Archive | February, 2010

Royal Tower

26 Feb

The location of the land is very well on Nguyen Luong Bang Boulevard, knows by heart of Phu My Hung International Financial Center, Royal Tower building is planned as commercial buildings combining offices. The modern architecture in accordance with the existing architecture in the city center. Commercial area with office to create a multi-functional space to meet the demand to live and work in urban modernization.


Location investment: Lot C17-1-1, Tan Phu Ward, District 7, HCMC
Boundaries: The West borders Nguyen Luong Bang; The East borders internal roads area; The South is Tran Van Tra road; The north borders Lot C17-1 -2.

Scale project

Trade Center: including 2 basements

– Basement 1 and 2: construction area 5.550m2, will be allocated to parking.
– Floor 1st: construction area 1.510m2. Usable area 1241.56m2 will be used as a lounge, regional trade.
– Mezzanine in floor 1: construction area 1.434m2. Usable area 1.173m2 be arranged to the shopping center.
– Floor 2nd: construction area: 2161.6 m2. Usable area 3800.66m2 is arranged to the shopping center.
– Floor 3rd: construction area: 2161.6 m2. Usable area 3800.66 m2 is arranged to business of the retail group known as Parkson, Diamond Deparment store…
– Floor 4th: construction area: 1565.6 m2. Usable area 1.306m2 is arranged to business as furniture, decorative home products range from high level sources in domestic or, imports from Asia and Europe.
– Office work: Total area for leasing office is 22.563m2.

All offices will be used for office of Indochina Investment and Real Estate Development Company, for partners and for rent.

In addition, in terms of utility, the building meets 4.608m2 for parking,118 cars and 290 motorcycles in the basement and area around buildings.

Construction area:
– Land area: 2775 m2
– Sole area of building: 2.200 m2
– Total building floor area: 34.100 m2 (excluding basement)
– Total area in use: 28.700 m2
– Total floors: 21 floors + 2 basements
– Height of construction: 98 metters


Enjoy comfortable living space. Be equipped with modern multi-purpose facilities, the Royal Tower building will give you the satisfaction, where you enjoy the creativity to a new lifestyle with the convenience of comprehensive service life.

– Swimming pools
– Trade center
– Local community activities
– Healthy center
– Entertainment – Park
– Parking area
– Gyms

Fire protection systems:
– The system detects and alarms fire.
– Lightning protection system.
– Emergency exit system, emergency exit lights

Royal Tower is expected to be completed and put into use in December 2011.

For further information, please contact:

Indochina Real Estate Development Company
Add: 28 Nguyen Huy Luong Street, Ward 14, Binh Thanh District, HCMC
Tel: 84.8.5416 1799 – Fax: 84.8.5416 1777
E-mail :

US$100 million Kinh Bac Hanoi Tower to be built

25 Feb
Kinh Bac Urban Development Joint Stock Corp (KBC) and the Republic of Korea’s Kumho Industrial Co. Ltd on February 25 signed a deal to build Kinh Bac Hanoi Tower, at a cost of US$100 million, at 1A Lang Ha Street, Hanoi.

The building, the first KBC project of 2010, will have 32 storeys with an area of 70,000 sq. m and will include both office space and a shopping centre.

Construction is scheduled to begin in March and be completed in 32 months. Under a plan adopted by Hanoi’s municipal People’s Committee, Lang Ha Street will become the financial centre of the capital and Kinh Bac Hanoi Tower will be the tallest building in this centre.

The Kumho Asiana Group is the 7th biggest developer in the RoK, has high prestige in the fields of infrastructure construction and urban development. It has begun construction on the Kumho complex and Intercontinental Hotel in Ho Chi Minh City, which is scheduled for completion in 24 months.

Source: VOVNews

Unimax Ha Dong Complex

16 Feb

Located in the center of Ha Dong, Unimax project is not only convenient location but also a model of modern architecture toward a living environment and working harmoniously. The total land area of 7500m2 is a combination of 39 and 33 double-storey apartment building integrated, offices, commercial centers, kindergartens and recreation services. For residents here, most of the demand will be met on site.

