Archive | December, 2008

10 outstanding events of real estate market in 2008

30 Dec
Vietnam Real Estate – The sharp falls of the real estate market, for the first time in many years, prove to be the most prominent event.

1. Real estate prices decrease dramatically

This was the first time in many years that the real estate market witnessed sharp falls in prices.

The sharpest price falls occurred with housing prices, especially high-grade houses, with 20-40% decreases.

The price falls were anticipated by experts, who said that the price decreases would come after an overly hot development period. The main reason behind the sharp price falls was the government’s policy on tightening real estate credit aiming to curb inflation.

2. FDI in real estate saw record high

The Ministry of Planning and Investment (MPI) has estimated that to date, the foreign direct investment (FDI) capital in real estate has exceeded the total registered FDI of 2007, or more than $20.3bil.

While economists have warned about bad consequences of the overly high foreign investment in real estate, MPI’s Foreign Investment Agency has said this is not a concern.

3. Hanoi has been expanded

On May 29, the National Assembly officially ratified the resolution on expanding the capital Hanoi. The information was heard by investors. For the past year they have been pocketing money from trading land plots Hanoi was expanded to.

The prices of the land plots in the areas increased dramatically in the days before the areas belonged to Hanoi.

4. MoNRE gets right to define land prices

On December 1, 2008, the Prime Minister signed a decision on assigning the Ministry of Natural Resources and the Environment, instead of the Ministry of Finance, to define land prices.

5. Investment in golf courses boomed

In the decade prior to this year, the country licenced 13 golf course projects. Meanwhile, 144 projects were licenced just within a half of this year. Experts have attributed the boom of golf course projects to the profit they can bring.

Some local authorities have stopped licencing golf projects, which has made the investment wave cool down. However, this does not mean that the movement will stop, as this remains a profitable investment channel.

6. Rushing to open real estate trading floors

Despite the gloomy real estate market, investors have still rushed to open real estate trading floors.

However, according to the Ministry of Construction, while the number of trading floors has increased rapidly, the quality of the floors remains low. The ministry plans to set requirements on the floors in order to ensure the transparency of the market.

7. Real estate shares not favoured

The plan by real estate firms to obtain high profit set earlier this year has completely failed. This has led to the sharp falls of real estate shares.

In 2007, real estate firms’ shares were priced at VND100-200,000/share, while the price has dropped to VND20-30,000/share this year.

8. The movement of selling houses on paper

The movement is considered both the cause and the consequence of the real estate bubble.

The Vista, Blue Diamond, Sky Garden III and The Adonis in HCM City, Landmark Tower by Keangnam Group in Hanoi have been cited as typical examples of the movement. As for Landmark Tower project, while the foundation of the project was still being constructed, the investor signed contracts on selling 918 apartments, collecting $28mil.

9. The odd bet

The story began on November 13, when a group of veterans, architects sent a letter to Keangnam group, betting the group VND100bil that it wouldn’t fulfill the project on schedule.

In reply, Keangnam group affirmed that it would certainly fulfill the project on the occasion of the 1,000th anniversary of Thang Long-Hanoi, and accepted the bet.

However, for many reasons, the betting fell into oblivion.

10. Consultants were threatened with lawsuits

Some real estate developers in HCM City said that the information about real estate prices released by CBRE and Vinaland were incorrect.

Some of the developers have threatened to take legal proceedings against the consultants who said that high-grade apartment prices had dropped 52% by the end of November. However, the information has been proved incorrect.

(Source: VNE)

Ngoc Lan Apartment Project

30 Dec
Ngoc Lan apartment building located in the residential Phu Thuan wards , district 7, one area fast rate of urbanization and development, beautiful, sustainable, the city’s, are designed in accordance with the modern standards, to meet the housing needs for all categories of customers.


* Phu Thuan Ward, District 7, Ho Chi Minh City
* Far away from Phu My Hung 02 km to city center, 10 minutes away by motorcycle.


* The project was built on the land area: 5442.8 m2. Of which:
– Area of construction: 2,167 m2.
– Area yard – green: 3275.8 m2.

* Scale projects including 02 block, each block 18 storeys high. Of which:
– Floor 1 st is designed as the commercial center.
– From floor 4th-18th layout as the 275 apartments measuring from 53 to 205 square meters.


