of 83.1% of deputies, some eastern sections of the North-South Expressway covering 645 km will be built during the 2017 – 2020 period, while the remaining sections will be built during the 2021 – 2025 period. Speaking at a meeting recently to review measures to speed-up preparation work for initiating this project, the Deputy PM Trinh Dinh Dung stressed that bidding must open soon for investors to carry out the 11 projects needed to complete the North-South Expressway.

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Japanese capital continues to pour into housing

Many Japanese businesses invest in Vietnam real estate market although the market is not expected to grow hot in the coming time. Lately, Mitsubishi Group and Phuc Khang has established Phuc Khang Mitsubishi Corporation Holding (PKMC) JV to exploit and develop the land fund of more than 500 million USD by Phuc Khang. Previously, many Japanese investors poured money into the real estate market in Vietnam through investment in enterprises such as An Gia, Hung Thinh, Nam Long or Daiwa House 3, Nomura, Sumitomo and Phu My Hung … Japan ranks first with foreign investment projects in Vietnam with $ 9.11 billion, showing the wave of investment in joint ventures.


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CBRE Newspaper Updates on Residential Ads


  • One new launch

    • Ascent Lakeside (District 7)

      • Total units: 217 (for condos only)
      • Scale: one 23-floor block
      • Unit size: 64 – 137 sm (1 – 3 bedrooms)
      • Price*: from VND 33 million/sm
  • Advertisements:

    • Heaven Riverview (District 8)

      • Total units: 960 (for condos only)
      • Scale: two 17-floor blocks
      • Unit size: 50 – 68 sm (1 – 2 bedrooms)
      • Price*: from VND 23 million/sm
    • Flora Mizuki (District 7)

      • Total units: 4602 (for condos only)
      • Scale: five 20-25-floor blocks
      • Unit size: 56 – 98 sm (1 – 3 bedrooms)
      • Price*: from VND 22 million/sm
    • Kingdom 101 (Binh Chanh District)

      • Total units: 960 (for condos only)
      • Scale: three 30-floor blocks 
      • Unit size: 50 – 105 sm (1 – 3 bedrooms)
      • Price*: from VND 55 million/sm


* Prices included VAT


  • No new launched
  • Advertisement

    • @Home (Hoang Mai district)

      • Total units: 532 units
      • Scale: 6080 sm land area
      • Unit size: 55 – 70 sm (2 – 3 bedrooms)
      • Price*: from VND 20 million psm
    • Anland Complex (Ha Dong district)

      • Total units: 534 units
      • Scale: 7,259 sm land area
      • Unit size: 54 – 91 sm (2 – 3 bedrooms)
      • Price*: from VND 26 million psm
    • TNR Goldseason (Thanh Xuan district)

      • Total units: 1,500 units
      • Scale: 22,371 sm land area
      • Unit size: 64 – 102 sm (2 – 3 bedrooms)
      • Price*: from VND 30 million psm
    • 6th Element (Tay Ho district)

      • Total units: 1,176 units
      • Scale: 15,669 sm land area
      • Unit size: 52 – 126 sm (2 – 3 bedrooms)
      • Price*: from VND 34 million psm

* Prices included VAT

Note: Selected newspapers include Dau Tu Bat Dong San, Thoi bao kinh te Vietnam, The gioi thong tin bat dong san, CafeF, Tap chi dau tu bat dong san, Vietnamnet, Thi truong Bat dong san & Tai san, Nguoi dua tin, Vnexpress

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