Archive | January, 2010

The Platinum Plaza

29 Jan

Strategic Location

The Project is located at Zone 11A, Binh Hung Commune, Binh Chanh District, New Southern Urban Area of HCMC. It is flanked by the Provincial Road No. 50 which runs in a north-south direction across HCMC and fronts the busy 10-lane Nguyen Van Linh Parkway (also known as the East-West Highway), which leads to the nearby modern township of Phu My Hung and District 1, the central business district of HCMC. Further, it is conveniently connected to the Chinatown area of District 5 located about 4 km away.

The Project site is easily accessible via the existing network of roads and highways. The Nguyen Van Linh Parkway will in the near future connect the Project site to the new Long Thanh International Airport located 40 km east of the site.

Westwards, Nguyen Van Linh Parkway intersects the National Highway No. 1A which provides a convenient connection to the Mekong Delta in the south and the existing Tan Son Nhat International Airport 30 km to the north.

The City has allocated two (2) metro stations to serve the Project and their construction in the near future will further enhance the accessibility and connectivity of the Project site.

Due to its strategic location, the Project is expected to act as the catalyst for the rapid growth planned for the southern part of HCMC which has been identified to be the new administrative, cultural and commercial hub of the City.

Components of the Project

The Project is an integrated development providing retail and wholesome family entertainment amenities and is proposed to be carried out in 3 phases over a period of 4 years after the completion of land compensation and clearance. The Project will comprise a basement car park and a 3-storey elevated car park, a retail and entertainment centre, a multi-purpose hall, a 4-star hotel, a block of SOHO (small office home office) and two (2) blocks of office towers of 22 storeys each. The total gross floor area is approximately 671,960 sq. metres (approximately 7.2 million sq. ft.).

For further information, please contact:

WCT Engineering Berhad Group
B2-17, Ha Huy Tap, Nam Thien 2, Phu My Hung, District 7
Ho Chi Minh City, Vietnam
Tel: 84.8.5412 2474 – 5412 2475 – Fax: 84.8.5412 2473
E-Mail: enquiries@wct.com.my – Web: http://www.wct.com.my
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Tax on real estate transfers

28 Jan
Tax on real estate transfers

Ministry of Finance Circular No 02/2010/TT-BTC, issued on January 11 and taking effect on February 25, subjects capital gains from real estate transfers to a tax rate of 25 per cent.

It also provides that the price stated in the transfer contract and in the tax declaration shall not be less than the value of the property as determined by the provincial People’s Committee or the value used for determining the registration fee set by the provincial People’s Committee at the effective date of the transfer contract.

The taxpayer must submit documentation proving the purchase price and related deductible expenses. In absence of such documentation, a tax rate of 2 per cent of the transfer price will be applied. If the declared transfer price is less than the price regulated by provincial People’s Committee, a rate of 2 per cent of regulated price will be applied.

Securities market disclosure requirements

The Ministry of Finance issued Circular No. 09/2010/TT-BTC on January 15, on securities market disclosure requirements.

Under the circular, public companies and other organisations making a public offer of securities, as well as listing organisations, transaction registration organisations, brokerages, fund management companies, and the stock exchanges and their affiliates are subjects to disclosure requirements.

In addition to requirements on reporting to the State Securities Commission, these entities are required to set up their own websites to upload information on shareholder relations which contain company charter, internal management regulations, annual reports, periodic financial reports, and information related to shareholders meetings.

The circular also requires an explanation whenever a listing organisation’s shares reach their ceiling or floor price for 10 consecutive trading sessions (up from five sessions, under previous regulations), or for five consecutive trading sessions contrary to the overall market trend.

The new regulation replaces Circular No 38/2007/TT-BTC of April 2007 and takes effect on March 2, 2010.

by Lawyers of Bizconsult Law Firm

Source: Viet Nam News

Starlight Bridge

24 Jan
Designed by Gao Ge Company (China) and built by Sino- Pacific, Starlight Bridge, 170m long, 8.3m wide, developed by Phu My Hung Corporation across Thay Tieu arroyo links Canal District and The Crescent. With nearly capital investment of VND 50 billions, it has been the most modern and most beautiful pedestrian bridge in Vietnam.


Harmonizing surrounding environment, Starlight bridge which meets both communication and sight requirement brings visitors a feeling of carefree and happiness when wandering this bridge.

With a system of LEDs lights on the bridge surface, illuminated waterfalls, Starlight Bridge is like an outstanding light line connecting Canal District and the Crescent in the night. When walking on the bridge, visitors feel like they are wandering in the galaxy.

Besides Starlight pedestrian bridge, Cau Tieu 2 bridge for vehicle has being built. Both are estimated to complete on 24/02/2010.




