Archive | August, 2009

Binh Duong woos real estate projects

26 Aug
Thanks to the booming foreign direct investment projects in local area, following a sharp increase in the amount of employees rushing to work in industrial zones, Binh Duong province has become an attractive destination for a lot of investors in the real estate sector.

Le Viet Dung, vice director of Binh Duong province department of planning and investment said the number of real estate investment projects in the local area has sharply increased with the appearance of many large, potential foreign investor with strong financial capacity.

Recently, a joint venture between Taiwan’s investors has just received investment licence for the project of a new urban area in Thu Dau Mot Town with total investment capital of $1.7 billion.

Dung added that the quick industrial development process with various foreign invested projects had created large demands for housing, apartment and trade centre in the province.

At the beginning of this year, Becamex IDC Co officially began the project of Becamex City Centre in Thu Dau Mot Town with the purpose of meeting the demands for living conditions for the local people there. This project includes buildings of offices for lease, housing areas, hotels, shipping centres and recreation areas. It’s expected that after being put into operation, Becamex City Centre will provide accommodation for nearly 4,000 people and working place for 20,000 people.

In addition to the two mentioned above projects, there are other projects in the middle of being built now in Binh Duong province. The EcoLake project was set up between SP Setia (Malaysia) and Becamex IDC Corp with total investment capital of $800 million and to be built on a site of over 200 hectares, which is considered the largest urban area project in Binh Duong province.

Guoco Land Vietnam Co, a member company of Guoco Land Limited Group (Singapore) is carrying out the project of The Canary Urban Area project in Vietnam-Singapore Industrial Park (VSIP) now. Meanwhile, Vietnam-Singapore industrial and urban area development Joint Stock Co is in the middle of constructing a new urban area in the local area on a site of over 1,000 hectares.

Khoo tech Chong, SetiaBecamex’s general director remarked that Binh Duong province will become an attractive destination for real estate investors in the near future. He added that HCM City was expanding and the city’s downtown area has become more and more crowded, while there were a lot of people working in Binh Duong province that had demands for a convenient living place near their working areas.

In fact, there has been an increase in real estate projects in Binh Duong province. Most of the apartment buildings and villas, which have been put into operation, have been sold out. For example, 99 percent of the apartments in OASIS project located in Vietnam-Singapore Industrial Park conducted by North Saigon International Joint Stock Co as the main investor have already been purchased by the specialists or staffs who are working in the factories in the industrial zone. At present, North Saigon International JSC is carrying out the second phase of the OASIS project.

Khoo Tech Chong remarked that in the next years when the traffic conditions are improved, the distance between HCM City and Binh Duong province will be shortened; the urban area projects in Binh Duong province will get more and more attractive for the real estate investors.

Source: VIR

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Ministry rushes to map out land allocation for 2010

26 Aug
The Ministry of Natural Resources and Environment is rushing to finish inspecting the efficiency of land use and to map out land allocation for next year for submission to the Government this month.

The project will be the foundation of the land law and the premise for positioning the general zoning map and land allocation for 2011-2020 aiming to protect rice growing areas and forests to guarantee food security and Vị trí đặt quảng cáoenvironmental protection, which will contribute to the country’s socioeconomic development.

One of the main objectives of the project is to examine the use, allocation, leasing and revocation of land.

Another objective is to unify land area statistics throughout the country. Disputes in land demarcation will be tackled after this year.

The project will be followed by land use declaration by individuals and organizations that will help determine certified land areas.

The project comes at a time when the Government is asking for stricter state management to secure farmland nationwide.

In a recent meeting with the ministries of agriculture-rural development, natural resources-environment and planning-investment and the Office of the Government, Deputy Prime Minister Nguyen Sinh Hung emphasized the important role of a general zoning map for rice growing areas from now to 2020 with a vision to 2030, according to the Government’s website.

According to a report from the Ministry of Agriculture and Rural Development, Vietnam’s rice growing area was 7.4 million hectares last year and had an annual growth rate of 0.7%.

However, industrialization and modernization have reduced arable land for infrastructure establishment and urbanization, according to the ministry.

