Archive | December, 2010

About to start construction 32-storey SSG Tower in HCM City

31 Dec
VNRESSG Van Thanh Corporation, said early in 2011, SSG Tower project will be constructed on a land area of old Van Thanh Market.

SSG Tower project is located on Dien Bien Phu street, Ward 25, Binh Thanh District, Hochiminh City. The work is built on land with total area of 5,983.2 m2, including construction area occupied 3,590 m2. The total building floor area is 77 780 m2, three basement with total area of 18,000 m2, five-storey podium of functional areas including supermarket, commercial center and services…

SSG Tower consists of 2 blocks, first block 32-storey high is used as the office for lease (43,163 m2), second block 25-storey is used for apartment (11,667 m2). Podium building density is 60%, tower building density is 48%.

When completion, SSG Tower will meet the growing needs of the residence, office, commercial in Ho Chi Minh City. As expecting SSG Tower project will be completed in 2013.

For further information, please contact:

S.S.G Group Joint Stock Company
Add: 92 Nguyen Van Troi Street, Ward 8, Phu Nhuan Distict, HCMC
Tel: 84.8.3845 1720 – Fax: 84.8.3845 1732

2015: Cat Ba Island will have a world-class resort

30 Dec
VNREExpected to be completed in 2015, Cat Ba Amatina project promises to turn Cat Ba island into a modern city tour including luxury resorts, world-class casino, business center, entertainment…

In 2004, UNESCO reconignized Cat Ba Island is Biosphere Reserve in the world, annually Cat Ba attract millions of domestic and foreign tourists to enjoy natural beauty here.

In respect of tourism development, luxury hotels, resort clusters, amusement parks are extremely important infrastructure conditions in this industry. And Cat Ba was identified as important highlight to create the attractiveness of the tourism corridor Kunming (Yunnan, China) – Hai Phong. The tours on the East-West corridor will attract more visitors from coastal to mountainous areas, from highland to lowland.

The most important is East-West corridor will provide an tourism environment, infrastructure more and more perfect to attract foreign tourists, including potential market more than 300 million people of the Yunnan province (China).

With infrastructure investment by the government, a series of projects under construction such as Tien Lang International Airport, 5B Ha Noi – Hai Phong highway, Dinh Vu – Cat Hai bridge will reduce the time move between Cat Ba and the surrounding areas. After this projects complete, travel time from Hanoi to Cat Ba is only 2:30 minutes.

Take advantage of natural conditions and infrastructure will be developed in northern Vietnam, especially in Hanoi, Hai Phong, along with the strength of the company’s internal resources in construction, real estate investment, finance, banking, securities, Vinaconex-ITC decided to develop a project which exploit full of tourism development potential here, and meet best the needs of resort and recreational of tourists. From there, Cat Ba Amatina project was born.

Expected to be completed in 2015, Cat Ba Amatina project will make this beautiful island into a modern tourism city includes the services: high-class resort, casino, marina, 4-5 star hotels, commercial and service centers, entertainment parks, international conference center, villas, sports center…

With the investment of Vinaconex-ITC company, the support from the prestigious units such as Eximbank, Agriseco securities, Vinaconex Corporation, Cat Ba Amatina is affirming its position on the real estate market, particularly in tourism real estate sector.

For further information, please contact:

Vinaconex Investment and Tourism Development JSC
Add: 1st Floor, 17T5 Building, Trung Hoa – Nhan Chinh New Urban Area,
Nhan Chinh Ward, Thanh Xuan District, Hanoi City.
Tel: 84.4.6281 5347 – 6281 5364 – 6281 6844 – Fax: 84.4.6281 5349
Email: – Website:

Office in Cat Ba Island:
Add: Cat Ba Island, Cat Hai District, Hai Phong
Tel: 84.31.368 8352 – Fax: 84.31.3688 7702

Receive gift when buying StarCity Le Van Luong apartment

30 Dec
VNREOn the occasion of New Year 2011, the project owner of StarCity Le Van Luong give equipment packet including refrigerator, washing machine, microwave worth 50 million VND for all registered customers to buy apartments. The program is valid until 20/01/2011.

StarCity Le Van Luong is building mixture of shopping center, office and apartment. Scale of 27 stories and 3 basement floors, 373 apartments were built on the land area of more than 3,700 m2. In particular, building area about 1,790 m2, total floor area over 70,900 m2.

StarCity Le Van Luong was designed all four sides open, 3 basements for parking. Lobby floor is designed large. All equipment for toilet, kitchen, electrical system, security system are provided by ToTo, Electrolux, Teka, Ariston …

In addition, StarCity Le Van Luong also arrange swimming pool, reading room, gym, recreational area, the old club, kindergarten, watching room, playing games, shopping… right on site.

