Archive | November, 2011

The largest commercial center in Phu My Hung opens

30 Nov
VNRE Today, Crescent Mall Commercial Center (Nguyen Van Linh Boulevard, District 7, HCMC) opens its doors to welcome visitors and shopping with over 100 booths.

The center was invested by Phu My Hung with investment funds about 2,310 billion VND. Retail area is larger than 45.000m 2, has six floors, including eight cinemas, a food court 1,000 seats, fashion shops, furniture shops, game – entertainment…
Crescent Mall is the largest commercial center in Phu My Hung. Shopping space inside is quite broad, beside the wide green lawn thousand square meters, creating a quiet space for families combine shopping, entertainment and leisure,… There is free bus services to take customer from District 1 to District 7, free parking, free entertainment for families at the weekend include: children choir, music, break dance, magic…

Previously, Phu My Hung has about 60,000 m2 for retail services, with two major commercial centers: Parkson Paragon (19.000 m2) and Thien Son Plaza (20,000 m2); three large supermarkets: Co.opMart, Citimart, Fivimart along with about 200 convenience stores, mini supermarkets, restaurants, food services, entertainments…

Vietnam real estate no longer an FDI magnet: report

30 Nov
VNRE – Foreign investment into Vietnam’s real estate sector totaled US$464.1 million in the 11 months of this year, a sharp fall compared to previous years.

Foreign investment into Vietnam’s real
estate sector has fallen sharply this year
The investment accounted for only 3.7 percent of new FDI pledges that Vietnam attracted during the period, recorded at $12.69 billion, down 16 percent from the same period last year, the Foreign Investment Agency said in a new report.
According to the agency, real estate had been the sector drawing in the largest FDI inflows for several years. In 2008, it attracted a record $23 billion from foreign investors. During the downturn last year, the sector continued to top the list with $6.84 billion.
But this year, it has fallen behind other sectors like manufacturing, electricty and construction, which had FDI pledges of between $1.1 billion and $6.2 billion in the first 11 months.
The trend is partly due to the ongoing market slump which has caused many developers to delay both existing and new projects, news website Thoi Bao Kinh Te Saigon cited industry insiders as saying.
Moreover, investors continue to stay cautious during the global economic crisis and the government’s credit squeeze makes it even more difficult for developers, they said.

Source: Thanh Nien News

Vietnam’s Property Price To Decline Further

28 Nov
VNRE  Property prices in Vietnam market have declined by 20-30% sharply so far, hence a lot of firms had to sell off projects to repay bank debts, but the prices of high-class apartments will be much lower.

The prediction was said by Marc Townsend—Managing Director of CB Richard Ellis (Vietnam) global research and consulting firm at the international conference themed “Credit Crunch: Where from Here for the Vietnam Real Estate Market?” on November 23 in HCM City hosted by DFDL Mekong law firm in corporation with CBRE and Standard Chartered Bank.

Regarding the office-for-lease segment, Marc Townsend spoke, the thing what renters are paying attention is competitive prices and it is right time for companies to move headquarters and offices from outskirts such as Dist 7, Tan Binh Dist to centre districts in HCM City.

In order to maintain and attract, property investors need to improve current buildings and increase utilities of buildings such as basements, decoration, energy saving, and seek opportunities to re-negotiate rentals.

CRBE Vietnam forecasted the Vietnam real estate market will remain gloomy 2012 in all segments. Only the segment of properties for education, international kindergartens, healthcare, and beauty, eating and drinking will continue generating good performance.

Sharing the point of view, Michael Kokalari—Chief of Kimeng Securities Co’s information research department, through talks with foreign investors in Vietnam, said that the investors from US, Japan, Europe paid a great attention to consumer beheaviors of young mid-class group in Asia generally and Vietnam particularly.

In the recent past, these foreign investors bought back stocks of Vietnam’s consumer industry companies namely Masan, Huong Thuy based on the development potential of this field, he noted.

Michael Kokalari assessed, despite the property prices declined 20-30% as announced lately by PetroLand Co, Vietnam real estate market has not gone to its equibrilium point. Many firms who were facing difficulties in liquidity, bank debts are not desperate because it is normal as debts increased in the crisis period.

David Tran, Vice Chair cum Director of the Asian Real Estate Association of America (AREAA) in US stated at the conference that the Vietnam real estate market is losing liquidity, so investors are seeking money sources outside the banking system, and overseas remittance is the way-out for property projects. If Vietnam continues improving legislative environment, removing barriers in law on contracts, taxation policies for foreigners, the realty market will receive a quite high volume of inward remittances from 4.5 million Vietnamese overseas.

Meanwhile, according to Ta Chau—Director of DFDL Mekong tax and law consulting firm, she was so excited to changes in Vietnam’s laws in 2012.

Ministry of Finance proposed to open Real Estate Investment Trust funds (REITs) which are expected to create a strong movement in the market in following years. Through REITs, creating an easy capital divestment regime whereby investors are able to withdraw capital if necessary, she remarked.

Experts also recommended 16 changes in property-related laws and regulations, including Law on Land, Law on Investment, and Law on Enterprises. These changes may create negative moves in Vietnam in next 5 years.

