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CBRE Vietnam’s Top Property News Stories – Week 18/2017

Multiple investors want to develop terminal at TSN airport, Phat Dat transferred the entire EverRich 3 project to a large domestic enterprise, Lotte get approval to build smart complex in Thu Thiem urban area worth nearly US$1 billion…


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    • Sai Gon Mystery (District 2)

      • Total units: 600 (for condos only)
      • Scale: two 25-floor blocks
      • Unit size: 50 – 90 sm (1 – 3 bedrooms)
      • Price*: VND 900 million/unit
    • Diamond Island – Maldives block (District 2)

      • Total units: 209 
      • Scale: one 29-floor block 
      • Unit size: 55.7 – 88.8  – 117.6 – 167.2 sm (1 – 4 bedrooms)
      • Price*: from VND 58 million/sm
    • Heaven Riverview (District 8)

      • Total units: 960 
      • Scale: two 17-floor blocks (each 480 units)
      • Unit size: 50 – 69 sm (1 – 2 bedrooms)
      • Price*: from VND 700 million/unit

* Prices included VAT



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    • Gelexia Riverside (Hoang Mai District)

      • Total units: 2000
      • Scale: one 33-floor block and three 31-floor blocks
      • Unit size: 66.8 – 97.55 sm (2 – 3 bedrooms)
      • Price*: from VND 19 million/sm
    • Tokyo Tower (Ha Dong District)

      • Total units: 688 
      • Scale: one 51-floor block
      • Unit size: 76 – 133 sm (2 – 3 bedrooms)
      • Price*: from VND 19 million/sm
    • Goldmark City (Bac Tu Liem District)

      • Total units: 5,000
      • Scale: nine 40-floor blocks
      • Unit size: 52 – 106 sm (1 – 3 bedrooms)
      • Price*: from VND 25 million/sm 
    • Madarin Garden 2 (Hoang Mai District)

      • Total units: 640
      • Scale: two 25-floor blocks and two 30-floor blocks 
      • Unit size: 67 – 130 sm (2 – 3 bedrooms)
      • Price*: from VND 30 million/sm

* 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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Lotte get approval to build smart complex in Thu Thiem urban area worth nearly US$1 billion

HCM City People’s Committee has selected Lotte group consists of four companies as the investor of a smart complex project in the city’s Thủ Thiêm New Urban Area. The project is set to cost the investor VND 20.1 trillion (nearly US$884 million), excluding site clearance expenses. Affiliate companies are Lotte Asset Development Co. Ltd., Lotte Shopping Co. Ltd., Hotel Lotte Co. Ltd., and Lotte Engineering & Construction Co. Ltd. will participate in the project. The construction period is 72 months and exploited for 50 years with total investment capital (excluding compensation and site clearance expenses) of VND20.1 trillion. This fund will be arranged by the investor.

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Phat Dat transferred the entire EverRich 3 project to a large domestic enterprise

On 11th April 2017, Phat Dat Real Estate Development Corporation (PDR) has passed a resolution to transfer the entire apartment buildings of The EverRich 3 project in Tan Phu Ward, District 7. Accordingly, Phat Dat has found the investor and entered into an agreement to transfer part of the EverRich 3 project, including the entire high-rise apartment block, excluding 15,000 m2 of low-rise housing. By the end of 2016, Phat Dat has invested VND 1.584 billion in The EverRich 3 project, expected in 2017 to add VND642 billion. Also at the 2017 Annual General Meeting, Nguyen Van Dat – Chairman and CEO of PDR, said that if the EverRich 3 is sold in 2017, the company expects to collect VND2,500-3,000 billion to pay debt.

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Pizza Chain Grimaldi’s plans Vietnam expansion  
Inside Retail Asia

Grimaldi’s (US-based coal-fired pizza chain) is looking for franchisees who have experience in food or hospitality related business, are familiar with restaurant development and can access supply chain resources. Prospective partners require an investment range from US$1.5 – US$3 million. Stefan Grbovac, Grimaldi’s international representative, said the final figure will depend on market size. Grimaldi’s plans to launch in HCMC first, or wherever Grimaldi’s can find a partner to go with in Vietnam. Grimaldi’s presented at last week’s International Franchise Discovery Day in Hanoi, organised by Asian franchising specialists.

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Da Nang: Open road tunnel on the west of Han river bridge, housing prices increase

After seven months of construction, in the morning of 30th April , the new tunnel West of Han River Bridge was officially opened to traffic. The tunnel has a length of 255m, including 40m-long closed tunnel, 215m open long tunnel. The tunnel on the western side of the Han River Bridge aim to reduce traffic congestion, reduce traffics on Tran Phu and Le Duan routes. At the same time, it will facilitate the infrastructure for the APEC 2017 Summit in Da Nang city. Total investment of the project is over VND137 billion. Pavement structure reaches a high level A1.

