FOREIGN INVESTMENT IN PROPERTY RISES

A report by the agency under the Ministry of Planning and Investment says the foreign direct investment (FDI) in property made up 11.5% of the total FDI approvals in the nation in the first 11 months. This shows more foreign investors are confident in the property market which has been gradually recovering after a long period of lackluster activity.

Notably, the cost of the Empire City complex alone totals US$1.2 billion. Denver Power, a subsidiary of Gaw Capital Partners, has joined hands with Tien Phuoc Real Estate Joint Stock Company and Tran Thai Lands to develop the complex comprising an 86-storey observatory tower, a five-star hotel, a shopping mall, and office and apartment buildings in Thu Thiem Urban Area in HCMC’s District 2.

In October, Empire City Limited Liability Co. broke ground for Vietnam’s tallest building at a 15-hectare location on Mai Chi Tho Street and along the Saigon River. It is scheduled for completion in 2022.

Earlier, Gaw Capital Partners acquired four projects of Indochina Land in Vietnam, including Indochina Plaza Hanoi, Hyatt Regency Danang and two other projects underway in the central province of Quang Nam and HCMC.

More foreign property giants are entering the local market. For the first time, Dubai-based Emaar Properties PJSC has teamed up with Bitexco to develop the 430-hectare Binh Quoi-Thanh Da area in HCMC’s Binh Thanh District into a modern town. The city government has given approval to the two investors to implement the project in 50 years at a total cost of VND30.7 trillion (US$1.36 billion).

South Korea’s Lotte Group has placed a deposit of around VND2 trillion in land use fee for six lots in Thu Thiem Urban Area. The group is planning to build a smart complex worth US$2.1 billion.

According to property experts, more foreign property investors are coming to Vietnam thanks to the steady recovery of the local economy and the liberal new laws that allow foreigners and overseas Vietnamese to buy homes in the country.

Le Hoang Chau, chairman of the HCMC Real Estate Association (HoREA), told a recent meeting with Japanese companies in HCMC that improvements of the business environment, property trading regulations and credit policies will help attract more foreign investment.

However, large investors remain cautious as most of them have chosen to join forces with local partners with cleared land and market expertise. In fact, the real estate market has also seen more merger & acquisition (M&A) and cooperation deals between foreign and domestic companies in recent times.

Creed Group, a Japanese investment fund with US$5 billion in total assets, has cooperated with NBB Investment Corp. and An Gia Investment to carry out some projects. The fund has pledged to buy a 20% stake at An Gia Investment, contribute capital on an equal footing and provide credit for An Gia to buy new projects.

Japanese investors Hankyu Realty and Nishi Nippon Railroad have teamed up with Nam Long Investment Corp. to develop Flora Anh Dao project in District 9.

Source: The Saigon Times

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