Unimax project is invested by Ba Dinh 1 Investment and Construction JSC coordinated with Ha Tay import and export company. This project is a twins buildings located on the main road of Ha Dong district and far away form the center Ha Dong district is 1.5 km. Address 210 Quang Trung’s Unimax adjacent to Ngo Thi Nham new urban, and near the key works such as Van Khe new urban, Van Phu new urban, Ha Dong Commercial Center, Ha Dong bus station, Ha Dong General Hospital, Hospital 103, Hanoi University, the University of Architecture, …

Unimax buildings are designed independently, without shielding by the surrounding works. Buildings 39-storey apartment has architecture intelligently to each item detail. Each apartment in this building regardless of location or area has two the surface with bedroom windows look out and a large balcony.

This design style maximizes natural light, air convection and landscape. Features of the building in the entire floor 20B which is not flat but garden trees. In this floor, you can relax with family, enjoy the natural ecological space and the city scene from high above.

The 33-floor building is combined commercial center and offices for rent. Below the building (the first 10 floors) for the commercial center, supermarkets, shops, service establishments, entertainment and high-rent offices.

At Unimax, the parking is no longer a concern as with residents in many other apartment buildings and other offices in Hanoi. Unimax has two basement inform each other with area of 5700m2 per floor for the garage. Garage area was carefully calculated to meet the full demand for parking for residents not only live here but also people who often came here to work or shopping.

Security and safety in the Unimax will be special attention with the professional security services 24/24, camera monitoring system, fire protection system according to international standards. The building management will be undertaked by the experience and reputation companies to ensure the hygiene, environment, security, maintenance of buildings and provide essential public services for residents.

Harmonious, rational and modern, Unimax will be a bright spot in Ha Dong in real estate projects here. The project promises to bring the residents a space to live and work peaceful, relaxing, natural and full facilities.

For further information, please contact:

Phi Long Real Estate And Investment Funds JSC
Add: 4/34 Giang Van Minh street, Ba Dinh district, Ha Noi
Tel: 84.4.3734 7432 – 3734 7424 – Fax: 84.4.3734 7723

Sentinel Place

11 Feb

Sentinel Place, a Grade A boutique office project, ideally located at 41A Ly Thai To on the corner Tran Nguyen Han in Hoan Kiem district, a high quality office development in Hanoi’s CBD. Developed by the Foreign Affairs Department of Defense Ministry and Viet Bac company, Sentinel Place is a stone’s throw from famous landmarks such as Hoan Kiem Lake, the Sofitel Metropole Hanoi, the State Bank of Vietnam and other CBD office buildings


The Developer has a clear vision to provide prestigious office accommodation associated with security, success and excellence.

In keeping with that vision is the element of style which is reflected by simple yet sophisticated building finishes – style which is applicable for those who seek “professional offices” in the heart of Hanoi.

Those who enter Sentinel Place as visitors will immediately be absorbed by the well appointed lobby which provides a feeling of security and strength while being welcoming and clearly that of a professional and modern boutique office development.

Those Tenants who are able to call Sentinel Place “our office building” will be proud and take great pleasure feeling “success” every time they enter.


Sentinel Place is conveniently located within five minutes walk to the Press Club, the Opera House, the Metropole and the Hilton Hanoi Opera as well as The Ministry of Finance, The Hanoi People’s Committee, The State Bank of Vietnam and numerous other commercial properties & foreign banks.

Ly Thai To Street is a prominent street which is well recognized in Hanoi. Ly Thai To is named after the famous King Ly Thai To who ruled Vietnam as emperor from 1009 to 1028 under the Lý D‎dynasty. The King contributed significantly to the development of Vietnam. His statue proudly stands beside Hoan Kiem Lake near the Hanoi General Post Office.

Its corner location provides convenient two street access via Ly Thai To and Tran Nguyen Han Streets with ample parking accessible in the basement from Tran Nguyen Han (two way street). The location provides for ease of access for any visitors and exceptional exposure.

Surrounding developments include BIDV Tower, 63 Ly Thai To and the Opera Business Centre to name few and there is a smorgasbord of convenient and exclusive shopping in the immediate locality.

Facts & Facilities

The building will provide 6,500 of prime, well-appointed office space in early 2010. The building has column free floor plates of approximately 666 sqm net, efficient vertical transportation with three high speed lifts as well as 3 levels of basement parking and international standard facilities such as 100% power back up, central air-conditioning and international standard fire safety.


– Premium A Grade boutique offices over 9 floors & 3 basements
– 100% power backup for the entire building
– Column free floor plates
– Three high speed Schindler lifts
– Central air-conditioning – Hitachi/VRV system for efficient control
– Office areas from 130m2 up to 6500m2 – typical floor 666m2
– International fire safety systems
– Twenty-four hour manned security
– Twenty-four hour access and operations
– International Property Management

Floor Plans

The Developer

The Developer is the joint venture between the Foreign Affairs Department of Defense Ministry and Viet Bac company.