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Aeon looks to open 500 grocery stores nationwide
The Saigon Times

Japanese supermarket operator Aeon has plans to set up 500 grocery stores in Vietnam by 2025, according to a Nikkei Asian Review report. The firm is preparing to open more small stores in emerging Asian markets like Cambodia, Myanmar and Vietnam. In particular, it aims to raise the number of its stores in Vietnam by almost nine-fold to 500 by 2025. Aeon, which has four shopping malls in Hanoi, Binh Duong and HCMC, is regarded as a big competitor by other major retail rivals in Vietnam. It plans to build a new mall in Hanoi and another in Haiphong in the short run, and have 20 malls across the country by 2020.

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Multiple investors want to develop terminal at TSN airport
The Saigon Times 

The adjusted master plan for Tan Son Nhat International Airport has not been approved yet, but four investors have expressed keen interest in developing the new passenger terminal called T4, according to the Ministry of Transport. These investors are Imex Pan Pacific Co Ltd; a joint venture between Danang International Terminal Investment and Operation JSC and Thang Long Infrastructure Investment JSC; Vietnam Airlines Corp; and VietJet Aviation JSC. Under the adjusted master plan for Tan Son Nhat International Airport, besides the two existing runways, a parallel taxiway and two exits for aircraft will be built anew. In addition to the current passenger terminal, a new one called T4 will be developed to accommodate 15 million passengers on an annual basis. Therefore, Tan Son Nhat will be able to serve from 43 to 45 million passengers a year, with around 80-85 parking spaces for airplanes, says the CAAV in its recent report to the Transport Ministry.


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Infrastructure attracts investment to north Vietnam
Vietnam Investment Review

The newly established five modals (rail/road/air/river/sea) infrastructure network has brought a great deal of investment to the Red River Delta, especially Hai Phong. Hans Kerstens, international business development manager at Deep C Industrial Zones, said in the last five years the north has become the most popular investment destination for foreign companies. Almost US$60 billion has been invested there since 2011, outperforming the south by nearly $9 billion. Availability of prime industrial land adjacent to the new infrastructure developments in combination with reliable power, water, wastewater treatment the best tax package available in Viet Nam are some of the reasons why many more investors have decided to come here. The presence of a second airport (besides Noi Bai Airport in Hà Nội) capable of handling cargo via international routes is an imperative to comfort investors in the mobile phone and electronics business, he said.
A major game changer in the north has been the construction of the new Hai Phong International Gateway Port (also known as Lach Huyen Port). The new Lach Huyen Port, which will become operational next year, will allow vessels with a draft of 14m or 100,000DWT to berth in Hai Phong, eliminating the need to tranship from places like Singapore or Hong Kong and reducing the time to markets.

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Vietnam Construction Association chooses lotus-themed design for Long Thanh airport 

After a consultation process involving nine different, the lotus design option 3 was favoured by the Vietnam Construction Association and the government. The plan is to get the lotus symbol with high ethical characteristics to be the design for the construction of Long Thanh International Airport. In particular, the lotus image is used throughout the design process, pervasive throughout the airport’s roofs, terminals, parking lots, and interior. The shape of the main terminal area (roof) uses the idea of lotus petals. The terminal is arranged in a concentrated form, including a central terminal and three wings; The station is designed with 2 elevations to come and go separate, including 4 floors, roof height of 52.2m. Total floor area is 399,987 m2. The plan demonstrating the aeronautical procedures will meet the capacity of operating 25 million passengers/year with centralized security model.

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Son Tra district lost 41% of its area because of a decision of Da Nang

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According to architect Hoang Su, after the 2008 decision of Da Nang People's Committee, the area of Son Tra peninsula in Da Nang reduced by 41%. He also referred to the document of Da Nang People's Committee in 2008 on the approval for the planning of the three types of forest in the area in the period 2008-2020, only written one forest type is reserve forest with area of 2,591.1 ha. According to Mr. Su, this decision has cut Son Tra forest from 4,439 ha to more than 1,840 ha lost (accounting for nearly 41% of the total reserve area)


An Hao Bridge opened to traffic. 
The Saigon Times

An Hao Bridge across the Dong Nai River connecting Dong Nai Province with Binh Duong Province and HCMC was opened to traffic on April 30. The 840-meter bridge including six lanes with four of them for autos is part of the new Dong Nai Bridge project. After completion, the traveling time from Bien Hoa City center to Vung Tau intersection and national highways 1 and 51 will be reduced to only 5-10 minutes instead of nearly 30 minutes, according to the Construction Corporation No.1 (CC1) as the project investor. The bridge will also help ease traffic congestion in Bien Hoa City and traffic density at the city’s eastern gateway. The total investment of An Hao Bridge and the section from An Hao Bridge to Buu Hoa Bridge and then to Highway 1K is VND1 trillion (US$44.05 million).

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