Archive | March, 2010

Accor on track to double number of rooms in Vietnam

11 Mar
The major global hotel management group Accor is taking proactive actions to double the number of hotel rooms under its management in Vietnam to take advantage of expected strong growth for the country’s tourism industry in the coming years.

Patrick Basset, Accor vice president of operations for Vietnam, the Philippines, South Korea and Japan, told reporters in HCMC on Wednesday that the group currently managed 13 hotels with 2,147 rooms throughout Vietnam and had committed more than 2,000 new rooms for the market by 2012.
Basset explained the additional rooms would come from nine new developments, with the 131-room Le Belhamy Hoi An Resort and Spa set for inaugurating on the coast of central Vietnam on April 1 this year.

By the end of 2010, the 360-room Pullman property in Vung Tau City and the Accor-managed Hotel De L’Opera Hanoi of 111 rooms will go online.

“Pullman Vung Tau will be the first for the brand in the country, while Hotel De L’Opera Hanoi will be the second hotel of the distinctive upscale MGallery label (after La Veranda on Phu Quoc Island),” Basset said.

In the latest announcement for Vietnam, Basset said Accor would open one new Novotel hotel in each of Hoi An, Phu Quoc and HCMC, and these three Novotel properties have 700 rooms in all.

Accor will put the 250-room Mercure Hado Hanoi into operations, the fourth property under this brand in Vietnam after Mercure Hue Gerbera, Mercure Dalat Hotel Du or Mercure Hanoi La Gare.

Also under the plan, Accor will manage two 3-star ibis hotels in Vietnam’s economic hub instead of one that the European leader in hotels announced last year. The new property is the 338-room ibis Saigon located in the downtown quarter while the other comprising of 170 rooms is in Saigon South in District 7.

Basset told the Daily after the press conference that Accor would hire around 2,000 employees for the nine developments.

“Yet, the human resource aspect remains a challenge for us, but HR development is one of Accor’s strengths. We have our own academy and are developing courses,” Basset said.

Basset said high hopes for the bright future of Vietnam’s tourism were one of the reasons why Accor was determined to boost multi-brand expansion in Vietnam. “We expect strong growth in tourism in Vietnam in the next five years. There are a lot of attractive activities for inbound leisure and business travelers,” Basset said.

“With signs of both economic recovery and a re-strengthening of tourism arrivals, Accor is confident and ready to selectively expand our presence throughout the country,” he said.

Accor’s brands the Sofitel, Pullman, MGallery, Novotel, Mercure, Suitehotel, Adagio, ibis, all seasons, Etap Hotel, Formule 1, hotelF1 and Motel 6 represent 4,100 hotels and nearly 500,000 rooms worldwide.

Source: The Saigon Times

Gamuda Land in RM6bil Vietnam venture

11 Mar
Gamuda Bhd’s wholly-owned unit, Gamuda Land (HCMC) Sdn Bhd, has entered into a joint venture with its Vietnamese partner, Sai Gon Thuong Tin Real Estate Joint Stock Co (Sacomreal) to undertake a RM6bil project in Tan Phu District, about 9km from the central business district of Ho Chi Minh City.

The company yesterday signed a shares-sale agreement with Sacomreal for the proposed acquisition of a 60% equity interest in Saigon Thuong Tin Tan Thang Investment Real Estate Joint Stock Co (Tan Thang Co) for a cash consideration of US$82.8mil.

Tan Thang has the rights for the investment and construction of a parcel of 825,216.5 sq m land into a residential, sports and educational complex with an estimated gross development value of RM6bil.

The project will comprise 7,000 units of medium-end and premium apartments with built-up from 700 to 1,500 sq ft, and 37,000 sq m of commercial space.

The apartments will initially be priced from US$900 to US$1,100 per sq m while the commercial space will have an average price of US$2,650 per sq m.

According to Gamuda Land managing director Chow Chee Wah, some 80% of the project would comprise residences that would be undertaken in seven parcels.

“The 82ha for the project is one of the last sizeable land parcels available in Ho Chi Minh City. Our goal is to meet the needs of Vietnamese who want good value-for-money products and prefer innovative lifestyle projects,” he told StarBiz.