The Developer has carefully selected and contracted International Property Consultants (UK/Hong Kong), Architects (Germany), Engineers and other recognized foreign and local service providers in order to enhance the quality and maximize the long term value and prestige of Sentinel Place.

Leasing & Management – Proudly by Savills Vietnam

Savills is a UK public listed company that was established in 1855 and offers and full range of commercial, residential and mixed use real estate advisory services.

In Vietnam, Savills offer a full range of commercial and residential real estate services to both local and multinational businesses providing comprehensive agency, management and consultancy services. The business has been operating in Vietnam for over 14 years, with offices in Ho Chi Minh City and Hanoi, and employs over 380 staff.

This appointment follows the successful leasing programs of the most recent high end office projects in Hanoi such as Sun City (13 Hai Ba Trung), Press Club (59A Ly Thai To), Asia Tower (6 Nha Tho) & Pacific Place (83B Ly Thuong Kiet).

Architect & Contractors

– Architect: Wagner Doan (Germany) & Sanant (Thailand)
– Building Contractor: Ho Chi Minh Museum Construction Joint Stock Company
– Interior & Exterior Design: France Vietnam Architecture

For further information, please contact:

Exclusive Marketing & Leasing Agent
Savills Vietnam Ltd., Co.
13/F, Pacific Place, 83B Ly Thuong Kiet, Hoan Kiem District, Hanoi
Tel: 84.4.3946 1300 – Fax: 84.4.3946 1302
Email: – Website:

MBLand Tower

11 Feb

The building is expected to have one of the most distinctive architectural design in Hanoi given the consultation of world famous professional firms namely WSP Hong Kong (foundation architecture consultant) and Benoy Hong Kong (architectural consultant)…

MBLand Tower is the place of modern age built on a blessed piece of land, where you are offered the harmonious feeling created by the mixture of nature and heritage values. The building is a modern architectural landmark featured with pleasant sketches of historical values.


MBLand Tower located at number 6 & 8 Chua Boc St., neighboring a number of luxurious buildings to be developed in near future. This is going to be one of the busiest commercial and business centres of Hanoi, leading from Viet Tower building (Thai Ha St.) to Star Bowl trading centre (Dong Tac St.).

This area is currently in convenient distance to the city’s key streets and will be one of the key stations of the underground train system in the near future.

Dong Da is one of the most populous districts of Hanoi, a prime destination for shopping, hotel, office and other social activities.

The project is developed on the total area of 9,825m2, 80m wide arcade and 124m deep. This is currently Asean hotel, its parking lot, and the recreational centre with swimming pool and tennis court. This land is located on the Southwest of the city, designed to provide a panoramic view of Hanoi and position itself as a beautiful landmark looking from every direction.

The second subway route in Hanoi

Chua Boc underground train station will be a key traffic junction, not only for Hanoi but also for national transport. And MBLand Tower will be the first line of greeting to welcome all visitors


MBLand Tower is a complex of Commercial centre – Office – Hotel with a state-of-the-art and unique architectural design which will be an example for the modern and high quality development trend for the whole surrounding area. With its renovation in architectural design, environmental friendliness and sustainable development philosophy, this building will be the driving force for the development of the whole area.

Explore MBLand Tower with your own angle.The building is designed so that the hotel tower creates an angle of the L shape with office tower at its narrow side overlooking the city centre which creates maximum view for users. A green space with a large garden at the front yard leading to main lounge of the commercial centre. This environment-friendly image is one of the features characterising MBLand Tower Retail.The two towers MBLand Tower Office and MBLand Tower Hotel were put with an outstanding crimson color. This area has its own lounge designed to give you some private atmosphere outside of shopping area of MBLand Tower Retail. You can indulge yourself with spectacular view of Hanoi city from the height provided by very few buildings in Hanoi.

Modern technology for a stylish buildingNew materials used in world’s top buildings will be used for MBLand Tower

Multi-layered material of Texlon’s – this material can be used to develop a roof structure which is durable given the local weather and environment, allowing easy changes of heat-proof layer and enabling heat-circulation if necessary.

