Archive | October, 2009

Vietnam: A rising star

30 Oct
Remarkable growth makes its economy one of Asia’s best performers

Vietnam’s economic growth was remarkable prior to 2008. From 2002 to 2007, it maintained respectable annual economic growth of above 7%, comparable to the growth of China and India. In 2007, the country’s gross domestic product expanded by 8.5%; the third consecutive year it surpassed the 8% growth benchmark.

However, things were not as smooth as before. In the first half of 2008, Vietnam’s economy went through a rough patch. Rampant inflation, a rapidly widening trade deficit, a sharp stock market downturn and worrying signs of a lack of confidence in the currency had raised concerns of an economic meltdown. This was followed by the global financial crisis in the second half of 2008.

Despite the rapid downturn in market sentiment in 2008, Vietnam’s economic outlook is not entirely gloomy. All thanks to Vietnamese leaders who historically have responded pragmatically when times were tough.

In the first half of 2008, the authorities unveiled measures to fight inflation. Dramatic increases in policy interest rates, increases in capital reserve requirements for banks and mandated bond purchases by banks were efforts by the State Bank of Vietnam to control spiralling inflation. Within a year, many of the economic issues plaguing Vietnam in 2008 had abated. The inflation which peaked at 28.3% year on year in August 2008 had drastically moderated to 2% in August 2009 and is no longer a pressing concern. The threat of massive depreciation of the Vietnamese dong is over. Trade deficits have also moderated from a peak of US$3.73 billion in April 2008 to US$1.25 billion in July 2009.

Vietnam appears to be weathering the global economic crisis better than many other Asian countries. In 2009, its real GDP growth is expected to be third largest in Asia – after China and India. This is in part strengthened by the government’s stimulus measures, including tax breaks and an interest-rate subsidy programme, which provided a massive boost to lending.

Vietnam’s housing market in its infancy

The Vietnamese real estate market is growing in tandem with its healthy economic progress. Lack of supply amid growing demand for quality real estate space has and will continue to drive development and price growth in the coming years.

Demand for housing is supported by healthy fundamentals that include:

Favourable demographics: With a population of over 85 million people, Vietnam is the 13th most populous nation in the world. Its population boasts a high overall literacy rate and is relatively young and well educated, all of which translate into a potentially attractive consumer market.

Rapid urbanization: With Vietnam’s large and growing population, the trend, as with all other developing countries, is one towards increasing urbanisation. According to the United Nations (UN) Population Division, while only 85 million people lived in urban areas in 2005, that figure is expected to grow to 90 million in 2010 and to over 102 million in 2020. This works out to be a growth of over one million people in the urban area every year. Rapid urbanisation generates huge demand for real estate space, providing accommodation for the growing urban population as well as to house economic activities.

Rapid urbanisation also means that cities such as Ho Chi Minh City and Hanoi, are experiencing faster population growth. With relatively higher population densities, apartments and condominiums will become an increasingly common form of residential development in these cities.

Growing affluence: In tandem with economic growth, income has also grown rapidly in the past few years. Personal disposable income rose by close to 85% from US$260 in 2002 to US$480 in 2008. According to the Economist Intelligent Unit’s forecast, income will grow by 6% each year over the next five years. In addition, it should be noted that unreported income and wealth may be substantially more than official figures.

The role of overseas remittances in driving the wealth and affluence of the Vietnamese should also not be ignored. Overseas remittances are an important source of additional income that serves to improve the living standards of the people, especially in key cities. According to the Overseas Remittance Management Department of the State Bank of Vietnam, money sent by overseas Vietnamese to their relatives via official channels amounted to US$7.2 billion in 2008. Increasingly, this money has been ploughed into real estate investments.

Property as choice investment: Property ownership is considered a sign of wealth, a form of savings and a long-term investment. With the limited number of avenues for financial investment, investment in property is considered fairly attractive when land and properties maintain a steady growth rate. Moreover, property investment will offer capital preservation.

Favourable developments in the legal and regulatory environment: Property ownership regulations were liberalised in 2001 when the Vietnamese government first allowed certain groups of overseas Vietnamese to own houses in Vietnam. The housing law was further liberalised in 2006 when more categories of overseas Vietnamese were allowed to own properties. Subsequently on September 1, 2009, the law was relaxed again. All overseas Vietnamese are now allowed to own houses, expanding the pool of potential buyers in the residential market.

