FOREIGN INVESTORS IN RACE TO TAKE OVER REAL ESTATE PROJECTS IN VIETNAM
A residential suburb in the southern part of Ho Chi Minh City
The country's resort sector is looking like an attractive
proposition as tourist numbers continue to climb.
A sharp increase in
foreign arrivals to Vietnam at the start of 2017 has injected a huge
development impetus into the coastal resort sector, and there have also been a
raft of investments, mergers and acquisitions in other real estate sectors.
Vietnam’s largest
property consultancy firm Savills recently released a report on the investment
and transfer of real estate projects that have taken place so far this year.
One of the stand-out
transactions was made by CapitaLand Group with the purchase of a 0.6-hectare
(1.5-acre) piece of commercial land in downtown Ho Chi Minh City to build
Vietnam’s first A-class international complex.
The project will receive more
disbursement from a $500-million investment fund committed by Singaporean
developers last November.
CapitaLand also announced the
acquisition of a 90 percent stake in a 0.8-hectare project in Thao Dien, Ho Chi
Minh City, to build over 300 apartments.
Another Singaporean developer
Keppel Land has paid VND 846 billion ($37 million) to raise its share to 16
percent in the Saigon Center project in downtown Ho Chi Minh City.
In March, Hong Kong Land
officially became a strategic partner of the Ho Chi Minh City Infrastructure
Investment Joint Stock Company (CII) to build housing projects in the new Thu
Thiem urban area.
In another popular
residential area in the southern economic hub, local group An Gia and its
Japanese partner Creed Group continued their takeover of five apartment blocks
in La Casa project in District 7 worth some VND 910 billion (around $40
million).
In the resort sector,
Malaysia’s Berjaya Land sold its 70 percent stake in a four-star resort on Phu
Quoc Island to Sulyna Hospitality for $14.65 million.
According to Savills,
Vietnam's tourism sector enjoyed a great start to this year with around 3.2
million foreign arrivals in the first quarter, up 29 percent on-year.
This growth follows record
numbers in 2016 when Vietnam welcomed over 10 million international tourists.
The country is forecast to receive 11.5 million foreign visitors this year.
This should provide the ideal
conditions for further growth in the resort sector, said Savills.
"Source:
VnExpress"
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