The master plan for the development has been approved and the project is expected to commence in the third quarter of this year and will take seven to eight years.

Chow said besides a good concept, facilities and layout, the project’s unique selling proposition would be a 20ha integrated park.

“We are confident the project will do well as it caters to the growing demand for quality residences in line with the rapid urbanisation and rising per capita income among the Vietnamese.

“Our target markets include young executives, professionals and mid-level management executives,” he added.

Close to 65% of Vietnam’s 87 million population are aged 35 years and below. Ho Chi Minh City has a population of more than nine million and 60,000 expatriates.

There are also the Viet Kieus – Vietnamese who are residing abroad – who are also buying property for their own use and for investment.

Chow said the dong’s devaluation had contributed to more Vietnamese resorting to property investment as a reliable savings instrument instead of saving their money in the bank.

With the upcoming closure of all gold trading floors in Vietnam at the end of this month, there will also be a re-channelling of capital flows into the property market.

Sacomreal was previously involved in providing real estate services but has since expanded to developing and marketing of high-quality apartments.

Source: Gamuda

Mulberry Lane – Latest hot property in town

10 Mar
Until recently, Ha Dong District in Vietnam’s capital city, Hanoi, was best known for its world famous silk production industry. Since the launch of CapitaLand’s first residential development there, the area is now also known for being home to the spanking new, Mulberry Lane. Inspired by the concept of silkworms feeding on mulberry leaves to weave the finest silk, the property is so named because it promises to weave your aspirations into a dream lifestyle.

Where You Can be at Home with Nature

Set in 2.4 hectares of prime land, the 1,478-unit Mulberry Lane’s five towers have a north-east/south-west orientation, giving each apartment access to winds from the northeastern corridors; natural sunlight; and stunning views of the surrounding parks, lakes and landscape.

This exclusive, planned community is designed with the traditional five elements of Nature in mind: metal, wood, water, fire and earth with each tower taking into consideration the balance of these elements. In keeping with the silk motif, the walls around the building are cocooned in fins, ledges and gable walls, giving the illusion of the woven pattern of silk. Even the lifts are designed with silkscreen panels for a touch of whimsy.

“Silk is a very interesting fabric. Traditionally, it is worn by aristocrats and royalty because it is so luxurious and sensual. It is also versatile – able to keep you warm in winter and cool during summer. It embodies all that we planned for Mulberry Lane. That’s why we chose silk as the inspiration for this property,” said Ms Jaselyn Wan, Deputy General Manager, Sales & Marketing, CapitaLand Vietnam.

This perfect blend of modern architecture and the ancient art of fengshui brings Nature close to home. Mulberry Lane welcomes you with a water feature at the main entrance, as well as lush landscaped gardens and a splendid promenade along the lake. It’s spacious, tranquil living at its best.

Where You Can Be Within Reach of the City

Mulberry Lane sits in Mo Lao area within Hanoi’s new Central Business District. Just 10km from downtown Hanoi and within close proximity of Noi Bai International Airport, the National Convention Centre and several local universities, hospitals, shopping malls, supermarkets and trade and handicraft villages, the area will soon be serviced by the new Le Van Luong Street which will provide an alternative, shorter route to the Hanoi City Centre.

Where Units are Designed to Offer Choice

At Mulberry Lane, a variety of units are offered, ranging from one- to three-plus-one-bedroom apartments, special duplexes, penthouses with access to private rooftop gardens and loft units. Careful thought has been given to the layout of the different apartments to optimise space and afford a magnificent city or lake view.

Bedrooms have timber flooring and are a spectacular synergy of glamourous living and traditional design. The kitchens are fully equipped with branded appliances and the bathrooms, living and dining rooms are all tiled in light colours to suit every décor style.

Security is paramount and each apartment has its own video, inter-com system ensuring exclusivity and privacy.

Where You Get the Best of Fine Living

Life at Mulberry Lane is a daily adventure. Take a dip at the swimming pool or get your day’s exercise at the 50-metre lap pool while the children chill out at the wadding pool or scale the low rock-climbing wall. Then relax at the jacuzzi or yoga deck and let the stresses of the day slip away.