In another significant development, the National Assembly passed a resolution relating to foreigners purchasing property in Vietnam. According to the resolution, with effect from January 1, 2009, foreign individuals and enterprises who meet certain criteria will be eligible to own apartments in Vietnam for a period of 70 years. This will give an upside to the property market in Hanoi and Ho Chi Minh, especially given the large number of foreign organisations and individuals residing in these cities.

Housing market performance in brief

The global economic slowdown, Vietnam’s high inflation rate and Government policy moves to curb inflation have resulted in the first down cycle in Vietnam’s modern real estate era and increased caution among investors, developers and other market participants.

The residential sector in Hanoi and Ho Chi Minh City have seen capital values fall significantly, particularly in the luxury condominium market. However, the second quarter of 2009 witnessed a turnaround in the prices of all condominium segments after four quarters of continuous decline. In the third quarter of 2009, the prices of low to high end condominiums continue to gain momentum. In Hanoi, the condominium prices went up by 8% to 11%, while prices in Ho Chi Minh increased by 1% to 3%.

Article contributed by Dr Boaz Boon and Neo Poh Har of CapitaLand’s research team
Data source: CBRE, Consensus Forecast & CapitaLand Research

Amber Court

26 Oct

As for Amber Court, with a total land area of 2,905.65 sq.m with the proposed plot ratio of 1:5.5. The proposed building plinth is about 57.9% of the development, while the landscape and circulation is about 42.1%. There are 1 block of 17 stories apartment consist of a level of communal facilities at Level 1, with a total of 325.12 sq.m net area and circulation space of 707.82 sq.m. There are 4 units of shop, management and maintenance office, common toilet, services compartment, car park and vehicle drop-off area. While motorcycle parking is on Level 2 with a gross area of 1028 sq.m. Typical Apartment is located at Level 3 to Level 16, penthouse is at Level 17. At Level 3, a private garden deck is designed serve the occupants.

The living space at each level has a total area of 803 sq.m consist of 8 units of apartment connected by the circulation space approximately 180 sq.m with corridor approximately 2 metres width, 1 passenger lifts with lobby, an emergency lift and 2 emergency staircases is provided. There are generally 3 types of design for typical apartment, and 2 types design for penthouse. The sizes are 93.88 sq.m and 106.99 sq.m, penthouse are sizes 190.70sq.m and 220.86 sq.m respectively. Each typical apartment has 3 rooms, 2 bathrooms, balcony, kitchen, yard and air-conditional compartment.

The architectural expression inspired by contemporary architecture, combines basic shapes and simple lines to create a streamlined aesthetic, bringing a sense of modern life to the building. The building façade’s neutral white colour with strong red-orange colours highlights, aims to create a touch of originality and elegance. A flexible combination of materials; such as reinforced concrete, glass, steel, aluminium, reinforced lightweight concrete fins vertically and horizontally, plaster with groove lines finished with weather shield paint. All external grooves and corner return edges on finished plaster are to be constructed with beading for consistent finish.

Floor plan

Photo gallery

For further information, please contact:

Berjaya-D2D Joint Venture Company
Office: Melody Tower, 5th floor, 422-424 Ung Van Khiem Street, Ward 25,
Binh Thanh District, Ho Chi Minh City, Vietnam
Tel: (84-8) 3512 9229 – Fax: (84-8) 3512 9228

Showroom: A6 Street (500m from Vo Thi Sau Street), Ward Thong Nhat,
Bien Hoa City, Dong Nai

Appointed Sales Agent:
Ho Chi Minh: (08) 6291 3911 – 090 878 6430
Dong Nai: (061) 655 3878 – 655 3880 – 090 878 6430

65-storey building project kicked off in Hanoi

22 Oct
The groundbreaking ceremony of the 65-storey Hanoi City Complex, took place on October 22 in Hanoi at the attendance of many high-ranking Vietnamese and Korean officials.