The ministry is mapping rice-growing areas for better management of cultivation land and for more effective land use.

The Deputy PM urged the ministries to launch overall checkups on current land use conditions to ensure that no non-agro projects are licensed to use rice growing land.

Source: VNA

HCMC to become metropolis by 2020: draft report

26 Aug
Ho Chi Minh City is expected to become a 10-million-population metropolis with satellite urban areas by 2020, according to a draft report on the city’s urban development recently sent to local authorities.

The draft, made by HCMC Department of Construction, said the satellite areas will be developed in four different directions towards the adjacent provinces of Binh Duong, Dong Nai, and Tay Ninh.

However, the draft to be submitted to the central government after being approved by HCMC People’s Committee pointed out challenges to development like slow projects, infrastructure shortage, and zoning inadequacies.

Nguyen Minh Hoa, head of the Urban Study Department under HCMC University of Social Sciences and Humanities, said it’s necessary for the city to generally expand, but a decision is needed on which direction should be given priority.

The construction department also estimated that the city is in need of some 100,000 hectares of construction land for projects like public works and transportation by 2020.

The city aims to provide an average 80-100 square meters of land per capita, including 55-65 square meters of public space, according to the draft.

It is expected that the southern city will have around 1.7 million houses by 2010 with an average 14 square meters housing area per capita.


As of April, residents had an average housing area of 13.4 square meters, according to statistics.

The new satelite urban areas should be designed so that people don’t have far to travel to their jobs to lessen traffic jams, Deputy of the Institute of Urban Research and Infrastructure Development, Nguyen Dang Son, said.

Hoa said city traffic congestion could be blamed on the high number of projects being approved in the city.

The latest statistics showed that 63 out of 130 housing projects recently approved by the construction department are in the central urban area.

Source: Thanhnien News

Pelli Clarke Pelli Architects to design Vietcombank Tower

26 Aug
Pelli Clarke Pelli Architects has been selected to design the Ho Chi Minh City headquarters of Vietcombank. The client is Vietcombank-Bonday-Benthanh Joint Venture Company Limited.

Vietcombank, also known as the Bank for Foreign Trade of Vietnam, is the flagship bank of Vietnam. The new tower will herald Vietcombank’s major presence in the country’s fastest growing city and largest commercial center. In addition to the branch headquarters, the 35-story Grade A building will contain multi-tenant offices, ancillary facilities, retail, restaurants, and parking.

The project will be the first in Vietnam for Pelli Clarke Pelli Architects.

“Pelli Clarke Pelli is honored to have been chosen for this very important and highly visible project,” said Fred Clarke, FAIA, Senior Principal of Pelli Clarke Pelli Architects. “The site is one of the most prominent in Ho Chi Minh City, with views to the Saigon River and overlooking an important city square. The Vietcombank and its development partners are among the most respected companies in Vietnam and the Ho Chi Minh City headquarters will be a building that represents stability, vision and progress.”

The new tower will face Me Linh Square, one of downtown Ho Chi Minh City’s prime locations. Located on the west bank of the Saigon River, the Square is a focal point of the city’s Beaux-Arts plan, marking the convergence of several important thoroughfares. Vietcombank Tower will be the tallest building on the square, visible on all sides from across the city.

At street level, the new tower will welcome the public with a generous retail component, including a branch of Vietcombank. The new bank will be designed in the tradition of great urban banks around the world — as a civic space that celebrates its country’s growing economic status. The tower will use elegant forms and timeless materials to express the bank’s and the nation’s aspirations.

As a symbol of the growth and development of both Ho Chi Minh City and Vietcombank, the project is of great importance to both Vietcombank and the Joint Venture. The client intends the building to be responsive to its surroundings and a spectacular presence in Ho Chi Minh City.

Construction is tentatively scheduled to begin in 2010 and end in 2012. The preliminary construction cost is estimated at $67 million.