The project is in process of construction, expected to be completed in late 2011.

For further information, please contact:

Ocean Group JSC
Add: 04 Lang Ha, Thanh Cong Ward, Ba Dinh District, Ha Noi
Tel: 84.4.3772 6789 – Fax: 84.4.3772 6878
Email: – Website:

Giang Huong Eco-villas

30 Dec
VNREThe project is located in Nha Trang City, scale of 15 hectares, including 141 lots (103 lots villa and 38 lots row-house) with an investment capital of 202 billion VND.

The project by Trung Tin Consultant and Investment company as an investor and Dat Xanh Hoa Cau Investment Corporation as exclusive distributor. Giang Huong Eco-villa has a beautiful location, only about 6 km from the coast, lies on the Phong Chau road is in the perfect stage, about 3km from Nha Trang – Da Lat highway.

The project’s villas are spread along the hillside, surrounded by two mountain ranges with natural woods to create layered architecture. With this architectural style, residents can see the whole of Nha Trang and surrounding natural greenery. In addition, the project also have full facilities (kindergartens, shopping centers, sport clubs, children’s playground …) between nature.

The project was started construction from the first quarter. Expected to be completed in the quarter IV/2011. Currently, Giang Huong opens sale of the first phase with 60 plots villa.

For further information, please contact:

Dat Xanh Hoan Cau Investment Corporation
Add: 114 Nguyen Cuu Van, Ward 17, Binh Thanh District, HCM City
Tel: 84.8.3511 4114 – 3963 8888 – 3724 5308

Survival of the fittest

28 Dec
VNREReal estate developers will expose stronger competition with abundance of glittering products in 2011, but opportunities are open for new investment.
John Gallander, managing director of Knight Frank Vietnam, said the real estate market would steadily develop and customers would have easier access to the products and more choices.

Real estate developers would focus more on the quality of design and schedule of projects, Gallander told a seminar on Vietnam Real Estate Market held last week in Hanoi, jointly organised by Knight Frank, CapitaLand and Standard Chartered Bank.

Gallander said the real estate index, now being set up by Ministry of Construction, would create a more transparent market for customers.

The Ministry of Construction (MoC) declared that since the first quarter of 2011 the real estate price index would be set up in Hanoi, Ho Chi Minh City, Danang and Can Tho.

Planned to launch in the third quarter of 2011, the index will include residential, land and office for lease.

According to the MoC, the index will be calculated on the real transaction in a certain area, but not based on the prices fixed by the project’s investors.

Meanwhile, CapitaLand Vietnam said the increasing population, urbanisation and people’s income meant demand for accommodation in Vietnam would be still huge in 2011.

Nguyen Thuy Duong, a representative from CapitaLand Vietnam Investment Department, estimated demand from new household formation and graduate couple between 25 and 29 years old was huge.

With the population size of this age of around 2.2 million in urban area, estimated demand in Hanoi and Ho Chi Minh City is around 132,000 units. This figure is larger even than the total current housing stock of 115,000 units in these two cities.

CapitaLand also noted that Vietnam real estate market now had relatively low apartment selling price but high land cost compared with other key cities in the region. The long time required since local developers acquired the land until the launch of the project and low transparency were two existing hurdles for investors, Duong said.

Investing in real estate, Gallander said, investors would receive investment return of between 5 to 15 per cent, or an average of 10 per cent annually, a percentage which was rather stable than other channels.

Reported by Bich Ngoc | VIR

Khang Thong, US firms ink deal for billion-dollar property development

28 Dec
VNREVietnam’s Khang Thong Group has signed separate deals with Hill International and Steelman Partners LLP, both American, to carry out its US$600 million Happyland Theme Park in southern Vietnam.
A 40-month contract has an estimated value to Hill International of approximately US$16.9 million, the Marlton-based project management firm announced.

The announcement was dated Dec 27, which is Dec 28 in Vietnam.

Hill said it has received the contract to provide project management services from the group’s Phu An Investment Construction and Infrastructure Development JSC, in connection with the Happyland Theme Park and Khang Thong Entertainment City in Vietnam.

Khang Thong chairwoman and CEO Phan Thi Phuong Thao signed the contract with Hill International Senior Vice President Abdo Kardous at the Vietnamese group’s headquarters in Ho Chi Minh City on Dec. 16.

The project, called Happyland Vietnam, would require around US$2 billion, with $600 million going to the theme park similar to Disneyland and Universal Studio. It is projected to open in Long An Province in 2014.