If a little activity is what you’re looking for, hit the fully equipped gym, exercise lawn or taichi zone before steaming it up at the sauna. There is a foot reflexology path and 300 metres of jogging tracks along the lake, giving you a stellar vista while you keep fit. You can even invite friends to play at the basketball, badminton and table tennis courts before you party at the BBQ cabanas, dine under the stars at the picnic lawns or sky gardens.

If quiet solitude is what you seek, the library and reading lounge are the perfect hideaway or simply relax with a cuppa at the clubhouse with a lounge or at the cyber café. Retail stores like a mini mart and laundromat also mean that residents have all their needs taken care of within the development.

“Our facilities are designed to encourage community living and are ideal for the three-generation family, with something to appeal to every age group. We also planned for facilities to promote healthy living,” said Mr Tan Boon Thor, Senior Manager, Design Management, CapitaLand Vietnam.

There are sheltered walkways and ramps leading up to the five-storey carpark with 500 parking spaces for cars and 3,000 spaces for bikes mean you never need be at the mercy of the elements.

Where Lifelong Investment is Key

Mulberry Lane’s soft launch in October 2009 was a raging success. All 330 units released were fully booked in less than two days at prices between US$1,350 and US $1,700 per square metre.

Said Mr Manh, a managing director of a textile export company, who bought a three-room apartment, “There are not that many quality residential developments in Hanoi. The fact that CapitaLand is a prestigious, international brand name is guarantee that this will not only be a home but a long-term investment for me.”

“I trust their professionalism and the quality is evident in the concept and design,” he added.

Mulberry Lane is expected to have its official launch in the first half of 2010.

For more information, contact:

CapitaLand Vietnam
Unit #703, 7th Floor Hanoi Towers, 49 Hai Ba Trung,
Hoan Kiem District, Hanoi
Phone: 84.4.3934 3972 – Sales hotline: 84.4.3553 3388

BIDV Tower Danang

4 Mar – BIDV Tower Danang is one of chain advanced office buildings for rent projects in all major cities of Vietnam invested by Bank for Investment an Development of Vietnam (BIDV). The project is located on an area of 1887.3 m2 at 111 Nguyen Chi Thanh Street – Da Nang. Scale 29 storeys and 3 basement, the height of 126m, the gross floor area: 27.037m2. This is a multi-functional buildings: shopping centers, services, entertainment, leisure, luxury office …

Design: AREP (France).

Minh Viet: Novel Construction Ideas

3 Mar
New-fangled construction ideas are very the thing that makes the Minh Viet Investment Joint Stock Company (MVIC) outstanding.

Bay View Towers, a Ha Long Bay-based project

On November 15, MVIC announced that it will be building Bay View Towers in Ha Long Bay in the northern coastal province of Quang Ninh, and that project construction will begin in February 2010 and is expected to be completed at the end of 2012.

An entertainment, trade and deluxe apartment project, the US$45 million project will house 25-storey twin towers on 0.75 hectares of land on the coast of Ha Long Bay.

They will encompass more than 500 deluxe apartments (80-128 square meters) and 10 500sq.m penthouse apartments.

MVIC General Director Chi Edward said that the project is called The Bay View Towers because it will be situated on a strategic location of the Ha Long Bay.

The wonderful nature in Ha Long Bay, including natural pure air, long, beautiful beaches, sand dunes and more, will all create an ideal living environment in and around the Bay View Towers.

Tricon Towers, a unique high-rise architecture

Tricon Towers is a high-grade and luxurious commercial, service and residential complex that is under construction in the center of Bac An Khanh Star World, a new urban area by the modern Lang-Hoa Lac Highway in Hanoi. Bac An Khanh Star World is one of the most synchronously-planned and modern urban area in the north with a total area of 264 hectares in the heart of the expanded Hanoi.

Tricon Towers feature three 44-storey towers with 732 luxurious and super quality condominiums complete with functions and amenities required for modern life. Each unit, ranging from 131 to 744 square meters in area and between two and five bedrooms, has at least two side views with overall perspectives. Situated right in the heart of Bac An Khanh Star World, Tricon Towers is endowed with a system of public lakes, flower gardens and green parks, providing those living and working in the towers with an ideal living and working environment that is characterized by comfort, luxury and nature-friendliness.