About Vietcombank-Bonday-Benthanh Joint Venture Company Limited

Vietcombank-Bonday-Benthanh Joint Venture Company Limited was formed by Vietcombank, the flagship bank of Vietnam; Bonday Investments Limited, a Hong Kong-based real estate company; and Benthanh Tourist Service Company, a leading tourism and travel services business.

About Pelli Clarke Pelli Architects

Founded in 1977 by Cesar Pelli and Fred Clarke, Pelli Clarke Pelli Architects has designed some of the world’s most recognizable buildings, including the World Financial Center in New York, the Petronas Towers in Kuala Lumpur, and the International Finance Centre in Hong Kong. The firm’s broad portfolio includes academic buildings, libraries, performing art centers, museums, research centers, residences, and master plans. The work of Pelli Clarke Pelli Architects reflects the belief that a firm must not be constrained by a signature style, but that great design arises from collaboration with clients and a respect for each project’s environmental, economic, and social contexts. The firm has been honored with critical acclaim and hundreds of design awards.

The firm has designed headquarters for financial institutions around the world including Citigroup (London), BankBoston (Buenos Aires), Wachovia (Winston-Salem, N.C.), Bank of America (Charlotte, N.C.), Lehman Brothers (London), and Wells Fargo (Minneapolis, Minn.).

Source: Pelli Clarke Pelli Architects

Real estate sales in Hai Phong pick up

23 Aug
The real estate market in the northern port city of Hai Phong is recovering, with strong recent growth in both transaction volume and value since a slump in the early months of the year, said Hai Phong Real Estate Association vice chairman Luu Thanh Tang.


In the two most recent months, the number of property transactions in the city increased by 200 per cent while prices have risen, on average, by 10-20 per cent compared with earlier this year.

Some projects, Tang said, had seen even stronger price increases. Prices for units in the Ho Sen-Cau Rao 2 development project had stood at about VND10 million (US$550) per square metre at the beginning of the year but were now up to VND30 million ($1,600). And, in contrast to other major cities, Tang said, the recovery in Hai Phong was based on real demand for housing. Demand was higher, he noted, for both new and older homes, as well as townhouses and apartments in new urban areas.

The strong sales across-the-board suggested many people were enjoying higher incomes and looking to improve their living standards, he said.

Nor was the recovery limited only to the housing sector, Tang said, noting increasing number of office and hotel office projects.

Thuy Duong Joint Stock Co has just commenced construction on an office and luxury apartment project in the city’s Ngo Quyen District, and the Hai Phong Construction Trade Joint Stock Co had a building underway on Hoang Van Thu Street.

Land prices were also up, with land in the Sao Do new urban area rising so far this year from around VND12 million ($660) per square metre to VND17 million ($940).

Source: VNA

Ocean Vista

21 Aug
Ocean Vista apartment project in the Sea Links Golf – Hotel – Villa complex in Phan Thiet City, central province of Binh Thuan, will start construction this September.

As designed, this 8 hectare project includes six blocks with 557 apartments of 80-250 square meters, a meeting hall, shops, bars, restaurants, tennis courts and swimming pools…

Ocean Vista project is part of the 170 hectare Sea Links Complex, consisting of 300 villas, an 18-hole golf course and a 200-room five star hotel.

The project is expected to completed by September 2011.






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Mercure Hanoi La Gare

21 Aug
Hotel operator Accor announced Monday that the Mercure brand would debut in Vietnam with two new hotel openings in Hanoi and Hue next month.


The four-star Mercure Hanoi La Gare will open September 1 in the capital city.

Located opposite Hanoi Central Railway Station, Mercure Hanoi La Gare is an inviting oasis in the heart of the bustling city centre. Situated close to the Old Quarter, commercial precinct and ICE Exhibition Center, this Hanoi hotel features modern designand facilities, plus 102 spacious rooms, a French brasserie, internal courtyard and gym. Ideal for business and leisure guests, Mercure Hanoi La Gare offers easy access to Hanoi attractions including the Temple of Literature and Hoan Kiem Lake.




Accor is the largest international hotel operator in Vietnam, operating 11 hotels in the country under the Sofitel, Grand Mercure, Novotel hotel brands.