Investor: Phu My Hung Corporation

Kenton Residences: Harmonious Living Environment

24 Jan
On January 24, Tai Nguyen Construction – Production – Trading Company held a ceremony to officially announce Kenton Residences project located at 116A Nguyen Huu Tho Street, Phuoc Kien, about 5 km south to Ho Chi Minh City Centre. Kenton Residences project drew special attentions of property investors and homebuyers.


The project is situated in a favourable position, just on the front of Nguyen Huu Tho Street and in proximity of high-end Phu My Hung Urban Zone, FV Hospital, RMIT University, luxury apartments and villas range. Roads leading from the downtown of Ho Chi Minh City to the project location are quite broad, making Kenton Residences the home for people seeking a place to escape the cramped life and traffic congestions in the city.

Kenton Residences, located on a campus of 90,500 square metres by the side of the Rach Dia River, is divided into three sections (Plaza, Sky Villa and Residence) with nine buildings and 1,640 apartments in addition to shopping centres and luxury entertainment centres. Particularly, Kenton Residences is designed as an oasis in the heart of the city, surrounded by a system of trees and lakes that create the harmony of humans and living environment. This will be a community destination constituted by three factors: People, place and ecology. The world of utilities in the project is formed by a relatively large land fund for creating a site for community activities of the residents during public holidays.

“Owners of Kenton Residences are entitled to use this area from the date of signing apartment purchase contracts,” said Vu Anh Tam, the project investor, said. Additionally, Kenton Residences has a hanging garden on the lake island where residents can relax, read books or do physical exercises. The project investor has applied smart card system in parking lots – a method described as the most advanced in developed countries in the region like Japan and South Korea. The buildings are protected 24 hours a day and all public areas are installed with surveillance cameras. Each floor of the buildings has two-way emergency exits. Doors of all apartments are fireproof.

The project is a product of spirit of a senior architect and lecturer, Vu Anh Tam – President and CEO of Tai Nguyen Production, Production and Trading Company. The work is built by reliable constructors in Vietnam like Hoa Binh Construction Company and CotecCons. According to Mr Chew Yen Keen, Project Manager, the construction of Kenton Residences is in right progress and has completed 50 %. As many as 100 first apartments in Block I-2, Plaza section are offered for sales in the first round and 64 of them were registered buy homebuyers.

“Characteristically surrounded by rivers, it is not a wise decision if we do not take advantage of this to create an urban zone with residential clusters which are located by the side of the river, making them look like a grape bunch,” said Mr Tam. His idea is also the concern of many planners for the development of a seaward economy.

Reported by Phan Thanh/ VCCI News

MOF proposes three solutions for tax on houses

21 Jan
The Ministry of Finance still has not decided whether to tax houses or let them be exempt.


As a result, it is collecting public opinion for the Housing Tax Bill before submitting it to the Government.

Following previous times when they have put the housing tax plan on the table at National Assembly’s meetings and failed to get support from National Assembly deputies, the Ministry of Finance is making amendments to the bill to make it more palatable.

Whether to tax houses has still been left open. However, the ministry has suggested has spelled out three different options.

In Option 1, the tax people have to pay will be calculated based on the taxable areas of houses. The area to be the threshold for taxation is 200 square meters.

The taxable areas of houses are the total areas of houses or apartments, including the areas of balcony and supplementary items. In cases where individuals own many houses, the taxable areas will be the total areas of all houses and apartments.

The tax sums on houses will be stabilized every 5-year commencing from the first year the Housing Tax Law takes effect.

With the Option 2, tax will be imposed on the houses valued at one billion dong and upwards. The taxable value of houses will be defined by the total area multiplied by the unit price

With the Option 3, MOF plans to collect tax only from the individuals who have two houses or apartments or more. In this case, the taxable area will be the area of the second, third and next houses.

MOF has also discussed proposed solutions on tax exemptions and reductions to be applied to some subjects.

If the new proposals get approval in the next sessions of the National Assembly, MOF hopes the law will take effect on January 1, 2012.

Source: VNE

PMH to put up Crescent luxury mall for lease soon

21 Jan
The Crescent mall in HCMC’s District 7 will be put up for preview on January 28 by Phu My Hung Corporation (PMH) and Savills Vietnam as the exclusive leasing and management agent before the luxury property project is open for leasing, said the developer.


This invitation-only retailer event will bring together representatives from selected international and quality local brands, according to PMH. Guests will have the opportunity to preview what the Crescent mall has to offer.

The mall in Phu My Hung new urban town is set to be one of the first international-standard shopping malls in the country, and a destination of choice for shopping, dining and entertainment, according to the corporation.

The event meant to kick off the leasing phase for the mall will introduce participants to a series of informative and entertainment activities.

