Da Nang seaside resort real estate attractive to investors

Prime Minister Nguyen Tan Dung has agreed that the Ministry of Construction will introduce the revised regulation. Currently, buying a house in Vietnam is difficult for foreigners. Minister of Construction Trinh Dinh Dung noted that one of the most important features of the revised Housing Law is including the requirements and conditions for overseas Vietnamese, foreign individuals and organisations to buy houses in Vietnam. The final draft of the law comes after extensive revisions to 80 articles and three chapters, Minister Dung said, adding that the change in the housing law is expected to mobilise capital resources, technology and management expertise to help the development of the country and the real estate market. Minister of Planning and Investment Bui Quang Vinh said that, in the past, he had urged the Ministry of Construction to speak to the government about permitting the sale of houses to foreigners to reduce the real estate market's inventory, especially of luxury apartments and villas. Vinh pointed out that around 130,000 Koreans currently live in Vietnam; they have to rent houses owned by Vietnamese landlords because foreigners are not permitted to purchase houses in the country. However, most local landlords refrain from leasing to foreigners. Vinh suggested that the government should permit foreigners to buy houses and own them for 50 to 70 years, as per Vietnam 's regulations. Vinh acknowledged that allowing foreigners to buy houses offers one possible solution for easing some of the problems faced by the real estate market, especially in the…... [read more]

Dinh Thien Thien’s barbecue business bloomed just as Vietnam’s property market wilted. It was not a coincidence, according to New York Times. In 2010, Thien said he rented an empty lot downtown here, where construction had largely stopped, and installed a grill. He added some homemade wooden furniture intended to conjure the image of a saloon - a motif inspired by his love of American westerns. Word of his movable feasts began to spread on Facebook, and within months he was renting 15 lots for the equivalent of US$1,000-5,000 a month. But as construction picks up again, Thien, 32, is down to five locations. Some of his former grill sites are dotted with cranes or cement mixers, and he predicts that in three years he will be forced to pursue an entirely new line of work. Vietnam’s beleaguered property market is bottoming out just as macroeconomic indicators stabilise and the ruling Party makes new pledges to reform a struggling and corruption-riddled banking sector, say developers and businessmen here, the country’s commercial capital. And if Vietnam signs onto the Trans-Pacific Partnership, a proposed trade agreement that involves a dozen countries, including the United States, it may bolster the Vietnamese economy and speed a real estate recovery. Yet although lending rates have fallen to 12.8%, from 20.3% in 2011, no one in Vietnam knows whether the market can rebound to the peaks it hit before 2008, much less whether the government’s statistics or commitments to banking reform are reliable. For the moment,…... [read more]

Managing director of Savills Vietnam Neil MacGregor told VIR that he was witnessing a period of rapid change in the high-end real estate market with a growing number of excellent, international-quality developments set to enter the country throughout 2015. These developments oversee a notable increase in demand for high-end properties during the last two quarters. Massive projects such as Masteri ThaoDien by ThaoDien Investment, Vinhomes Central Park by Vingroup and Scenic Valley by Phu My Hung Corporation have made this segment more active. The last tower consisting of 750 apartments in the heart of the Masteri complex was marketed last week. This follows the launch of three other towers from last October. According to MasteriThaoDien business director Trinh Hoai Duc, the project has more than 3,000 apartments in total with an average sales rate of around 90%. Meanwhile, Vingroup has recently attracted over 2,300 visitors to the launch of The Landmark complex as the heart of Vinhomes Central Park in the city. The Landmark complex comprises of The Landmark 81, the tallest tower yet in Vietnam, in addition to the three apartment buildings of Landmark 1, 2, and 3. Phu My Hung will also market the final phase of the Scenic Valley project on June 6. Already in the fifth phase of opening sales, 80.2% of the apartments have been sold. In addition, several condominium projects developed by Novaland have lured many more customers. Currently, Novaland is building 15 condominiums in prime locations of the city such as The Sun…... [read more]

Accordingly, from July 1, two long-awaited pieces of legislation, the new Housing Law and the Real Estate Business Law, have come into effect. Under the provisions of the Housing Law, the requirements for foreigners to buy and own homes in Vietnam are loosened. Specifically, foreign organizations and individuals investing in Vietnam, branches and representative offices of foreign companies and investment funds and foreign banks operating in Vietnam have the right to buy condominiums or own and inherit as gifts at most 30% of the apartments in a condo building. Regarding individual houses including villas and semi-detached houses in an area with a number of people equivalent to that in a ward-level administrative unit, they are allowed to buy or own a maximum of 250 houses with the time span of 50 years. They are also entitled to buy or own a house or condo much longer than the 50-year limit if married to a native Vietnamese person. After the 50-year period of house ownership, under the new Housing Law, foreign individuals can carry out procedures to extend ownership once, but not for more than 50 years. The old laws permitted them to own only one piece of property for a maximum time frame of 50 years. Vietnam's Prime Minister Nguyen Tan Dung last week approved the scrapping of a 49% foreign ownership cap across many listed firms, although some sectors will remain restricted. The decree signed by the prime minister was released late on June 26 and will take effect…... [read more]