The park is planned to be Southeast Asia’s greatest tourist attraction, serving the recreational and entertainment needs of both domestic residents and foreign tourists.

It will be developed on a prime riverside location along the Vam Co Dong River in Thanh Duc Commune, Ben Luc District, just one-hour drive from Ho Chi Minh City.

The project would have a land area of around 340 hectares for phase one and around 350 hectares for phase two.

“This is the most ambitious project that we’ve managed in the region,” Raouf S. Ghali, President of Hill’s Project Management Group (International), said in the announcement.

“We are extremely excited to be part of such a hallmark project for Vietnam,” he added.

Happyland Vietnam would include a commercial section providing some 160,000 square meters of space, a five-star hotel with 1,000 rooms and a section for residential development with villas and shop houses, among other facilities.

Khang Thong expects that Happyland could receive around 14 million visitors a year and generate jobs for about 10,000 people in the province.

Hill International says it has 2,600 employees in 90 offices worldwide, provides program management, project management, construction management and construction claims and consulting services.

Also on Dec. 16, the Khang Thong chairwoman and CEO signed a memorandum of understanding with Steelman Partners CEO, Mr. Paul Steelman for the Nevada-based architectural firm to design the five-star hotel.

The international corporation is the main designer with the Happyland Vietnam project.

Reported by Tuong Thuy | SGGP

Easing Housing Crunch To Cost US$100 Billion

27 Dec
VNREVietnam needs more than 2.2 trillion VND (US$110 billion) in the next five years to develop housing, Vietnam News Agency cited a report recently released by Ministry of Construction.
Ministry experts came up with the figure by assigning 21.5 square metres of floor space per capita.

The report analysed data from last year’s general demographic census which projected that the country’s total population would be more than 90 million in the next five years.

This increased population would need about 2 million square metres of housing in the next five years.

Although Vietnam ranks eighth out of the 10 Asean countries in terms of the percentage of the population living in urban areas, its urban population has experienced an average annual growth rate of 3.4 percent.

Currently, around 14 percent of city-dwellers rent while the rate for the population as a whole is 6.5 percent.

The report pointed out that makeshift housing is on the rise in cities across the country and attributed this to an increasing number of migrants from the countryside who need simple housing.

Housing for the low-income sector is a now a pressing issue and needs more Government’s attention, the report noted.

Policy incentives are needed to encourage housing developers to build low-cost rental apartments to meet housing demand and stabilise housing and land prices, say analysts.

The Ministry of Construction reported last year that 11,458 families in the country were homeless. The figure for urban areas was 4,502.

The Government does have several policies in place to address the problem, most of which focus on helping low-income earners find places to live.

The policies also include a reduction in, or waiver of, land-use fees as well as cheap bank loans for both property developers and buyers. But these measures have been only moderately successful.

The rental market for low-cost apartments could be very profitable, ministry analysts said, because most low-income families could not afford to buy houses despite Government assistance.

According to ministry analysts, renting out low-cost housing is even more profitable than renting out luxury apartments. A 50-square-meter apartment costs around 400 million VND (US$20,500) to build and fetches a rent of 3 million to 5 million VND, meaning investors can recoup their money in 80 months. In comparison, if a luxury apartment costs 3.5 billion VND (US$175 million), the rent needs to be 43.75 million VND to recoup the investment in the same period.

Le Hoang Chau, chairman of the HCM City Real Estate Association, said that while in the past most Vietnamese preferred owning property to renting, times had changed.

Most people who rented are young and single or migrants, the number of which has increased sharply in recent years, he said.

If there is housing for rent with reasonable facilities at 3 million to 5 million VND, people will be willing to rent them for long periods, he said.

While many firms are building houses for lease, they tend to focus on upmarket properties where the rent is 20 million VND a month, he said, adding that they ignore the low cost end of the market.

The ministry analysts admitted there were many barriers preventing investors from entering the low-cost segment of the market.

Capital is always a major problem for Vietnamese developers who prefer selling their apartments to leasing them as returns are quicker for sales.

An HCM City-based property investor said despite seeing the great potential of the low-priced segment of the housing market he could do nothing about it. He said it would take him decades to recoup his investment and most of his funding came from bank loans.

Building houses for rent will not only help meet the country’s housing needs but also remove volatility in land and housing prices, according to one official from the Ministry of Construction.

The Ministry has recently called for policies to encourage development of rental apartments, he said.

Ministry analysts said the Government should allow developers to collect rent on land, eliminating the need to buy expensive land and clear it.

Investors should also be given assistance to get cheap loans, they added.

Source: Bermana | MOC