* Transport
* Nearby school level 1,2,3, RMIT university, …
* Nearby hospitals District 7, hospitals French – Vietnamese.
* Enjoy the modern gadgets from the urban neighborhoods as Phu My Hung,new urban area, Phu My Residence (Van Phat Hung), the Tan Truong villas – Vstar Apartments.

Estimated started 28/12/2008 and completed in the quarter III by 2011.

Total investment: US$29 millions.

Investor: Electricity of Vietnam (EVN) and Saigon-Vientiane Import Export Company (Savimex).

New project render in Saigon

30 Dec

Protade Hacota Commercial Center

Saigon M&C Tower

Construction update – December 2008

30 Dec

StarHill luxury apartments

29 Dec
StarHill luxury apartments project will be planned to launch in 2009.

Investor: Phu My Hung Corporation.

BMC Ben Chuong Duong Apartment

22 Dec

The building is located at 258 Ben Chuong Duong Street, Co Giang W., Dist. 1, adjacent to East-West Avenue and primary project area of the city.

Tenants in the building can walk to Sep 23 Park, Ben Thanh Market and just few minutes to Cho Lon Area, Saigon South and surrounding areas.

The building is a block of apartments with 22 storeys and total area of 18,499.2sq.m on a 1,824sq.m land. The building also has 2 basements for parking.

Ground floor with area of 828sq.m is for supermarket, reception, lounge lobby and medical center, etc. Mezzanine with area of 450sq.m is for games room, fast food shops and shopping center. 1st floor is available with internet cafeteria, community space, washing service and gyms, etc.

2nd and 3rd floors are office for lease, area from 80.3 to 98.8sq.m/office. From 4th to 7th floor, there are 8 apartments each floor; 7 apartments a floor from 8th to 19th floor and upper floor with area of 676sq.m are for 4 penthouses.

Apartments with 9 types A1-A9 have area from 80.5 to 198.5sq.m arranged logically and suitable with Asian geomancy. Each apartment has 3 bedrooms with area from 9 to 18.2sq.m, 2-3 bedrooms, drying yard, balcony and living room access to dining room creating airy spacious space. And penthouse also has family room with area from 10.2 to 12sq.m and garden with area from 16.6 to 19.2sq.m.

All rooms area are contacted directly to outside space to get pure air and create closed feeling to the nature. Equipments inside apartments are enameled tile of Dong Tam, doors of Hoa Binh, wooden floor of Picenza, sanitation equipments of Inax and American Standard, etc. Apartments are equipped absolutely with air-conditioner, cupboard and smoke-consumer.

BMC has the front side in direction of Southeast with river flow by; so that in geomantic concepts, this is a favourable position. The building is designed follow ACI Code 318-2002 construction standard of American and can against shaking with 7.2 richter scale.

Main resources of electricity and water as well as standby equipments are available. Automatic fire alarm and prevention system are linked to fire office of the city. Security is attended particularly and available 24/24.

In each apartment, systems of alarm bell with camera and phone are set up at each room. Management is in charge by a foreign company.

For further information, please contact:

Construction material & Trading (BMC)
108 – 110 Nguyen Trai Street, Ben Thanh Ward, District 1, HCMC
Tel : (84-8) 3832 2322 – 3839 8642 – 3839 8643 – 3835 5648 – Fax : (84-8) 3839 8644
Email : – Website :

The Montana apartment building gets off ground

22 Dec
Ngan Thanh Joint Stock Co. last Saturday started work on The Montana luxurious condo project at 360 Thoai Ngoc Hau Street in Phu Thanh Ward in HCMC’s Tan Phu District.

The Montana is invested by local construction investment joint stock company Lilama SHB and managed by Eden Real Estate Co. The 16-storey project, with total invested capital of nearly VND200 billion, will have total floor space of over 15,000 square meters.

Its 88 flats and a penthouse are designed in a modern style and varied in size to meet different demands. Besides, public zone and green coverage accounts for up to 65% of the whole project site..

The project includes odier facilities like a kindergarten, a bookstore, spa and beauty salons, a sports center, and a swimming pool. Condos are priced at VND16.5 – 19 million per square meter and will be delivered to customers in 2010’s May.

Source: The Saigon Times