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CBRE Vietnam’s Top Property News Stories – W38/2015

It's still hard for foreigners, Viet Kieu to buy houses in Vietnam, American group to build five-star hotel in VN, HCM City approves three residential projects, Many investors delay progress in HCMC…


CBRE Newspaper Updates on Residential Ads

  • New launch projects:

    • Sunrise Riverside in Nha Be District:

      • 1st launch on September 12, 2015
      • Start construction on August 3, 2015
      • 8 blocks, 21 – 25 floors, total: about 2,200 units
      • Price: from 2 bil/unit with 2 br;
    • Orchard Parkview in Phu Nhuan District:
    • 1st launch on September 12, 2015
    • Second phase of Orchard Garden
    • Total: 399 apartments & 13 office-tels
    • Price: from 2.4 bil/unit with 2 br;
    • 1st launch on September 12, 2015
    • Total project: 8 blocks, 28 – 30 floors, 1,400 units
    • Scale: from 73 – 96 sm
    • Price: from 2.4 bil/unit with 2 br.
    • SAV 3 (Tower 3) – The Sun Avenue Residence in District 2:

  • Four new launches:

    • Xuan Mai Sparks Tower (Ha Dong District):

      • Eligible for the Government’s VND30 trillion package
      • Lienviet Post Bank to provide 0% interest rate loan in the first year for the first 50 customers;
    • Park Hill Times City (Hai Ba Trung District):
    • Unit size: 76.4 – 132.2 sqm
    • Completion date: Q1 2017;
    • Launch Block A3
    • Unit size: 63.2 – 66.8 – 102 sqm;
    • Start price: VND37 psm (carpet area, VAT included, fully-furnished)
    • Unit size: 90 – 122 – 200 sqm.
    • Green Stars (Tu Liem District):
    • Golden Palace (Thanh Xuan District):

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Vietnam's unsold land, housing inventory falls sharply to $2.68 bil

Stock Biz

The value of unsold houses and land plots in Vietnam has fallen 18 percent since the end of last year to around VND60.3 trillion (US$2.68 billion), according to a new report. Figures from the Ministry of Construction’s housing and property market management department show the inventory has been steadily declining this year.

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It's still hard for foreigners, Viet Kieu to buy houses in Vietnam

Thanh Nien News

Many experts also called for allowing foreigners to buy an unlimited number of houses. According to the Housing Law, developers can only sell 30 percent of units in an apartment block to foreigners, and only a maximum of 250 foreigners can buy houses in a ward. The authorities should not be afraid of unrealistic threats like a large number of foreigners living in a place would undermine social and national security.

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Decree on Real Estate Business Law released

Vietnam Economic Times

Prime Minister Nguyen Tan Dung has signed a decree detailing the implementation of certain articles of the Law on Real Estate Business. The decree has provisions on the conditions of organizations and businesses in the industry, contract types, transfer of house leases and purchases, and procedures to transfer all or part of a real estate project. Regarding operating conditions, real estate organizations and individuals must establish enterprises in accordance with the law and with capital of more than VND20 billion ($939,000), excluding households or individuals of small scale and infrequency, as defined in Chapter 4 of the Law, selling, transferring, or leasing.

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American group to build five-star hotel in VN

Biz Hub

The Wyndham Hotel Group will build its first five-star hotel in Viet Nam. According to a co-operation agreement signed by the group and the Ha Long Star Joint Stock Company on September 15, the Wyndham Hotel will be built in Ha Long City in the northern Quang Ninh Province. The hotel will have 217 bedrooms and offer many services to domestic and international visitors. It's expected to become operational by 2016.

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Vietnam-Taiwan joint venture to build $115mn interchange in exchange for land

Tuoi Tre News

Ho Chi Minh City authorities have given the go-ahead for real estate developer Phu My Hung Development Corporation to build the Nguyen Van Linh – Nguyen Huu Tho interchange in District 7 in exchange for land in another district, according to the municipal Department of Transport.

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HCM City approves three residential projects

Vietnam Investment Review

Ho Chi Minh City People's Committee has approved three residential projects proposed by local investors and valued at more than VND3.2 trillion (US$142 million): the six-year residential project, to be developed by Tien Phuoc Real Estate Joint Stock Company, Dang Thanh condominium and Building C&D of the Residential Condominiums and Commercial Complex.

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CapitaLand forms JV with Thien Duc to develop $150m residential project in Vietnam

Deal Street Asia

Singapore-headquartered real estate major CapitaLand, through its wholly owned subsidiary – CapitaLand (Vietnam) Holdings – has entered a joint venture in Vietnam to develop its seventh residential project worth $150 million in the country. The Singapore-listed firm’s subsidiary has entered into an 80:20 joint venture with Thien Duc Trading-Construction Company to develop a prime site in District 2, Ho Chi Minh City, Vietnam, CapitaLand said in a regulatory filing.

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Vietnam Dealbook: Imex Pan Pacific eyes more stake in SASCO; CII meets US investors

Deal Street Asia

Vietnamese firms are making local investments as well as seeking overseas interest. While trading company Imex Pan Pacific targets to beef up its presence in the Southern Airports Services Company, in which it is currently the third largest investor, a senior official of the Ho Chi Minh City Infrastructure Investment JSC is seeking investment from US companies.

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Thai Berli Jucker says has option to take Metro Vietnam off parent TCC's hands

Thanh Nien News

Thai consumer products group Berli Jucker Pcl (BJC) said its majority shareholder, TCC Holding, has awarded it an option to take over cash-and-carry retailer Metro Vietnam, subject to approval from previously reluctant minority investors. TCC Holding, which owns nearly 74 percent of BCJ, agreed in April to step in to buy the Vietnamese unit of German retailer Metro after BJC's retail shareholders rejected a proposed deal for Metro Vietnam over concerns about financial risks.

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Many investors delay progress in HCMC

Vietnam Net

A total of 1,600ha of land is to be acquired for 300 infrastructure development projects, many of which have been on hold for decades, this year, HCM City People's Council announced. Some projects failed to give notice of the start and end dates of the construction. Those living near the projects were banned from building or renovating their houses or even transferring the rights to the land. In some areas, public infrastructure construction was also prohibited, which hurt water systems and roads.

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