A report by Ministry of Planning and Investment revealed, during January-June period, foreign direct investment (FDI) into Vietnam property hit USD701 million across 618 projects, making it the fifth most popular sector in the country for investment.
In this August, Ho Chi Minh City’s real estate market has remained stable with approximately 1,400 successful transactions, roughly equivalent to the figure recorded in the previous month. Prices of affordable, small-sized apartments, lands, villas and townhouses have recorded a slight increase.
Japanese developer Meada Group has recently expanded its portfolio in Vietnam by partnering up with domestic Thien Duc Company to build Waterina Suites, a high-end residential project in District 2 of Ho Chi Minh City.
In spite of the withdrawal of joint venture partner Emaar Properties PJSC, Bitexco Group, a leading Vietnamese developer, is still pursuing the development of Binh Quoi-Thanh Da urban area in Binh Thanh district, Ho Chi Minh City.
The first half of 2017 has seen increased interest from Singaporean real estate firms in the Vietnamese market, with Sembcorp, CapitaLand, Mapletree, and Keppel Land among the biggest movers and shakers.
To capitalise on the increasing interest of foreign real estate investors in Southeast Asia in general and Vietnam in particular, CapitaLand Limited has set up its first commercial fund in Vietnam named CapitaLand Vietnam Commercial Fund I (CVCFI) with a capital of $300 million.
The future of the ill-fated $256-million Saigon One Tower remains uncertain after Vietnam Asset Management Company recently announced that the project will be seized due to the owners’ accruing significant bad debts.