The study provided estimates for the value of the property markets of Japan (US$2.67 trillion), Singapore (US$241 billion), Indonesia (US$189 billion) and Malaysia (US$84 billion), along with those of Thailand (US$89 billion) and the Philippines (US$48 billion). Can Van Luc, Deputy General Director of the Bank for Investment and Development of Vietnam (BIDV), explained that the country's real estate market was established and developed on a small scale in the past 10 years, in comparison with those of other countries in the region. However, exactly 70% of capital invested in the sector came from bank loans, and 65% of collateral was also in the form of property. As of December 31, 2013, real estate loans amounted to around VND262 trillion (US$12.5 billion), accounting for 8% of total outstanding loans. In addition, property lending in Vietnam was also 2.5 times higher than the international standard. Luc said foreign direct investment (FDI) in the sector has recovered following several years of sharp decline. According to the Ministry of Planning and Investment's Foreign Investment Agency, total registered FDI capital in the sector in the first seven months of the year reached US$1.13 billion, representing a 65% year-on-year increase. The market is finding it difficult to mobilise capital from people as real estate prices in Vietnam remain high, say the experts. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said one of paradoxes of the market is that the average price of houses is 25 times higher than the average annual…... [read more]

The project has a total investment capital of VND7,500 billion, 29 percent of which is sourced from PetroVietnam and the remainder from foreign partners. The 3.82ha complex will comprise a high-end office block (24 storeys and two sub-levels) and a luxurious hotel and apartments (30 storeys and sub-levels). When operational, it will help develop the urban infrastructure, provide high-end apartments and accomodations to the capital city as well as supporting services such as car parking, entertainment, shopping and fitness. The complex is expected to become a comfortable and modern architectural area and attract more international investors to the captial city. It is expected to be operational in the fourth quarter of 2011.... [read more]

Buon Ma Thuot was a small town with approximately 30,000 residents on its liberation day (March 10, 1975). It has now been upgraded to a second-tier city which is home to more than 330,000 residents. Many infrastructure projects have been built to lure domestic and foreign investors. Pham Van Thanh, a local resident in Tu An ward, says that the city has made a lot of changes since it was liberated. “Currently, the city has 125 roads and streets in total, a four-fold increase against the figure in 1976. All the roads and streets have been paved and installed with modern lighting systems. Many supermarkets and high-rise buildings have been built, meeting its residents’ demand for a comfortable life.” Considered the capital of the Central Highland region, Buon Ma Thuot is already an attractive investment destination for domestic and foreign businesses. Do Thai Co, director general of the Hoang Anh Dak Lak Joint Stock Company, which built the first high-end apartment building in the city, says that he believes in the city’s future prospects for development. “At present, housing demand here is still limited, but I think the property market will grow and flourish in the next few years,” says Mr Co. “We are preparing to carry out a second building project to be capitalized at VND200 billion in the city. The project is expected to get off the ground in 2010.” More than 30 trade and services projects are being implemented in the city with a combined investment capital…... [read more]

The Le Meridien Danang Resort & Spa will be built at a cost of US$100 million and will comprise a complex of high-end apartments and villas together with a five-star hotel on Son Tra-Dien Ngoc Road in Ngu Hanh Son district, Da Nang city. Once completed, the resort will connect Ngu Hanh Son with three world cultural heritage sites, including Hue - the former capital, Hoi An Ancient Town and My Son Sanctuary. Meanwhile, one of the country’s largest tourism centres will be built on an 18ha site in Da Lat city. The US$40 million Sheraton Dalat will include 150-200 first class rooms for those who want to take a break in the dreamlike Central Highlands city. SGI General Director Dang Thi Hoang Phuong said that the two projects heralds SGI’s arrival in the tourism sector and will help to meet domestic needs and the increasing demand from foreign tourists for top quality tourist facilities. SGI is one of the country’s leading groups in developing industrial zones and hi-tech parks as well as other sectors, including real estate, IT-telecoms-television, finance-banking, tourism, construction and energy. It now owns and manages 20 industrial zones and hi-tech parks with a total investment of over US$2 billion.... [read more]

Customers in the Hanoi market will have the chance to buy luxury flats with 2-3 bedrooms and penthouses. Especially, each storey of the apartment has six flats. Covering a total area of 23,000 square metres, the apartment has a total of 750 luxury flats, offices for rent and a trade centre and provides additional services to meet Vista consumers’ demand. The apartment was built by CapitaLand (Vietnam) Holdings Pte.Ltd, Thien Duc Trading and Construction Company and Phu Gia Investment Joint Stock Company. Deputy general director of CapitalLand Vietnam says that compared to other high-end apartments, the Vista project was specially designed with entertainment facilities, surrounded by beautiful landscapes. There is high hope that the first opening session will attract a lot of real estate investors and customers.... [read more]

The government said to resolve the problem, difficulties in the monetary market must be removed to curb inflation. In the urgent situation, the Prime Minister has devised some solutions to curb inflation and limit its impact on poor people. Most workers are not keen on the escalating price of gold and dollars in recent days, so that they cannot understand why the price of consumer goods has increased so sharply in the market recently. It is obvious that the increase in the value of the US dollar has penetrated into supermarkets and local markets. The habit of storing and using dollars for making payments for goods has dollarised in the national economy. The prices of imported automobiles, prints, and electronics at supermarkets, high-end apartments or luxury hotels and restaurants, are all listed in both US dollars and Vietnamese dong. Customers are given incentives to make payments in US dollars. If they pay in VND, the price of goods will be based on the exchange rate between VND and dollars on the day. This has been acknowledged by sellers, buyers and relevant agencies and represents signs of the national economy’s dollarisation. According to recent statistics, the rate of dolarisation in Vietnam is over 20 percent of the total transaction payments while it is lower than 7-10 percent in the region. The paradox is that when inflation increases in Vietnam, the value of the US dollar will rise if it is devalued sharply in the US and most other countries in the…... [read more]

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