Archive | October, 2011

Hyatt Regency Danang Resort and Spa opens

31 Oct
VNREHyatt Regency Danang Resort and Spa will be Hyatt’s second property in Vietnam. Located on Vietnam’s picturesque central coast, Danang is Vietnam’s third largest city with rich cultural and tourist attractions including three UNESCO World Heritage sites.

Ideally situated on an immaculate stretch of white-sand beach, Hyatt Regency Danang Resort and Spa offers its guests an idyllic oceanfront setting. The resort is easily accessible from major international destinations, located less than 20 minutes from the Danang International Airport.
With sweeping views of the East Sea and bordered by the iconic Marble Mountains, this exclusive beachfront resort and residential complex, comprises a deluxe resort with 200 guestrooms, 174 well-appointed condominiums and 27 luxury three-bedroom villas.
Hyatt Regency Danang Resort and Spa will also feature a broad array of international dining outlets, spa and wellness facilities offering traditional and innovative therapies and grooming treatments, dedicated meeting and event services and extensive family-friendly leisure facilities.
For more information about the luxury condominiums and villas now available for purchase at Hyatt Regency Danang Resort and Spa, visit:
Residential Sales Tel: +84 4 3946 1666

Chateau Villas – The glory of life

27 Oct

VNRERecently, Phu My Hung Corporation said in mid-November 2011, the company will bring to market Chateau Villas phase 1 with 47 products including 35 single villas and 12 garden villas. This is the 85th project to be deployed in urban area, bring the total floor area of the building in Phu My Hung, District 7 to nearly 2 million m2.

Chateau Villas is built on an area of 116.538m2, the rate of construction just over 19%, the land use coefficient is 0.53, total floor area of about 62.000m2 and is divided into three phases. Phase 1 of the project is deployed on land area of 55.454m2 but only 16.66% of land for construction, land use coefficient is 0.37.
The decisive design concept of the project is based on natural advantages available such as green plants, water and landscape.
The overall design of Chateau is styled “garden in garden”, “garden hidden in garden” with first green floor is a private garden in each villa, with area from 280-540m2 for single villas (land area of 510-770 m2); from 84-177m2 for garden villas (land area of 187-294m2).
Chateau Villas has also open green space of about 25.000m2 and many amenities include a swimming pool, tennis courts, clubs… very handy for the owner of Chateau use.

Hochiminh City: Top 10 Asian Cities for office building development

27 Oct
VNREAccording to a recent survey by Colliers International on global office market, Hochiminh City is currently one of 10 cities in Asia – Pacific which develop office building at the fastest speed.

Other cities named in this list are Bangalore, Beijing, Chengdu, Chennai, Delhi, Guangzhou, Mumbai, Shanghai, Tokyo. In which Guangzhou is recorded as the city has the most office space being built all over the world.
The report also showed grade A office rents in Hong Kong is the world’s most expensive, followed by London – West End. Paris replaces Tokyo ranks the third, while London – City retains the fifth.
In the first half of this year, office rents in Asia – Pacific region tend to increase price and decrease the rate of blank area.

Chairman of AA Corp: Global By Design

27 Oct
VNREVietnam can’t boast many companies that compete overseas. Nguyen Quoc Khanh started one 20 years ago, and he now wins contracts from New York to Kiev.

