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CBRE Vietnam’s Top Property News Stories – W33/2016

Hong Kong seeks closer investment, trade ties with VN​, Economists still upbeat on Vietnam , VinGroup develops commercial complex in Ha Giang​,…

 

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      • Total units: 880 units
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    • Opal Garden (Thu Duc District)

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    • Kingston Residence (Phu Nhuan District)

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    • ​Eco City (Long Bien District)

      • Total units: 412 units
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Hong Kong seeks closer investment, trade ties with VN​
Vietnam Investment Review

Hong Kong looks forward to stronger ties with Viet Nam, its chief secretary for administration, Carrie Lam, has said. Speaking at a luncheon meeting on "Opportunities for Hong Kong and Viet Nam under ASEAN Regional Co-operation" in HCM City on August 16, she said Viet Nam is Hong Kong's third largest trading partner in ASEAN. Bilateral trade topped US$16 billion last year, a year-on-year increase of 16.7 per cent. The conclusion of free trade agreement talks between ASEAN and Hong Kong, scheduled this year, would promote economic and trade ties, including with Viet Nam, she said. In his welcome speech, Jonathan Choi, permanent honorary president of the Chinese General Chamber of Commerce in Hong Kong, and chairman of the Hong Kong-based Sunwah Group, said as the East Asian economies are entering a new stage of regional co-operation and integration, "I believe that there is a great deal of potential for Hong Kong and Viet Nam to work closer together to make strategic contributions in regional collaboration.

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Vietnam the big winner from China’s move up the value chain​
Thoi Bao

China’s ongoing transition from low-wage manufacturer to budding high-tech hothouse is creating waves across the rest of Asia. According to an article of Financial Times, the biggest winner from the Middle Kingdom’s move up the value chain looks set to be Vietnam, while the biggest loser could be South Korea. Capital Economics notes that in countries such as Bangladesh, Sri Lanka and Vietnam, the monthly salary of a factory worker is typically between $100 and $200, a fraction of the $420 or so in China. Standard Chartered has developed this theme further with the latest iteration of its annual survey of manufacturers in China’s Pearl River Delta, a densely populated region encompassing cities such as Guangzhou, Shenzhen and Dongguan. The 290 manufacturers surveyed expect, on balance, to see labour supply tightening further this year, continuing a recent trend driven by the peaking of China’s working-age population, despite the slowing economy. [The original article is available in Vietnam only.]

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Economists still upbeat on Vietnam
Vietnam Breaking News

Despite facing numerous challenges, some international organisations remain optimistic about Vietnam's economic prospects for 2016 due to surging manufacturing and foreign investment. In its report on Vietnam's economy released last week, HSBC stressed, "These are difficult times for Vietnam. […] The economy is likely to miss the government's growth target of 6.7 per cent for 2016. But we find cause for optimism in the coming quarters. "We think that growth will be closer to the 6 per cent handle this year (our GDP growth forecasts are at 6.3 per cent for 2016 and 6.6 per cent for 2017), broadly in line with projections by the World Bank, which earlier trimmed its 2016 projection to 6 per cent from 6.2 per cent," said the report. Vietnam's manufacturing sector activity continues to hold up well regionally. "The expansion seen in its manufacturing sector in July is still the strongest among the emerging Asian economies. Vietnam is also one of just a handful of economies still enjoying rising new orders," HSBC stated.

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No zoning plan changes for Thu Thiem​
The Saigon Times

The HCMC government has turned down proposed changes to the zoning plan for a section in Thu Thiem New Urban Area even though the changes would pave the way for a US$4-billion project to go up there. HCMC chairman Nguyen Thanh Phong made clear the city government's disapproval of the proposed changes in a conclusion issued last week following a meeting with the Investment and Construction Authority of Thu Thiem New Urban Area (Thu Thiem ICA). Three U.S. investors – Steelman Partners, Cantor Fitzgerald and Weidner Resorts, and Vietnam's Imex Pan Pacific Co Ltd proposed developing a project in Functional Section No. 1 in the heart of the new urban area. They are active in the finance, banking, hotel and resort sectors. The HCMC government said the project did not match the scale-1/ 2000 zoning plan for Functional Section No. 1 and stressed the city would not adjust the approved zoning plan.