A gallery corner will showcase background information, marketing efforts and media coverage related to the project, while there will also be arrangements of site visit and musical performance. This event aims to ignite the confidence among potential retailers, according to a statement from the corporation.

Scheduled to open at the end of 2011, the Crescent mall will accommodate 200 shops, a 6,000-square-meter supermarket, an international cuisine food court, an array of restaurants alfresco overlooking the water and multiplex cinema.

The mall fronts onto an outdoor plaza and courtyard area with fountains and water features. This unique setting will host not only seasonal, sportive and cultural events of the community but also commercial events for the mall.

Located in the heart of Phu My Hung new city center, the Crescent mall is the centerpiece of the Crescent project.

The first phase of the development containing 300 fully furnished serviced apartments, a world class office building and 50 retail shops is scheduled to be completed by April 2010.

“We have been very pleased with the response from retailers who have expressed interest in being part of the Crescent project,” said Mark Farquhar, national director of retail of Savills Vietnam.

“The Crescent has been successful in attracting ‘new to market’ international retailers such as the Singapore-based Boomarang and a number of the leading F&B retailers in Vietnam such as Ngoc Suong, Yeebo, and NYDC to name but a few,” he added in the statement.

The Crescent project comprises four seven-story buildings, namely Crescent Residence 1, 2 and 3, Crescent plaza and Crescent mall. The ground floor and second floor of the first four buildings are for retail spaces.

The project has total investment capital of around US$400 million.

Source: The Saigon Times

Spanish firm to build three airports

20 Jan
Spanish airport builder Garuda Group is expected to pump US$15 billion into the construction of three world-class airports in Viet Nam, following an agreement to be signed in HCM City today.


The airports will be the International HCM City-Long Thanh Airport, costing $6 billion, the new Ha Noi International Airport, $8 billion, and the Chu Lai International Airport in central Viet Nam with an investment capital of more than $1 billion.

The investments will make Garuda the biggest foreign investor in the country so far.

A Memorandum of Understanding (MoU) to undertake the Long Thanh airport feasibility study is expected to be signed by the company and the municipal People’s Committe today.

Long Thanh airport will be about 43km from the hub of HCM City. It is expected to generate 5,500 permanent jobs for Vietnamese workers after construction. Garuda group is an airport/seaport builder, manager and consulting company. Giuliano Koenigsberg, chairman of the Aviation South East Asia, a branch of the Garuda Group, said yesterday the company would carry out the feasibility study and map out a master plan for Long Thanh project jointly with Viet Nam’s Southern Aviation Corporation.

Last month, the Garuda Group also reached an MoU with the Airport Design Construction Consultancy to set up a joint venture to build the new Ha Noi International Airport, its biggest project in Viet Nam.

“It will be the largest and the most modern airport in Asia,” Koenigsberg said. “It will be designed by multi-national companies from Spain and Italy to reflect (Vietnamese) culture and aspirations.”

The foreign partners include Spanish Galo Architects and Italian AIG. The airport would have two heliports, a hospital, school, apartments and hotels. After completion it is expected to generate 10,000 permanent jobs.

“The Government will grant Garuda management and operation rights for 30 years, to be extended by 10 years under certain circumstances, to cover the cost of project execution and to repay principle debts,” Koenigsberg said.

Construction of the Ha Noi airport was expected to be carried out in three stages, the first from next year run until 2015 at a cost of $4 billion, the second from 2015-18 would cost $1.5 billion and the last phase would cost $2.5 billion.

Phase one would accommodate 480 flights a day and 35 million passengers a year. Capacity would grow to about 850 flights daily and 62 million passengers annually by 2025 and to 1,096 flights daily and 80 million passengers annually by 2035.

“The new airport is due to replace the overloaded Noi Bai International Airport, which will likely be relegated to domestic flights only,” Koenigsberg said. “Noi Bai has reached its capacity at over 15 million passengers annually.”

Last month, Garuda Group also agreed with the Middle Airport Corporation to establish a joint venture to build Chu Lai International Airport in the central province of Quang Nam. It was expected that Chu Lai would be larger than neighbouring Da Nang Airport.

“Spanish enterprises are ready to come here and we see potential in trade and investment between Spain and Viet Nam,” he said.

Chu Lai had an annual capacity of 2.25 million passengers and 1.5 million tonnes of cargo by 2015 and 4.1 million passengers and 5 million tonnes of cargo by 2025.

Koenigsberg said Chu Lai was chosen because it was an important gate to central Viet Nam and was near Dung Quat and Chu Lai economic zones, Hoi An and the seaports of Ky Ha and Lien Chieu.

The group set up an office in Ha Noi last year, providing consulting, investment and construction services for infrastructure projects, market surveys, trade and others. The office will promote co-operative projects between Spain and Viet Nam. It also intends to set up an office in HCM City.

Source: VNA