It had been years since Nguyen Quoc Khanh uttered a word of French. Although he studied the language as a schoolboy at the French lycée in Dalat, before the fall of Saigon, he never imagined he’d have much use for it under Vietnam’s socialist regime. But when an electrician friend told him about a French banker who insisted on finding a French-speaking architect to renovate his new offices, he gave it his best shot. “I understood most of what he said, but the words didn’t come to me easily, so I just kept saying ‘Oui, oui; non, non; c’est possible,'” recalls Khanh, founder and chairman of AA Corp., Vietnam’s largest high-end interior-design company and furniture retailer.
His language skills, or at least his willingness to try, impressed the banker enough to give him the job, the first of a long string of interior-design contracts with foreign companies that were entering the country after years of economic isolation. This was during the late 1980s and early 1990s era of doi moi, or “renovation,” when Vietnam’s more open economic policies were attracting more foreign investment. In lockstep with these changes, Khanh started a renovation movement of a more literal kind. He knew foreign investors and diplomats would need improvements to the dusty and mildewed villas available to them as homes and offices, and he quickly became their go-to guy for interior design. “It was a great time,” says Khanh, who now speaks fluent French and English and a smattering of Russian and Mandarin. “We were so busy, and we were learning so much.”
Today AA dominates the domestic market for high-end interior design, consistently nabbing 80% of the contracts for four- and five-star hotels around the country, says Khanh. Most corporate offices and up market residences, shops, restaurants and country clubs bear the AA stamp. Over the past five years AA has also pushed for more global business, making its mark on hotels, resorts and residences from the InterContinental in Kiev, Ukraine to the Trump SoHo in New York. Khanh’s firm has completed dozens of five-star hotel projects in the Americas, the Middle East and Europe, as well as in Asia.
Khanh, 50, doesn’t have to go far for the business. Hotel contractors around the world seek him out on his home turf in Vietnam. GER Architectural Manufacturing, the custom woodworking contractor that oversaw the interior design for Trump SoHo, was doing an Asia-wide search for a more nimble and less costly production partner and turned to Vietnam. AA tends to be the first name that comes up on a search for interior-design firms in Vietnam, partly by reputation but also because of its initials, which stand for Advanced Architecture. “We didn’t know much English at the time, but that was one of our best decisions,” says Khanh, who started the company in 1990 in Ho Chi Minh City with two fellow architecture students who have since been bought out.
The connection with GER put AA on the radar in New York and led to more hotel projects, including the Standard and the Royalton. AA now has three similar partnerships with contractors and has completed 19 luxury hotel projects in 12 cities in the U.S.
Despite Khanh’s international success, his company is still small, with $35 million in sales last year. Business was hit by the global recession, which saw hotel construction drop 25% from its peak in 2008 in Asia-Pacific (outside of India and China), Europe and the U.S., according to research firm Lodging Econometrics ( EOMT.PK – news – people ). Profits margins of only 5% to 10% have also held the company back. AA is able to prosper through low operating costs. Labor is extremely cheap in Vietnam: AA pays 1,400 of its 2,000 workers an average of $150 a month, which is still well above the minimum wage. Only three positions are filled by expatriates. His wife helps with the business (the couple has two sons), designing lamps, cushion covers and other furnishings.
AA was partly financed by private equity firm Indochina Capital, which owned a 20% stake. But the fund has had to liquidate and Khanh is buying back the shares. “The standout story about AA is how Khanh navigated his way through the economic downturn by taking quick action,” says Stanley Vukmer, the fund’s former managing director, who oversaw the investment. He cites the company’s decision to focus more on regional markets less affected by the hotel slump, such as Asia and the Middle East, as evidence of AA’s strong management.
The strategy is already paying off. Sales are on track to grow 30% to $45 million this year. Khanh plans to list the company on the Vietnam stock market early next year, “if the markets aren’t too volatile,” he says. He aims to raise enough capital to expand his production capacity and boost his retail furniture business. His factory in Long An Province, about 45 minutes from Ho Chi Minh City, uses only 60% of his land. He hopes more volume will bring bigger profit margins and turn AA into a $100 million company in the next three to four years.
Khanh is betting that much of that volume will come from the domestic market and that half of future revenue will come from furniture sales. It’s a gamble in such a small market, but urban Vietnam’s appetite for luxury goods is strong and growing. Retail sales rose 18.6% last year, to $65.7 billion, according to the government. Of course the pool of people able to afford big-ticket items is still limited. “Domestic consumption is a no-brainer here,” says Dominic Scriven, chief executive of Dragon Capital. “But then, most of the population still collects rubber bands.”
Still, says Khanh, the Vietnamese will always order their spending priorities around their homes. “People here dream of building a home and filling it with beautiful things.”
Khanh has a history of making the right decisions at the right time. When doi moi began many Vietnamese feared the economic freedom wouldn’t last and that starting a business would somehow make them a target. Friends and family warned him it would be a big risk. He thought otherwise. “I figured, ‘Why not?’ I had nothing to lose.”
As an architecture student the last thing he expected to become was an entrepreneur. His parents, who ran a bakery and a housing construction business, left their son in the care of relatives when they moved to Saigon. They didn’t want him to follow in their footsteps. They wanted him to have the best education that Dalat, a prestigious academic town, could offer. Back then a professional degree and a secure position in government or at a state-owned enterprise was the one sure path to security and financial stability.
He was still studying architecture when he spied his first moneymaking opportunities. Under the communist system university graduates were farmed out to the government corporations that needed them most, but Khanh could still freelance. On the side he built small factories, constructed trade show stalls and designed lacquerware shops for Ho Chi Minh City’s burgeoning tourist trade. He and his partners founded AA with dreams of building all the new offices and hotels that the country would need. Then, in 1991, he took a trip to Singapore, his first outside the country. After one look at all those skyscrapers, “I knew we couldn’t compete.” It was then he decided to focus on interiors.
But those interiors would be as international in design as anything you could find in a Milan showroom. Khanh regularly recounts his French banker story to teach staff that the more languages they know, the better. The same goes for the language of design. Unless it’s what a client specifically requests, he tries to get away from that “Indochine” look–French art deco with Asian flourishes. He sends his designers to study all the new trends in the U.S. and Italy. “Westerners make things with Asian accents, so why shouldn’t Vietnamese do contemporary? When it comes to craftsmanship and design, we can compete with anyone.”
Reported by Samantha Marshall | Forbes Asia Magazine dated August 09, 2010

