Archive | October, 2008

Sanctuary Ho Tram

30 Oct
Sanctuary is poised to become a world-class residential community, combining luxury waterfront villas, a luxury resort hotel, and an array of sports and recreational, facilities. Sanctuary will be a special environment for those who make Ho Tram their home away from home.

Each of three residential communities is linked by safe, quiet, tree-lined walkways to the resort. The luxury boutique resort facilities will include a gourmet restaurant, a health club complete with a fully appointed spa, sauna, steam room; fitness center; a wedding pavilion for celebrations and special events; swimming pool and lap pool; tennis and badminton courts; boating, sea kayak and other water sports. A day camp setting is provided for children to interact via games and craft activities. Housekeeping and full room service menus are available to guess in the privacy of their homes. All the amenities without the pressure.


For further information, please contact:

Refico
Room No. 1404 – Floor 14 – Me Linh Point Tower
2 Ngo Duc Ke – Ben Nghe Ward – Distr.1 – HCMC
Tel: +84.8.823 3031 – Website: http://www.sanctuary.com.vn

Construction update – October 2008

30 Oct



Deawon Cantavil Hoan Cau Apartment

28 Oct
The beauty of CANTAVIL”s view, presents sky blue lake with pristine early morning mist.

Transform your ordinary days into extraordinary days

Open the window and enjoy the most exclusive view in HCM city… of the lake in all it”s natural beauty.

The wonderful life of waking up to the morning glory with a gentle breeze.

A life even more romantic than your wildest imagination now opens.

Enjoy the lakeside romance each day, as well as outdoor swimming and playing tennis. On a night filled with starlight, invite your family and friends for a get together. CANTAVIL looks over the beautiful VAN-THANH tourist village park, it is like your very own garden, where you can enjoy walks with your family or just sit an admire nature.

1. High class Club House (Wedding, banquets, BBQ parties etc.)
2. Outdoor Tennis court
3. Beautiful Walkways adorned with trees
4. Outdoor Swimming Pool

CANTAVIL, Apartments provide luxury and comfort in the most desirable location in town. A Ultra-luxurious Lobby, Cultural Education Center, two Libraries, Research Center, Fitness Center, Dry Cleaning Facility, Outdoor Cafeteria, Outdoor Swimming Pool, and more will ensure a fun filled and healthy lifestyle in a diverse community

Courtyard Type Design Apartment offering pleasant living enviroment with Natural lighting and Ventilation

1. Outdoor Swimming Pool in the community with acrylic fence to view the romantic lake view

2. In our exclusive Clubhouse you can exercise and enjoy a healthy lifestyle and also get to meet other prestigious members

(Lobby adorned with luxurious interior, Cultural Education Center that can hold lectures and conferences, two Libraries, Research Center with computers, Fitness center, Dry Cleaning Facility, Outdoor Cafeteria, Outdoor Swimming Pool with a breath taking lake view)

3. Provide separate roof top park for penthouse residents with clear view and personal gardening

DAEWON HOAN CAU
HOUSING DEVELOPMENT JVC., LTD

600A Dien Bien Phu Street, Ward 22, Binh Thanh District, Ho Chi Minh City, Vietnam
Tel: (84-8) 512-7056 – 512-7057
Fax: (84-8) 512-7058
Email: sales@cantavilhoancau.com

Tan Tao Sky – Office Building

27 Oct

* Total Site Area (sf.): 140,000
* % of Interest: 51.00
* FAR (%) : 41.50

Highlight:

* Located at the diamond area in HCMC
* 82 stories
* GFA : 225,000 SF.
* Development plan: mixed use including luxury highrise, office building & shopping plus 4 basements
* Designed by Morris Architects – USA
* Will be started in early 2009

The Tan Tao Sky Project is designated as a high-rise residential apartment, office and commercial complex, located in the Binh Thanh District of Ho Chi Minh City. The Binh Thanh District has been designated by the People’s Committee of Ho Chi Minh City to be the new central business district of Ho Chi Minh City by 2020. Binh Thanh District borders the existing commercial centre of District 1 to the south, District 3, Phu Nhuan District and Go Vap District to the west and Saigon River to the east.

Tan Tao Group has received approvals from the Architect – Zoning Department of Ho Chi Minh City, the People’s Committee of Binh Thanh District and the Office of the People’s Council and People’s Committee of Ho Chi Minh City on 5 May 2003, 6 April 2006 and 3 April 2008 respectively. As at the Latest Practicable Date, TanTao276 is in the process of applying for a licence for the purpose of conducting Land business activities and preparing the necessary documents to obtain a formal approval from the People’s Committee of Ho Chi Minh City and to commence the preparation of the master zoning plan. Construction on the Tan Tao Sky Project will commence in the second Quarter of 2009 and is likely to complete in 2012.

The Tan Tao Sky Project comprises a site area of approximately 1.36ha developed into a 82 level mixed use office, retail and residential development complex comprising an estimated GFA of 225,000 sq m. The Tan Tao Sky Project has been designed by renowned international architect firm, Morris Architects Group and will be a landmark development in the new central business district of Ho Chi Minh City.

French firm wins urban design award

24 Oct
The French design company Deso has beaten 77 others to win first prize in a competition to design a new urban area in Thu Thiem, Ho Chi Minh City.

The competition, launched worldwide on March 17, 2008 to find the best design for the new urban area, received 78 entries from 25 countries.

Deso’s winning design focuses on building a series of new community spaces and creating an integrated natural environment and was considered to be an extremely ambitious yet feasible design.