The material is fire-proof, equipped with a separate energy control system and integrated heat, smoke, wind and rain alarm sensors. Besides, Texlon material enables outstanding lighting capacity which could make an indoor garden looks like outdoor in sunny days.

Flexipix – New technology advertisement screen Flexipix is a thin metal panel technology with RGB colored LCD installed. This product is commonly used as vertical advertisement screen at international trading centres. Flexipix enables non-synchronised transmission between lighting and video effects which create a modern image as the face of the commercial centre.Colorful blinds are used for the hotel windows creating beautiful flipping background for the outside glass.

Feng Shui

As a legend goes “The dragon released several dragon balls which turned into different sized islands in Ha Long bay, creating a natural wall stopping the invaders”. Ha Long bay is one of the great beauty of Vietnam nature which reflects its habitats’ spirit of great nationalism Once again, the theme of Ha Long bay is recreated through the project’s architectural design.Here and there are the images of poetic red sails full of wind Partly hiding at the underneath of the building are the unyielding rocky mountains represent the sustainable value of time Looking down from the offices, the image of the boats sailing between the mountainous islands heading towards the open sea give us drive for future success That’s the way MBLand Tower bring the beauty of Vietnamese nature and people to the centre of Hanoi city.

Historical features – The imprint of time

The harmony in architectural design of MBLand Tower is the integration of modernism and tradition. The images of Vietnamese interweave patterns are imitated upon the ceiling of the world-class shopping centre MBLand Tower Retail.Under the sun light, the two crimson towers give you impression of the crimsoned doors of traditional Vietnamese – a preserved value of Vietnam tradition.

Green environment

MBLand Tower bring you pleasant and relaxing feeling with your green spaces.

Living in our green spaces, you will be surrounded by the green of trees and leaves, featuring various colors of flowers and sun-shine. Don’t forget, you are at MBLand Tower!Natural rough rocks put together into hard and tough mountains reminding us of islands in Ha Long Bay which are standing firmly and proudly on the sea despite the wearing effect of time.

Project Overview

Total land area: 9,398 m2.Building functions: Hotel, Offices and Commercial services.Number of storey: 21 floors and 3 basementsConstruction area: 4,47.8m2Construction density: 44.1%.Land usage rate: 5.7 timesTotal floor area: 53,398m2 (basements not included)Number of floor: 21 floor (basements not included)Height: 104.7mBasement area: 21,398m2

Surrounding infrastructure is also developed including front pavement, car drive, water and drainage, electricity and gas system, green area, etc.

– Basement 3 and 2: Parking and technical supporting systems.
– Basement 1: Supermarket and some technical systems.
– Ground floor: Lounge into functional areas,
– 1st to 4th floor: Commercial centre
– 5th floor: Commercial centre, Food court.
– 6th floor: Technical floor.
– 7th to 10th floor: Offices (4 floors).
– 11th floor: Multi-functioned area including halls and function rooms
– 12th floor: Restaurant, kitchen.
– 13th to 19th floor: Luxurious hotel rooms (7 floors)
– 20th floor: Open air floor and swimming pool for sporting and recreation activities.

MBLand TowerA building with excellent sense of art and unique architectural design.A sample for modern and high-quality development for the whole area.A renovation of modern architecture – environmental-friendly, sustainable development and harmony of oriental feng-shui factors.


Holiday Inn is a tryout for a World-classed hotel experience for the first time in Vietnam, where you deserve the satisfaction from our services.

Elegance and modern is what we have to offer Holiday Inn.Privacy for each customer.Values guaranteed for customersFull satisfaction with peaceful moments.
Luxurious restaurant where you are always confident with your styles.

Enjoy state-of-the-art cuisines offered exclusively at MBLand Tower.

Rooftop swimming pool

Out of the crowd and loud of the city Enjoy relaxing moments surrounded by the pure, chilly water Free yourself into the freshness of Hanoi air.


MBLand Tower is designed to best meet the demands of MBLand Tower Office tenants by being a complex of Commercial centre – Office – Hotel.MBLand Tower Office is an A-class office area with top quality functions and services for office tenants.

MBLand Tower Office bring your success to international level.

Shopping Mall

You can take time to shop as much as you wish since we provide hundreds of famous brands for you to choose from.

Getting out of the busy shops, you can enjoy relaxing feeling by the green lighting and ambiance of nature in every corner.

Enjoy every architectural feature of the building.Explore luxurious items and bring home what satisfy you the most.