Western Bank builds trade and financial centre in Ha Noi

22 Oct

VNRE – On 22/10/2011 morning, Western Bank held a groundbreaking ceremony for construction of the trade center and office building – Western Bank Tower, at 1A Lang Ha Street, Ba Dinh District, Hanoi. Attending the ceremony, outside the Western Bank leaders, Kumho Construction Co. leaders, Korea’s leading Investment Corporation, Lang ha Investment Joint Stock Company leaders, the ceremony also honored to welcome the distinguished guests as Mr Dang Thanh Tam – SGI Chairman, member of the National Assembly from Ho Chi Minh and former Ambassador of Belgium in Vietnam.

Western Bank Tower is located at the first position on Lang Ha street – a prime location on the street, known as the “Wall Street” of Hanoi capital. Western Bank Tower has a total floor area is 47,080 m2, 34 floors, including 4 basements, 28 floors, 2 technical floors, a roof floor. Western Bank Tower will have seven floors used for trade centre. General contractor is Korea’s Kumho Construction and Lang ha Investment Joint Stock Company takes responsibility for project management. The project is expected to be completed and put into use in the quarter IV – 2014.

Vinpearl to invest $5 billion to build Van Village resort

20 Oct
VNREAfternoon 10/19, the Danang People’s Committee and Vinpearl Joint Stock Company signed agreement on the investment principles of Van Village resort project at the headquarters of Danang PC.

Accordingly, the Danang People’s Committee agreed to assign Vinpearl as investor of Van Village project with total land area and water area is more than 1.500ha (1.050ha of land and 500 ha of water). The Danang People’s Committee will be responsible for site clearance all the land.

An leader of Vinpearl Corporation, said Van Village resort has a total investment estimated $5 billion, of which the first period has total investment $1 billion.

As planned, the project will include such items as: a complex of 5-star hotels with more than 1000 rooms; a population of luxury villas and highclass apartments, a commercial center system of retail stores, restaurants, bars, beauty care centers; theaters and international conference center…

In addition, there will be a big sport center and water sports, telpher, marina, helicopter parking, seaplane…

Van Village resort is a large-scale project in the masterplan for development of Da Nang City and was placed in the category of key projects, so Chairman of Danang PC Mr. Van Huu Chien has directed the departments and local authorities to create conditions for Vinpearl to deploy the project as quickly as possible on the basis of the regulations .

