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Real estate market attracting foreign capitals

Many new or revised regulations have expanded property business rights for foreigners, stimulating foreign capital flow to Vietnam real estate market, making the country become an attractive investment destination. Vietnam economy is following upward trend and has become more and more integrated into global economy. Liberated capital and interest rate reduction also creates advantageous conditions for property firms to develop projects. Earlier, Gamuda Land paid over VND1,400bln to buy all shares from the joint venture that develops Celadon City project (HCMC's Tan Phu District). In Hanoi, Gamuda Land is still finishing Gamuda Garden projects covering 92 hectares. According to Marc Townsend, managing director of CBRE Vietnam, the country has lower investment costs and cheaper labour costs compared to other neighboring countries, so it is an attractive destination to many foreign investors from Japan, Singapore, South Korea and Hong Kong.