The stores on six floors of MBLand Tower Retail will surely satisfy the shopping cravings of the most difficult customers.

Each floor is a different shopping experience:

Basement 1: Supermarket with total area of 5000m2
Ground and 1st floor: Luxurious fashion and cosmetics of world’s top brands
2nd floor: Family shopping area
3rd floor: Technology products
4th floor: Food court
5th floor: EntertainmentTop floor: Out door activities, bar, restaurant.

MBLand Tower Retail shopping centre provide you with unconstrained vision of all the stores.You can stay in one place to scan through what we have to offer.

We use 6 floors just for shopping, food, drink and recreation. How long does it take for you to explore our MBLand Tower Retail area?


Main consultant: A leading company in structural enginerring, well known in Vietnam by the Sailing Tower project – Hochiminh City

WSP Hong Kong Ltd.
1/F, K. Wah center, 191 Java road – North Point – Hong Kong
Tel: 852.2217 2000 – Fax: 852.2802 9626
E-mail: hongkong@ – http://

Architecture consultant: A world leader in Commercial centre designing and MBLand Tower is the company’s first project in Vietnam.

Suite 701, 1063 King’s road, Quarry Bay – Hong Kong
Tel: 852.2250 7222 – Fax: 852.2250 7333
E-mail: peter.mccaffery@ – hhtp//

Supporting consultants:

Consultancy, Construction and Investment Ltd. (CCI., Ltd)
No. 20/7 Thai Ha street, Dong Da district, Hanoi Capital
Tel: 84.4.3857 3804 – Fax: 84.4.3537 5101- E-mail: cci@

A hotel chain group who is leading the world in numbers of rooms and has developed many of its famous names in Vietnam. This is the first time the Group market its famous brand of Holiday Inn via this project of MBLand Tower.

IHG Hotel management group– Singapore
230 Victoria Street, #13-00 Bugis Junction Towers, Singapore 188024
Tel: 65.6395 6298 – Fax: 65.6395 6085

Savills Vietnam
1305 Pacific Place, 83B Ly Thuong Kiet, Hoan Kiem, Hanoi
Tel: 84.4.3946 1300 – Fax: 84.4.3946 1302

For further information, please contact:

MBLand Tower
No. 6 & 8 Chua Boc street, Dong Da district, Hanoi Capital
Tel: 84.4.3535 6367 – Fax: 84.4.3535 6368
Email: – Website:

Capital Tower

10 Feb

Located in the dynamic hub of Hanoi’s CBD, Capital Tower on Tran Hung Dao Street, is strategically situated in the prestigious Hoan Kiem District. A short walk to Hanoi’s International Railway Station and within easy reach of major 5 Star Hotels, government buildings, banks, restaurants, and shopping centers, Capital Tower’s convenience will undoubtedly make it o ne of the premier office building in Hanoi.

The professional A Grade building will feature modern floor plans and exterior facade as well as ample parking for automobiles and motorbikes. Additional amenities, such auto and motorbike washing, cafe, and restaurant will provide Capital Tower’s tenants and guests world-class office facilities.

Floor plan


Refreshing Lounge:
•Marble floor
•Comfortable seating with drink available

High-Speed Elevator (Misubishi):
•2 service elevators with 1350 kg load capcity
•4 guest elevators with 1150 kg load capcity

Well – managed Restaurant & bar:
•A place for food and relaxation o n top
of the building which can serve up to
500 guests

Other services:
•3 basements of secured parking
•24 hour access and 24 hour security 24
•100% back up power in case of power failure.

Photo gallery

For further information, please contact:

Exclusive Leasing Agent – Savills Vietnam Ltd.
Address: 13th Floor, Pacific Place Building
83B Ly Thuong Kiet Street, Hoan Kiem District, Hanoi
Tel: 84.4.3946 1300 – Fax: 84.4.3946 1302

Hanoi Eco City

6 Feb
Over the recent years, Hanoi has been developing dramatically with a high speed of urbanization. Besides renovating of existing residential areas, a number of investment projects on new residential zones are being under construction to create the spacious and modern Capital and to meet people’s high demands of a high-quality life.

Eco City – The Ecological City – will bring Hanoia a pure living environment with green spaces, fresh air and cool. Eco City will also have significant contributions in creating a modern Hanoi but still preserving and celebrating the beauty of architecture of the Green Capital.