Van Village resort is located in Van Hoa hamlet, Bac Hoa Hiep ward, Lien Chieu district. It is a peninsula located at the foot of the Hai Van Pass with smooth sand, blue sea and romantic landscape…

Photo courtesy of NTNguyen
Masterplan designed by WATG

Vincom Eden Centre – World shopping and holiday paradise in Vietnam

14 Oct
VNREEden Centre is located on the old Eden commercial center, a long-standing and busy shopping center, it has a strong attachment for a majority of old Saigonese.

Eden Centre is surrounded by four beautiful street: Nguyen Hue Boulevard, Le Loi Boulevard, Dong Khoi and Le Thanh Ton. The location of the project is located right in the heart of the city’s key places such as: the west is the Hall of People’s Committees of Ho Chi Minh City, the east-northeast is the city’s Opera House, around is a series of well-known hotels such as Caravelle Hotel, Sheraton Saigon Hotel, Continental Saigon, Rex Hotel…

Eden Centre is built on an area of 8,800 m2 with building scale of 6 basements and 9 floors. Basement area is arranged as underground parking and commercial center, above the regional is office area for rent and a 5-star hotel has 500 rooms. Total floor area of project is 105,666 m2.

In particular, the basement area of Eden Centre will inform each other with the basement of the Vincom Center was completed before, so the customer can freely travel, choice of products in the commercial center from Vincom Center to Eden Centre. And from the basement of the Eden Centre the customer can also go to the station of subway line No. 1 Ben Thanh – Suoi Tien through a tunnel from the trade center.

Total investment capital is estimated at around 4,500 billion, including clearance costs accounted for 3,700 billion.

The project began deployment of underground according to Top-Down construction technology from March – 2011, and began to develop the body from the end of the month June – 2011. The project is expected to complete the basic raw parts in the quarter 2/2012 and will be put into use from Onctover – 2012.

Development Team

– Investor: Vincom Joint Stock Company
– Architecture design: Site Asia Vietnam
– Contractor for the foundation: Bachy Soletanche Vietnam
– General contractor for the structure: Uy Nam Construction JSC (Unicons).

For further information, please contact:

Vincom Joint Stock Company in Ho Chi Minh city
Add: 72 Le Thanh Ton, Ben Nghe Ward, District 1, HCMC
Tel: 84.8.3936 9999 – Hotline: 84.975 033 288

M&A in Real Estate To Boom

12 Oct
VNRE The property market is now in a period of huge capital shortage, investors are therefore seeking for new sources of finance through merger and acquisition (M&A) activities in order to maintain as well as stimulate the market’s growth.

According to Savills Vietnam’s statistics, M&A activity in the global real estate market is witnessing a rapid growth of 23.8 percent in the 2009-2010 period. Deal value increased from US$12 billion to US$22.7 billion in Asia Pacific, while the figure in the US nearly tripled to reach US$11 billion in 2010 from US$3.8 billion in 2009.
Since 2010, M&A in Vietnam’s real estate market has become one of the most remarkable fields after industry, services and finance in terms of both transaction quantity and value.

Ho Chi Minh City’s real estate market has also seen series of merger and acquisition deals over the past time. Early this year, VinaLand under VinaCapital Investment Management Limited sold its entire equity stake in the international residential project in the city’s District 9 at a price of US$10.9 million.

Earlier, Korean Vina Development Inc sold its 60-percent stake in the Blooming Park apartment project in Ho Chi Minh City’s District 2 to Prudential Vietnam (the project is now known as the US$120-million Imperia An Phu). Kinh Do Corporation also transferred all of its 50-percent capital contribution in the Sai Gon Kim Cuong Joint Stock Company, the investor of the SJC Tower in the center of Ho Chi Minh City, to another Vietnamese firm.