The $400 million, 267m high building will house department stores, a five star hotel, offices and serviced apartments. It is built on 14000sq.m of land. With 65 storeys, the building will have a total area of over 250,570sq.m. Architects believed it will be a symbol of modern Hanoi once construction is finished.

Project investor, South Korea’s LOTTE Group, is the 5th largest economic group in South Korea. Established in 1965, Lotte is running its business in many countries, and Vietnam is one of the most important markets. Lotte aims to enter the top ten economic group of Asia by 2018.

Lotte has become a familiar name in Vietnam with eight sub-companies running differing business comprising Lotteria Vietnam, Lotte Vietnam, Lotte Vietnam shopping, Lotte sea logistic, Lotte Vina International, Lotte Cinema Vietnam and Lotte E&C.

Source: VNN

InterContinental Binh Tien Beach Resort

19 Oct


Located on the Bien Dong Sea along the pristine southern coastline of Vietnam, InterContinental Binh Tien Beach Resort will become a world class premier destination resort offering a myriad of luxury accommodations and guest amenities. With 261 guest rooms, four restaurants, conference and spa facilities, the InterContinental Binh Tien Beach Resort will be the “jewel in the crown” of this exquisite Binh Tien property. The lush green mountains of Nui Chua National Park form the dramatic backdrop to the resort that overlooks a ribbon of spectacular white sand beach that stretches for kilometers along beautiful protected turquoise waters. Here, visitors will come to escape the hectic pace of every day life to enjoy the serenity and warmth of nature while experiencing world class, exclusive luxury resort services and amenities.


Lobby Lounge

Located adjacent to the hotel’s main arrival area and a perfect location for greeting guests with cool towels and beverages after their journey to Binh Tien. Comfortable and very open, this lounge will overlook the beautifully landscaped gardens of the resort. Beverages and elegant snacks will be available as guests listen to live music presentations.

Insparation Space & Pool Pavilion

Conceived as iconic structures inspired by the traditional Vietnamese shrimp baskets, these are central features of the “Club Village” with its exotic and sophisticated setting. The Inspiration Space will have magnificent 360- degree views and provide quiet areas designed for guests to retreat, relax, read and learn.

Serenity Spa

An elegant and inviting amenity featuring eight individual treatment pavilions and two couples’s treatment pavilions, designed for maximum tranquility and privacy. A complex of hydrotherapy pools will also be featured. The architecture of the Spa reminds us of the region’s heritage temple architecture such as that found at Po Klong Garai.

Conference Center

Meeting rooms and a ballroom will look out onto a lush function lawn and garden. The banquet and function space is conveniently located near the “Luxe Village” in a slightly remote location suitable for large groups of non-resident guests. The Ballroom can accommodate a banquet for 1,000 guests. Landscaped courtyards and pavilions form the basis of the architectural design.

Wedding Chapel

Situated on the beach, this pavilion is surrounded by natural beauty and is designed as the perfect setting for memorable lifetime events. A floating promenade of natural stone leads to a building with soaring lines of wood and glass that is meant to evoke inspiration and meditation. Seating approximately 50 guests, the thoughtful décor will allow for all faiths and is conceived as multi-use function space.

Guest Room

Each spacious guest room of 49 square meters features contemporary amenities and a unique layout emphasizing privacy and view. Materials are selected from sustainable sources and with beautiful timeless qualities. Luxurious bathrooms feature natural light and a soaking “tub with a view” on the exterior wall. The orientation of the individual guest room buildings is purposefully angled with respect to the beach, giving each unit a unique view towards the sea overlooking various landscape and pool features. Many ground floor units can access swimming pools directly from the outdoor terrace. Others may experience lush landscapes and cascading pools. Suites of approximately 100 square meters incorporate a separate spacious living room and outdoor dining area.

Beach Bar

An elegant and inviting amenity featuring eight individual treatment pavilions and two couples’s treatment pavilions, designed for maximum tranquility and privacy. A complex of hydrotherapy pools will also be featured. The architecture of the Spa reminds us of the region’s heritage temple architecture such as that found at Po Klong Garai.