The 1.7ha, US$145 million project is expected to be completed in the fourth quarter of 2011.

Chi Edward said that the design of Tricon Towers is the result of the long-term cooperation between him and his Singaporean fellow-workers.

Having acknowledged that Vietnamese love to live in an environment close to the nature, Chi Edward and his Singaporean colleagues worked hard to make Tricon Towers an unique and close-to-nature high-rise project that has gardens on the sixth, 24th and 36th floors.

An experienced, leading real estate business in Vietnam, MVIC is making use of all of its resources to create and provide the market with high-grade products. It keeps improving to become a leading real estate business in Asia, which provides the best products/services for all customers.

MVIC recently opened its sample penthouse apartment. It is compared to a heaven on earth and the ‘pearl’ of the high-rise project.

Reported by Kieu Nga/VEN

Dai Phuoc Lotus

3 Mar

VinaProjects real estate services joint venture launched

2 Mar
VinaCapital Group, Vietnam’s leading asset management and real estate development firm, and inProjects Group, Asia’s leading independent project management company, are pleased to announce the launch of VinaProjects, a joint venture company.
VinaProjects is a real estate services company offering project and construction management, urban planning, and facilities management services to the Vietnamese market. VinaProjects aims to provide a world-class standard of service for real estate investors and developers in Vietnam, including VinaCapital Group.

VinaProjects was established in January 2010 and has already begun the delivery of landmark urban development projects valued at over USD500 million in cities across Vietnam, including Hanoi, Danang and Ho Chi Minh City. VinaProjects has three divisions – project management, urban planning, and facilities management – staffed by highly skilled professionals with substantial international and domestic experience.

Paul James has been appointed as Managing Director of VinaProjects. Mr James has extensive experience in managing major developments, including Heathrow Terminal 5 in London and large integrated resorts in Macau.

VinaCapital is one of the largest foreign investors in Vietnam’s real estate market, with considerable local knowledge and experience. inProjects has worked across the Asian region on a range of real estate projects, focused on large-scale hospitality and resort development. VinaProjects will combine and expand the services currently provided separately by inProjects and VinaCapital to improve efficiency and ensure the successful delivery of real estate projects. VinaProjects will be the sole supplier of real estate services for VinaCapital’s majority-owned real estate assets, while also participating in competitive tenders for third-party clients.

Matt Fletcher, inProjects Group Managing Director comments: “The Vietnamese market has enormous potential for growth and this joint venture will provide both partners the ability to maximise these opportunities. Our goal is for VinaProjects – and more importantly Vietnam – to become known for delivering high-quality, large-scale developments. With a number of projects already planned and underway, we look forward to a long and successful partnership with VinaCapital.”

Don Lam, VinaCapital CEO, comments: “VinaCapital has a significant number of major real estate projects located across Vietnam, and we must ensure all of these projects are delivered with world-class results. We want the next generation of urban and resort developments in Vietnam to be at the same standard as seen in cities across Asia and the world. We look forward to working with the inProjects team to help raise the standard of project delivery in Vietnam.”

For more information:
Lisa Chong, VinaProjects Communications and PR Manager
+84 (0) 8 3827 4088 ext. 149.

About inProjects

inProjects provides professional project management services across the Asia Pacific region specializing in the retail, leisure, hospitality and corporate sectors. As independent project managers, inProjects are one of the largest and fastest growing companies in their field. They currently have offices Hong Kong, Beijing and Shanghai, Macau, Singapore, India and Australia. More information is available at

About VinaCapital Group

VinaCapital Group is the leading asset management, investment banking and real estate consulting firm in Vietnam. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with over USD1.6 billion in assets under management as of July 2009. VinaCapital manages three closed-end funds trading on the London Stock Exchange’s Alternative Investment Market (AIM). These are: VinaCapital Vietnam Opportunity Fund (VOF); VinaLand Limited (VNL); and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson. More information is available at