Recently, JSM Indochina has sold the Peninsula project at a price of around US$11 million to the Sao Sang Saigon Joint Stock Company, an affiliate of the Nam A Bank. The Peninsula project covers an area of 7,400 square meters on Nguyen Van Huong Street in Thao Dien Ward of Ho Chi Minh City’s District 2.

Khang An Real Estate Investment Joint Stock Company has agreed to transfer an 80 percent stake of a residential zone project in Tan Tao A Ward in Binh Tan District to its Singaporean partner – Dacin Holdings. In July this year Khang An purchased all stakes of the Van Phat Hung Company to raise its total capital contribution in the project to 90 percent from an initial 60 percent stake.

Also, there have been many other M&A projects over the past two years. The reason for this may come from difficulties in borrowing capital from the banks and in restructuring investment catalogue, from the dangers of license withdrawal due to project’s prolonged delay, as well as from the sales or decrease of stakes to mobilize capital for company’s major business. The purchaser, through M&A, will be able to get access to other fields and penetrate new markets thanks to the seller, even having chances to earn benefits from infrastructure and site clearance compensation.

Neil MacGregor, Deputy Managing Director of Savills Vietnam, said that Vietnam’s property market is facing an actual lack of capital, investors, therefore, are seeking for new sources of finance.

According to him, there are a number of options for investors to add capital to their existing projects without using bank capital. The options include sales of outright project to a third party, search for a joint venture partner, en bloc sales of residential units, or strata sales of retail and office. Many Vietnamese investors are holding large land and able to partly sell to third parties in order to raise capital for other projects.

Although the shortage of bank finance is troublesome for many in the real estate sector, it also creates an unprecedented period of opportunity for investors, particularly those having a lot of cash for M&A activity. Therefore, M&A in real estate is predicted to rise in the coming time.

According to Neil MacGregor, M&A in the real estate field would grow rapidly and attract more investment from foreigners if enterprises continue facing capital difficulties and the bank interest rates remain high.

Chairman of Ho Chi Minh City Real Estate Association Le Hoang Chau said that many firms decided to sell their real estate at low, breakeven or loss prices in the context of financial difficulties. Many others, however, choose the solution of transferring their projects to stronger local and foreign firms. In general, that is a way for survival and an aim to further develop the local property market.

Reported by My An | VEN

Saigon M&C Tower – New Standard of Living and Working

11 Oct

VNRE – Saigon M&C Tower is located at No.34A Ton Duc Thang street, Nguyen Thai Binh ward, district 01, Hochiminh City. Built on a land area of 6.672m2 with building density 48%, the 41-storey tower will become one of the highest priced real estate developments in Vietnam.

Located in central business district, bordered by Ham Nghi street, Ton Duc Thang street and East-West Avenue, where is important intersection point of city connecting: district 1, district 4, Phu My Hung new urban and Thu Thiem new urban – financial centre of Hochiminh city in the future.

Saigon M&C Tower has scale of 41 storeys high, in there, 6 storeys podium 23.000 m2 are used for trade center, 34 storeys are used for international standard office with total area of 49.000 m2; and apartment zone on the top of building includes 133 luxurious apartment and serviced apartment for lease.

Total capital investment is estimated of $200 millions. Offically broken ground on August 09, 2007 and will be completed in Q2 2012.

About the investor

M&C Real Estate Join Stock Company is a joint venture company established by Saigontourist Corporation, M&C Corporation, DongA Bank and DongA Bank Security in order to build a mixed-use development. Saigon M&C Tower was approved by Prime Minister and Hochiminh City People’s Committee and assigned to Saigon M&C Real Estate Join Stock Company in October 2005.

In addition, M&C Real Estate Join Stock Company is also developing several luxury mixed-use properties in downtown locations in both HCM City and Hanoi City as well as over total 450 ha of high end beach resorts in Ba Ria, Nha Trang and Phu Quoc.