Planning area for Eco-City is 37 hectares, located in the former area of 8/3 Textile factory and Hanoisimex Company in Minh Khai street. As planned, the main Axial space is from the North to the South, which is formed by the arterial roads, green stroll garden and the winding lakes landscape. The open space delineated by the green stroll garden around the residential area from the East to the West (located among buildings arranged from East to the West).

The height of construction is designed lower and lower from South to North and from the West to the East (to eliminate late afternoon sunlight from the west to the low-rise blocks in the East).

Facade work is design-oriented “soft walls” with green spaces and flexible sun shield wall to maximize visibility into the lakes and gardens.

Eco City project is in progress at high speed and effectiveness as planned to bring people an eco-town inside Hanoi.

For further information, please contact:

Vincom Joint Stock Company
Add: 191 Ba Trieu st, Hai Ba Trung district, Hanoi.
Tel: 84.4.3974 9999 – Fax: 84.4.3974 8888.

Ecological real estate projects booming in the south

4 Feb
Experts are talking about a new tendency in real estate investment – ecological real estate.

Projects booming

Reports released by real estate service providers CBRE, Savills and Vietress in late 2009 all predict that markets in resort areas will develop well. Especially, ecological apartments which will be a new trend and will rapidly develop not only in coastal areas but in lowland and alongside waterways as well.

The Tien Giang People’s Committee has approved the detailed programme on the development of the Thoi Son ecological resort late last year in My Tho City.

Under the development plan, the ecological tourism village will cover an area of 77.5 hectares, where different kinds of entertainment services will be provided to attract tourists.

Dong Nai is also one of the provinces which has many ecological real estate projects, such as Giang Dien Villas, Tan Van isle project. Dong Nai’s neighbor, Vung Tau City, promises to introduce many attractive projects in 2010, such as Sant Simeon, Ho Tram, Con Dao resort with the total investment capital of tens or hundreds of millions of dollars which target high income tourists.

Hoang Quan Real Estate Company late last year launched 76 ecological villas in Vung Tau City, a move that aimed to explore market demand for the new product line.

HCM City is also competing with other provinces to develop ecological real estate. In particular, the Diamond project in District 2 has received special attention from real estate developers and the public.

Tay Ninh province plans to have a project in an ecological industrial zone in Trang Bang District to be developed by Bourbon An Hoa Company. The investor said that the project will cover an area of 1,020 hectares, including 760 hectares for an industrial zone, 184 hectares for depot system and 76 hectares for creating an ecological urban area.

The concept

To date,the Ministry of Construction has also not set any standards for ecological real estate products

According to Nguyen Xuan Chau, Lecturer of the HCM City Economics University, ecological real estate is a new idea which targets people who like a high quality living environment – green, clean and quiet. However, in fact, many real estate projects, though introduced as ecological are far from it.

Chau said that these kinds of products cannot be developed on a massive scale, but they can only be developed in some special beautiful and green locations.

Chau said that as there is no exact concept about ecological real estate, many investors have provided false information about their products simply in order to charge buyers high prices

Source: VNE

Overseas Vietnamese remain wary of home purchases in their own names

2 Feb
Hundreds of thousands of Viet Kieu (overseas Vietnamese) return to Vietnam in January or February each year to celebrate Tet in their former homeland. Typically, that’s also a time for them to find and purchase houses in Vietnam. This year, however, reports Saigon tiep thi, it seems that the number of Viet Kieu who plan to buy houses here is rather modest.

Officially, only ten Viet Kieu bought houses here last year

According to the HCM City Committee for Overseas Vietnamese, a lot of Viet Kieu, especially Viet Kieu from the US and Western Europe, have come recently to ask about the procedures to purchase houses in Vietnam. However, the ‘open door policy’ on allowing Viet Kieu to purchase houses in Vietnam has not yet created a buying wave.

According to Tran Hoa Phuong, Deputy Chairman of the HCM City Committee for Overseas Vietnamese, since 2006, only about 140 Viet Kieu have purchased houses in Vietnam. One hundred of these were in HCM City.

In 2009, only ten Viet Kieu are officially recorded as buying houses in Vietnam, mostly in HCM City. These numbers are clearly ‘modest’ relative to the more than four million Viet Kieu living abroad.

Pham Quang Hai, Head of the Real Estate Transaction Division from Vinaland Phu My Hung confirms that very few Viet Kieu used his company as a consultant on real estate purchases last year.