Club Lounge

A gathering place for guests of the “Club Village,” this facility will also house the necessities to attract the more demanding international travelers. A library, lounge and meeting rooms will be supported by a cocktail bar, breakfast buffet, fitness gym, and limited office equipment. Contemporary and light pavilions connected by a common outdoor deck and bougainvillea trellis are the basis of this design.

Village Restaurant

Located on the beach in the center of the property, this resort village themed restaurant will serve three meals each day based on a culinary concept of Asian and Western cuisines. Varied types of seating will create a casual and welcoming ambiance. Large glass doors can open out to the dining terrace in good weather.

Canal & Family

More traditional, established family-oriented guests make up the population of the largest and most diverse of the villages. A quieter zone includes the Spa Village while the Reception Village leads to a more active family zone. This village within a village is home to an exciting cluster of hildren’s pools and activity zones. The traditional Vietnamese village along a ystem of canals is the reference point for the design of this resort area.

Luxe Village

The youthful set of successful executive guests find a place to both socialize and relax in an ultracontemporary setting. Central to the Luxe Village is a large “glamour pool” anchored by the resorts’ main specialty dining venue. This village is conveniently located next to the meeting and banquet facilities. Civic and religious forms would be the major architectural influences in this grander, more visible village.

For further information, please contact:

Binh Tien Tourist & Investment JSC
Add: B7 Giang Vo, No.9 Tran Huy Lieu St, Ba Dinh, Hanoi
Tel: 84.4.3823 3058 – Fax: 84.4.3845 9258

Rach Gia Commercial District

13 Oct
The site is 100 hectares located in Rach Gia, 250km south-west from Hochiminh City. The site consists entirely of reclaimed land in water adjacent mangroves. PTW’s design response is an archipelago of thress islands, which allows the free flow of sea water and its accompanying nutrients into existing and new planting of mangroves. The south-eastern island – the closest island to the city centre – is the heart of development. An axis radiating from the People’s Commitee Building links the city centre to the water’s edge. A wide variety of public land uses is present along the axis: a public promenade and a marina, shopping malls, entertainment and iconic hotels, and mixed use development.

The other two islands of the development are designated residential precincts, comprising of villas, terraces and apartment buildings with waterfront views. Parks and internal water cannals are also woven into the masterplan design. This approach provides a comfortable, unconventional and sustaintable precinct for approximately 3,500 residents.

Design Concept:

City Garden Apartments

12 Oct
A sanctuary amidst the hustle and bustle of Ho Chi Minh city with lush landscaped gardens and a stunning new community, City Garden offers the ultimate in urban living.

Boasting 926 stunning apartments across seven towers and combining progressive architecture and integrated landscaping, City Garden is destined to become a landmark project in Ho Chi Minh city.


From the gateway of City Garden, you will be greeted by a tranquil sense of arrival with a picturesque landscaped driveway leading up to the residential towers. The design integrates 17,500m2 of garden areas with the built form creating the living and social connectivity throughout the development.


Ideally positioned within 5 minutes from the City’s business center, cafes, restaurants and fashion retailers, City Garden is nestled away from the bustle of the city, whilst offering the excitement of the inner-city lifestyle.

Living options

City Garden living options comprises of spacious one bedroom apartments that are perfect for the progressive professionals, whilst the two & three bedroom apartments are ideal for young and growing families.

For those who appreciate the finer things in life, the exclusive duplex penthouse apartment is the pinnacle of living.

Each stunning apartment is designed with open plan living spaces and embraces a unique blend of functionality and style that is distinctive to City Garden.


Designed by award winning Australian Architects PTW, the contemporary ‘wave’ towers are a striking visual identity of City Garden – unique and timeless yet Vietnamese in character. The design achieves

good passive solar orientation, maximizing views, sun shading and integration of landscaping.

Finishes and details

City Garden interior are a combination of contemporary modern colour palettes and simple functional layouts that reflect an extension of the building’s distinctive exterior architecture.

Exploring the interplay between light, texture, and tone – the interiors were meticulously selected to complement your personalized home decoration.

Living with nature

As the name suggests, City Garden uniquely dedicates 70% of the 2.3 hectare property to architecturally designed green space.

The luxuriant presence of green, the harmony of flowers and water features welcome you home – there is no other address in the city that can boast such abundance of active and passive green space for residents and friends to appreciate.