For further information and register, please contact:

M&C Real Estate Join Stock Company
Add: Room 19C1 Floor 19th, SunWah Tower, 115 Nguyen Hue street
Ben Nghe ward, District 1, Hochiminh City
Tel: 84.8.3827 8001 – Fax: 84.8.3827 8005
E-mail: /

Hanoi aims to complete zoning plans by 2015

11 Oct
VNREOne of Hanoi’s major tasks is to complete zoning plans for the entire city by 2015.

Hanoi should make strategic changes in its planning to improve the unsynchronized infrastructure. Many regions of the city have not developed evenly and they lack green space. Therefore, Hanoi’s Municipal Party Committee recently agreed that the major, urgent issue from now until 2015 is to renew the city’s zoning plan with a particular focus on technical and social infrastructure.
With the master plan for the development of the capital until 2030, with a vision to 2050, approved, the municipal authorities are now trying to complete hundreds of zoning plans in the next four years, aiming to build a modern and civilized capital city.
Lack of concrete strategy leads to “empty” urban areas
Hoang Trong Hanh, former rector of the Hanoi University of Architecture, said that due to lack of strategic planning, the capital’s development has been slow. For example, 50-80 percent of its capital resources for projects have been used as compensation for clearing sites for “the most expensive roads on the planet” such as Kim Lien-O Cho Dua road which has used VND600 billion for site clearance, six times more money than is required to build the actual road.
In addition, poor transport planning has also caused serious traffic congestion in Hanoi. Since the beginning of the year, the city has licensed more than 24,000 new cars, making up 22 percent of the newly registered cars in the country. To cope with this situation, municipal authorities have issued regulations to restrict means of transport, but they realize that these are only temporary solutions.
Mr Hanh added that the most worrying issue is “empty urban areas” that lack schools, kindergartens, trees and public spaces. Without a detailed strategy, there will be major conflicts between Hanoi’s ancient streets and the new urban areas, said Mr Hanh.
After Hanoi expanded its administrative borders, the issue of planning has become more urgent and the time has come to establish an overall long-term plan to create a modern and civilized capital city. The municipal authorities will have greater responsibilities in the future.
Prime Minister Nguyen Tan Dung has ratified a master plan for Hanoi, aimed at building a modern city with satellite urban areas. This has laid the foundation for hundreds of detailed zoning projects but the core matter is how to avoid conflicts and overlaps.
In the immediate period, It is therefore necessary to immediately suspend more than 750 projects in Hanoi’s inner and outlying districts to stop them overlapping before a common plan is drawn up.
Nguyen Doan Hoan, Chairman of the Thach That district People’s Committee, said all communes and agencies in his district have been asked to reconsider projects in various fields in order to implement Hanoi’s common plan.
70 percent of land for public construction
The Hanoi municipal People’s Committee recently discussed measures to step up the zoning plans for urban construction and management, and considers this one of its five key tasks from now to 2015.
Hanoi aims to complete all zoning plans, in which about 70 percent of land will be allocated for public construction. The city is expected to complete 17 zoning plans for key urban areas in 2011, and iron out snags related to “empty” urban areas and the present asynchronous technical and social infrastructure.
Hanoi Mayor Nguyen The Thao showed a strong determination to realize all the zoning plans. He said municipal authorities and relevant agencies are making efforts to touch upon every zoning project in the next four years.
“However, there is a shortage of qualified human resources involved in the zoning plans. Hanoi will coordinate with the University of Architecture to organize short training courses for officers,” he said.
Since it was liberated 57 years ago, Hanoi has implemented seven zoning plans, however, the city still faces numerous challenges. It is expected that the Prime Minister’s newly-approved master plan until 2030, with a vision to 2050, will remove obstacles and erase the shortcomings of previous plans.
Under the master plan, the capital city will include a central metropolitan area, five satellite urban areas – Hoa Lac, Son Tay, Xuan Mai, Phu Xuyen and Soc Son – and several towns linked together. It will also have modern infrastructure while still retaining its cultural and traditional heritage sites.
Hanoi’s leaders have shown determination to effectively implement zoning plans and help the city fulfill its set targets for industrialization and modernization a couple of years ahead of schedule, thus establishing a modern and civilized Hanoi.
Source: VOV News