“Many people asked for information but they did not buy,” he said, adding that in previous years, many Viet Kieu purchased houses at the Phu My Hung project in South Saigon, including some who bought five or six houses as rental properties.

The director of a HCM City real estate company believes that the global economic crisis has reduced the incomes of Viet Kieu. Therefore, they have less to spend on purchasing houses or making investments in Vietnam.

The director said problems in the policies relating to real estate trading have discouraged many potential buyers.

The case of Nguyen Hang My Hoa, now living at 224 My Kim 1 Street in Phu My Hung, typifies the complicated policies relating to Viet Kieu house purchases.

Hoa bought her villa in 2002, but in her nephew’s name. “The policy was so complicated, while I really wanted to have a house to live because I decided to return to Vietnam. I had no choice but to use my nephew’s name,” she said.

Finally, Hoa’s name was written down in the house purchase documents after she regained Vietnamese citizenship in 2003. However, Hoa is still waiting for her house ownership certificate.

Though official statistics show that only a modest number of houses have been sold to Viet Kieu, the number of houses owned they own is in reality relatively big. Real estate brokerage offices in Phu My Hung say that almost all Viet Kieu buyers continue to purchase homes in the names of their relatives.

Still awaiting guidance

According to the National Committee for Overseas Vietnamese under the Ministry of Foreign Affairs said that some 500,000 Viet Kieu are expected to come to Vietnam to celebrate Tet this year.

In 2009, kiều hối (remittances by overseas Vietnamese) to Vietnam is estimated to reach about 6.3 billion dollars, only 87 percent of 2008 remittances.

Chairman Ngo Duong Hoang Thao of Dai Dong Duong Consulting and Investment Company observes that a large number of Viet Kieu have assets of upwards of five hundred thousand to one million dollars. For them, Vietnamese real estate is a favored investment.

“The profitability of real estate investments is really attractive. Further, if they buy houses in Vietnam, Viet Kieu will have houses to live in when they return here,” Thao explained

Thao notes that notwithstanding the expansion of the right to purchase houses in a law passed by the National Assembly last June, there are still some unclear provisions in the policies relating on Viet Kieu house ownership.

The current laws specifically allow virtually any Viet Kieu to purchase houses, but don’t mention purchasing land. “Can Viet Kieu purchase land and then build houses themselves, then? There is no guidance about this.”

Phuong, the HCM City official, points out that the Government has yet to issue concrete guidance to officials who implement the new policy on Viet Kieu house purchases, though the law went into force on July 1, 2009.

Typically, he said, Viet Kieu do not know which agencies they need to contact to obtain necessary documents to be able to purchase houses.

Source: SGTT

Sunny Tower

1 Feb

Project Introduction

As per official document number 405 / UBND-ÐT issued by People Committee of Ho Chi Minh City and document number 2342 / SQHKT – QHKTT issued by Department of Zoning and Architecture, Viet R.E.M.A.X. Joint Stock Company is given permission to design and construct an office building at 259 Tran Hung Dao Street, District 1. Preliminary information on the project:

-Land area: 1,500 m2-Land owner: Viet R.E.M.A.X. JSC-Building height: 22 floors (not including underground floors, mezzanine floors, technical floor, and the attic)-Purposes: office space and shopping area-Capital investment : 25,000,000 USD (twenty five million US dollars)


Map for the Building with the orther nearby locations : Ben Thanh market, Office buildings on Le Loi – Nguyen Hue street, Thuan Kieu plaza

Development Plan

Situated in the central business area of Ho Chi Minh City, 259 Tran Hung Dao building will offer high quality office space for domestic and foreign companies. Will be built with the highest level of safety, cutting edge features, and positive atmosphere for all tenants, the building will offer the highest customer service and attention.

Customers will be domestic and foreign companies. With the growth rate of 7% per year, domestic companies are the biggest customer group. However, foreign companies, with the growth rate of 4% per year, and expected to be higher with Vietnam joining WTO, are also a major customer group with demand for large office space and acceptance of high rental fee for good services.

With the high demand for office space and the lack of quality office buildings, 259 building will reach 100% rental rate in only a few years after commencement. With this rate, profit from the building will come soon.To know more about the development plan, please contact us directly.

For further information, please contact:

Viet R.E.M.A.X. Joint Stock Company
Add: 259 Tran Hung Dao, District 1, Ho Chi Minh City
Tel: 84.8.3837 3209 – 3837 3210 – Fax: 84.8.3838 5569