Belt Collins, international landscape architects, uses tropical plants to create the scenic beauty and character that integrates harmoniously with the residential towers – a modern oasis so close to the city.

Lifestyle conveniences

In the modern world we live busier lifestyles, we are time poor, so we make the most of our time – we desire the conveniences of life.

Ideally positioned within 5 minutes from the City’s business center, cafes, restaurants and fashion retailers, City Garden is nestled away from the bustle of the city, whilst offering the excitement of the inner-city lifestyle.

And best of all, traveling to and from City Garden is not prone to traffic jams or flooding.

Community living

City Garden is the first inner-city gated community providing you and your family a safe and secure living environment.

City Garden creates the ideal social environment to meet your neighbours, make new friends, whilst your kids play with other children in the open-air playgrounds.

The resident’s clubhouse comes complete with health and relaxation facilities: swimming pool, gymnasium, spa, multipurpose courts and function rooms.

Whether you want to unwind, exercise, enjoy a picnic or bbq, or take the kids for a swing- It’s all at your doorstep.

Designed for you

Every detail, every touch point has been designed with the customer at the forefront, to ensure that the experience at City Garden is not only enjoyable but also memorable.

Our Customer focus philosophy begins with you and how we can achieve your requirements. We ensure that you get the home that is right for you and the process is seamless and enjoyable – that is our promise.

Arpartment types (right-click and save as to your computer)

Type: 1.Soho — 2.Cosmopolitan — 3.Metropolitan — 4.The Pavillion

Investment appreciation

There are places to invest and places to live. City Garden appeals to both.

An apartment at city garden ticks all the criteria of a good investment including; location, unique quality development, facilities and amenities.

With Ho Chi Minh city’s market environment of:
• High demand and low supply of quality inner-city living options
• High rental returns for inner-city homes
• Increasing population
City garden apartments will sure be a sound investment.

For further information, please contact:

Refico Real Estate Group
59 Ngo Tat To street, Ward 21, Binh Thanh District,
Ho Chi Minh City, Vietnam
Tel: 84.8.3514 6888 – Fax: 84.8.3514 6999

Hung Phu Residence Can Tho

8 Oct
Hung Phu Residence, South Can Tho River, at the lot 49th, Hung Phu Ward, Hung Thanh, Can Tho City, located in Can Tho City master plan in 2010 was approved by the Prime Minister.

The whole area: 43.44ha.

Land area is located convenient to urban transportation and artery transportation, to meet the requirements to develop a new urban area.

Phu Hung new urban development also created scenery for the South Can Tho River, increase attractiveness for all architectural areas and Can Tho City, is one of the places thrive on tourism.

Facilities and services

Absolute security: Professional management and security team who work 24/24 and always ready to solve problems immediately.

Pure living environment: The rate of 44% for plant and internal traffic in combination with many facilities as park, sport center, kindergarten, cultural house and so far, this place will establish a green urban with new modern and civilized living style.

Urban landscape: Rows of high-floor building, which are designed modernly like hotel, supermarket, mall, office for lease and etc., are along the main street leading to the center, furthermore, in combination with natural green space and public facilities, they will give prosperous and beauty for whole area.

Other information

Complete planning of the project including villa area, townhouse, supermarket, hotel, apartment, office for lease, market, school, hospital, sport center, park, play-ground for children and etc.

– Electricity system for whole area is underground and lead to each house.
– Telephone and TV cable serve the area.
– Peripheral lighting system is along the street.
– Camera and traffic light are available at main crossroad.
– Street and water system are constructed completely following standards of new urban.

For further information please contact:

Eden Real Estate Company
4A – 4B Le Loi Street, District 1, Ho Chi Minh City – Vietnam
Tel: 84.8.3822 7447 – Fax: 84.8.3822 7877
Email: – Website:

The Summit Danang

7 Oct
Meridian Property is proud to bring a first-rate residential development, The Summit, to Danang. When we started with this project, we set out to achieve three main goals: to provide unsurpassed quality of living for its residents, to develop on the best that Danang has to offer and lastly, to offer great value for the buyer in terms of long-term ownership and investment. We have taken great effort to work closely with our architect and professional consultants to create something unique, which is catered specifically to living in Danang.