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VinGroup develops commercial complex in Ha Giang​
Vietstock

The real estate conglomerate VinGroup plans to build a trade complex in Ha Giang city, the northern mountainous province of Ha Giang, stated Secretary of the municipal Party Committee Tran Manh Loi.  Construction on the complex will begin in late September.  The complex will include a five-storey trade centre, a Vinmart supermarket, a VinPro electronics store, an amusement zone, and commercial buildings, when it is put into use in late 2017.

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​Hanoi announces urban planning for Xuan Thuy Road
Cafe F

Hanoi Department of Planning and Architecture and People’s Committee of Cau Giay District just announced the urban planning for Xuan Thuy roadsides. Accordingly, the scope of the project included a part of National Road No. 32 beginning at the Nguyen Phong Sac intersection to Pham Hung intersection. Total area of the project is approximately 26.3ha and total length is 1,000m. To ensure the continuity and consistency of Xuan Thuy Road, all housing constructions must comply with the red boundary line. [The original article is available in Vietnam only.]
 

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New high-end apartment project in Long Bien District
VnExpress

Located at the southeast of new urban area Viet Hung, Eco City project developed by Thien Huong Limited Company is expected to meet the demand of the market with various high-end condominium apartments. The project adjoins Vinh Tuy and Chuong Duong bridges, connecting with central city and northern provinces through National Road no. 5 and Freeway Hanoi – Hai Phong. With total land area of 11,669 sqm, Eco City comprises four 8-to-17-storey towers, 1 basement, 2 ground floors with supermarket and shopping mall. The project offers 412 apartment units with areas ranging from 61.2 sqm to 86.7 sqm with 2-3 bedrooms equipped with high quality furniture.  The launching ceremony of Eco City will take place at sales office on August 20.  [The original article is available in Vietnamese only.] 

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Mitsubishi and Bitexco teamed up to launch a joint venture for development of Manor Central Park urban area​

Lao Dong

On July 27, Bitexco and Mitsubishi signed an agreement to establish a joint venture in order to co-develop housing projects in Hanoi. This joint venture is part of the complex township project The Manor Central Park, of Bitexco. In first stage of the cooperation, the two companies will co-build 240 low-rise apartments and two high-rise buildings with 1,036 apartments, totaling US$290 million. Spanning nearly 90 hectares next to a 100-hectare park, this will be the largest most modern township in Hanoi. [The original article is available in Vietnamese only.] 

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Ministries act to ease congestion in airport area​
The Saigon Times

HCM City is working on multiple infrastructure projects to deal with chronic congestion near Tan Son Nhat Airport and Cat Lai Port, a senior city transportation official said. Bui Xuan Cuong, director of the HCMC Department of Transport, told a review meeting on the city’s socio-economic performance in January-July on August 1 that in the area around the busy airport, the city has completed several projects including Pham Van Dong Street connected to the airport, Truong Son Street, Cong Hoa Street overpass, and the steel bridge at Lang Cha Ca. Cuong said Tan Son Nhat can now handle over 30 million passengers per year, well above its designed capacity of 25 million. The number is seen continuing rising. As work on a new international airport in Long Thanh in neighboring Dong Nai Province begins in 2019, traffic outside Tan Son Nhat Airport will remain as heavy as ever in at least 10 more years. 

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Huge capital needed for transport infrastructure in Mekong Delta​

The Saigon Times

The Mekong Delta will need more than VND125 trillion (US$5.6 billion) to carry out transport projects and improve connectivity between provinces in the region in the 2016-2020 period. A source from the Southwest Steering Committee said the sum is projected in a draft program on transport and logistics infrastructure development in the delta in the next five years. The draft, prepared by the Transport Development & Strategy Institute under the Ministry of Transport, will be discussed at a conference in Can Tho City next Monday. As for the maritime sector, the delta will prioritize 22 projects worth a total of VND18 trillion, or 14.4% of the total capital needs, using State and private capital. Regarding inland waterway, there will be 14 projects with a total investment of VND10.3 trillion. Local authorities will finish and upgrade several main roads and bridges such as Vam Cong, Cao Lanh, Dai Ngai and Rach Mieu 2. Meanwhile, inland waterway projects will help maximize the efficiency of four packages of the World Bank-funded Mekong Delta Transport Infrastructure Development Project, also known as WB5.

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