The second and third prizes were awarded to Switzerland’s Hager Landschaftsarchitektur AG and Hong Kong China ’s Edawin respectively.

All of the designs are on display at Ho Chi Minh City’s Museum for Public Opinions until Oct. 28.

Source: VNA

S’appuyant sur une identité affirmée des sols en terre, le projet développe de vastes espaces publics chaînés aux espaces commerciaux, et aux paysages lacustres créés.Le projet s’insère dans la trame de la future ville nouvelle dessinée par l’agence Sasaki (USA).La réalisation du projet prévue dés les années 2010 offre de nombreuses perspectives et opportunités, réalisation du parc, aménagement des quais, créations de ponts.Les grands principes de composition (barges flottantes sur le fleuve) et quais en terre cuite donnent une identité forte au nouveau quartier. Le projet est conçu comme un réservoir d’espace précieux soumis aux grands principes climatiques dans une capitale dense en pleine mutation.

National Assembly considers urban planning bill

23 Oct
Legislators yesterday criticized an urban planning bill being considered by the National Assembly.

Ho Chi Minh City legislator Tran Dong A said the legislation did not address the reality of urban planning. It did not, for example, specify whether factories and trade centers could be built in residential areas, he said.

The bill also does not set out the procedures for making urban planning plans or explain how the proposed law will fit with other laws, such as the Construction Law, the Housing Law and the Land Law, according to Tran Du Lich, deputy head of the National Assembly representative group from HCMC.

National Assembly representatives from Hanoi also protested the lack of detail in the bill.

The representatives said urban planning often depended on the heads of cities’ planning departments.

Another controversial topic at the fourth National Assembly session was the creation of the role of chief architects for major cities.

The government proposed appointing a chief architect for large cities and centers with historical and cultural significance.

The National Assembly Economic Committee agreed with the proposal, saying the chief architect’s responsibilities would include consulting and directing urban planning. This will help limit the dependence of urban planning departments, committee members said.

However, National Assembly representatives from Hanoi did not agree, saying it will make planning procedures more complicated.

The Economic Committee proposed supplementing regulations governing the participation of foreigners and foreign organizations in making urban zoning plans.

At present, nearly 30 percent of Vietnam’s 86 million – strong population live and work in 734 urban areas.

Source: Thanh Nien Daily

The caution steps

20 Oct
Many a bank has announced to make loans available for the real estate sector again after a long period of inflation-induced credit tightening. Liquidity, the availability of cash, has improved at banks, but it is still hard for real estate projects or home buyers to access bank loans.
Tumbling blocks

A drastic decline in liquidity in the second and third quarters of this year led to banks tightening credit interest rates were hiked to sky-high levels to attract public savings. Banks raised lending rates and set strict requirements for borrowers to ensure safety. With the real estate sector slowing down in line with the country’s economic woes, lender banks were even more cautious. Customers from the property sector often need medium- and long-term capital while short-term capital is the lifeblood of banks. A banker says no banks want to take risk by using short-term capital to make long-term loans.

Ly Xuan Hai, CEO of Asia Commercial Bank (ACB), a leading domestic bank in term of capital, says medium- and long-term loans have been tightened at banks, but ACB issued VND4.5 trillion worth of bonds last year to create a stable source of medium-term capital to supply medium- and long-term capital with a term of up to 10 years.

Hai says the number of people having equity of VND500-700 million and needing to buy homes worth below VND1.5 billion each is big. However, the current lending rates are prohibitively high.

According to ACB, among 100 people in need of houses, 50 do not want to borrow from banks, 30 are undecided, and the remaining 20 people really are ready to pay high lending rates in the first year to buy houses. “Of these 100 people, ACB wants to give loans to only five of them,” says Hai.

Another major lender, the State-owned Bank for Investment and Development of Vietnam (BIDV), is resuming lending to real estate sector customers but cautiously. The director of a transaction office of BIDV says his bank provides credit for clients to purchase but the requirements are strict. “Almost no people can borrow to finance home purchases due to high interest rates,” he says. Lending rates for home loans are 20%-21% a year depending on who are borrowers.

An executive of Main Transaction Office 2 of the Vietnam Bank for Industry and Trade (VietinBank) says his bank has almost stopped lending to home buyers and is checking medium- and long-term loans. The bank is targeting projects in the final stages of development, not those in the initial stage of construction, to ensure its liquidity, he says.

The executive adds that banks have a careful approach toward proposals for loans to finance real estate projects.

“In the past, banks were ready to lend when the borrower’s financial capability for repayment was rated 60%-70% of a loan. But the current figure should be up to 90%,” he said.

Concern about bad debt in real estate sector

Vietnam’s real estate market experienced a price fever from late 2007 to early this year. This was the period in which bank lending to the real estate sector was easy but lending rates were often revised up after every three, six or 12 months. Therefore, by late this year, there will be a big number of loans falling due and the payable interest rates will rise by eight to nine percentage points from late last year. It is feared that a lot of people cannot afford to pay loans due to high rates while property prices are declining sharply, by about 50% from early this year.

Borrowers may be forced to sell their properties at reduced prices to get money for loan repayment. The situation will worsen when property supply surges, causing prices to drop further.

Governor of the central bank Nguyen Van Giau said at a press conference in late September that the total outstanding real estate loans in the banking system by late September had amounted to about VND115.5 trillion, about US$7 billion, 9.15% of the total outstanding loans in the system.

The general director of a small joint stock bank in HCMC says he is worried about defaults on loans. His bank’s real estate loans account for up to one-fourth of its outstanding loans.

Source: Saigon Times