Strategically located within the heart of Danang, The Summit is close to all key amenities, such as the commercial hub, markets, shops, schools and a host of recreational facilities. Minutes away from town, yet low in traffic offering peace and tranquility.


An exquisite yet calming retreat from the hustle and bustle of the everyday world – offering you few distractions and providing affordable luxuries.

By pulling together function, mood and harmony, yours is a personal space where you can take it easy… Without feeling that you have to give up excitement and drama to do so.


Designed by an award-winning architectural firm, The Summit features lust greenery combined with moderm facilities. Within its well-planned spaces is all the amenities to complement your lifestyle.

For your leisure, relaxation and entertaiment:

– Beautifully landscaped grounds with water features, barbercue corner and playground.
– 25m-lap swimming pool and children’s pool
– Pool deck /sun deck
– Fully equipped gymnasium and game room
– Convered carpark
– Fully wired up connectivity for cable television, telephone and internet
– Child safely design
– 24-hour security
– exclusive concierge service for all residents
– Shopping and commercial area


For further information, please contact:

Meridian Property

Vietnam Office: 6th Floor, 73 Tran Duy Hung Street, Hanoi.
Tel: 84.4.3556 3505 – Fax: 84.4.3556 3506

Singapore Office: 150 Cecil Street, #10-06 Singapore 069543
Tel: 65.6226 2822 – Fax: 65.6223 9131

Lighthouse Nha Trang Complex

5 Oct
Khanh Hoa provincial People’s Committee on October 10 licensed the Lighthouse Complex Tower Nha Trang project invested by Hai Dang Investment Joint Stock Co. that was formed by six large sized shareholders namely PetroVietnam, Saigon Co.op, Hoa Binh Real Estate Construction and Trading Joint Stock Co., PetroVietnam Finance Joint – Stock Corp, PetroVietnam Finance Consulting and Investment Joint Stock Co.-HCM City branch, and Dai Hai Investment Joint Stock Co.

As designed by Singapore’s Laud Architest with the coordination of 12 domestic and international design consultants, the project covers over 6,500 sqm in Le Thanh Ton St.

The project comprises of two 36-storey towers, 150 metres high, hotels, trade centres, high class relaxing area, offices and apartments for lease.

In details, the complex has a total construction area of 125,000 sqm, 400 apartments, and 250 five star hotel rooms, 10,000 sqm of offices Grade A and 15,000 sqm of trade centres, culture and relaxing area.

Ascott bags Vietnam management contract

5 Oct
CAPITALAND’S serviced residence arm has clinched a management contract for a property in the coastal city of Hai Phong.

The Somerset Central TD, Hai Phong, will open in the second half of next year and offer 132 units ranging from studio to three-bedroom apartments, The Ascott Group said yesterday.

This will be the seventh property in Ascott’s portfolio in the country and will boost its inventory in Vietnam to 1,182 units.

The latest management contract is from Thuy Duong Investment Joint Stock Company, a property company with developments across Vietnam’s major cities.

The property is part of the landmark TD Plaza, a mixed use development at Le Hong Phong Road that comprises a five-storey mall, which is already operating; an office block; and two towers of residential apartments and serviced residences.

‘The new Somerset property will be the first international branded serviced residence and the largest serviced apartment in Hai Phong,’ Ascott said.

The latest property will cement Ascott’s position as the largest international serviced residence operator in Vietnam.

Ascott CEO Lim Ming Yan, said: ‘Vietnam has significant potential for Ascott to grow its presence. Our five properties in Hanoi and Ho Chi Minh City are performing well with an average occupancy of about 90 per cent.

‘We expect strong demand from the influx of expatriates to Hai Phong as the city further urbanises. The local government has plans for new industrial parks in Hai Phong which will spur economic growth. Vietnam and Singapore will also develop a 1,600-hectare integrated township and industrial park there,’ he added.

Ascott currently manages five serviced residence properties in Hanoi and Ho Chi Minh City totalling 818 units. Another property with 232 units will open in Ho Chi Minh City in the second half of 2011.

Source: The Business Times