The Vietnam real estate market in 2012 is determined by the government decisions, she confirmed.

Source: StoxPlus

Vietbuild 2011 showcases latest housing technology

28 Nov
VNRE  Deputy Prime Minister Hoang Trung Hai cut the red ribbon in Hanoi on November 26, inaugurating an international exhibition on construction, building materials, real estate and interior decorations.

Vietbuild ’11 has attracted nearly 400 domestic and foreign businesses from 18 countries and territories, showcasing their products on more than 1,250 stands.

On the theme of “Vietnam Real Estate 2011”, businesses introduced new solutions to housing construction, using environmentally-friendly and energy-saving technology.

On display are building materials, paints, glass, doors, locks, bulbs, water-proof materials and decorations for houses, villas and top-notch resorts.

The exhibition offers a good chance for Vietnamese businesses to expand cooperative relations with their foreign counterparts through joint investment or technology transfer so as to develop the property market in Vietnam, said Deputy PM Hai.

This is also a good chance for foreign businesses to seek investment opportunities in Vietnam – a market with a high economic growth in the region and the world, he noted.

Source: VOV News

Sign of Capital for Real Estate

25 Nov
VNRE – The Vietnam real estate market raised its hopes when the State Bank recently introduced a procedure for credit organizations to eliminate 4 groups of demand for capital in the real estate field from the non-production credit proportion. However, this can be only considered a “technique trick”; the State Bank can hardly loosen financing for real estate during this period.

Illustrated photo
The announcement to eliminate 4 groups of demand for capital in real estate from the non-production credit list stood out in Dispatch 8844 by the State Bank, guiding credit organizations and foreign bank branches on implementation of orientation and new credit regulations in the two last months.
The State Bank demanded credit organizations continue implementing management measures on lending activities for the non-production sector, but excluded some demands for capital serving people’s necessary demands and under governmental social welfare policies. Those with demand for capital to mend and buy residential houses and payment from salary will be considered. The following objects will also be eliminated from non-production credit: enterprises building houses for sale, rent for people with low income, workers in industrial zones, export processing zones, economic parks; building houses for workers in industrial zones but not collecting rent leasing fees, or collecting fees which don’t exceed the rate regulated by the Provincial People’s Committee based on reasonable building or leasing fee compared with the production price under corporate income tax calculation; Projects and works developing houses in progress to be handed over and put into operation before January 1st 2012 according to contract’s contents in construction activities between investors and contractors, property purchasing contract, house purchasing contract, property leasing contract.
Under this guideline of State Bank, credit is loosened to some objects, especially to low-income apartment projects and those in progress and to be handed over. Many enterprises expected that they would be financed more to continue their uncompleted projects, and quickly launch into the market to gain back capital. After a long time of financing real estate projects, banks suddenly tightened credit upon the State bank request, observing Government Resolution 11 to reduce the proportion of loans for non-production in the total debit balance to lower than 22 percent. By the end of December 31st 2012, this proportion is only 16 percent. This sudden move left the real estate market coasting and caused difficulties for numerous enterprises depending on loans to implement projects. Commercial banks didn’t give new loans and concentrated on calling back debts to push their real estate debit balance proportion to the rate required by the State Bank. The real estate market has awaited this news for a long time so enterprises can access bank loans to implement social welfare projects and uncompleted ones. This State Bank instruction not only lights up hope for enterprises, but also “opens the door” for banks to reduce their non-production debit balance norm to 16 percent in total debit balance. The December 31st deadline is coming up and many banks still have high non-production credit and are not likely to meet the requirement. Elimination of in-progress projects from the non-production list gives commercial banks a bit more room for reducing their non-production debit balance to 16 percent by the end of the year, even in the context of a frozen real estate market with low liquidation. Enterprises and commercial banks will avoid this by adjusting signed contracts between investors and contractors, buyers, etc.
 While banks are still trying to reduce non-production credit to 16 percent, enterprises can hardly borrow new credits, although they are under consideration for making loan under the State Bank’s new instruction.
In addition, in Dispatch 8844 orienting and guiding credit in the two last month, there are many notable, but not new, contents that credit organizations have to meet requirements on credit capital with reasonable interest rate, consider the ability to mobilize capital of credit organizations, suitability to governmental regulations and instructions; credit organizations allocate capital to timely meet demand for credit loan for agriculture and rural sectors, especially for farmers in winter-spring crop, export, supporting industries and lending small and medium working capital; credit expansion for these sectors will not make credit growth of the whole year exceed 20 percent, otherwise State Bank will be reported to consider.
Reported by Le Minh | VCCI

Savills Vietnam Held Vietnam Real Estate Investment Seminar In Tokyo, Japan

25 Nov
VNRE – Today, Savills Vietnam cooperated with Savills Japan to hold a seminar at Tokyo American Club, Tokyo to promote Vietnam real estate, attracting nearly 100 potential Japan based investors who are interested in Vietnam.

At the beginning of the seminar, Mr Naito, Associate Director, Research & Consultancy, Savills Japan, said: “With impressive growth rate and talented young labor, Vietnam is significantly increasing its economy capability. Also, Vietnam has been chosen as the new investment destination, switching from China by global producers. Therefore, Vietnam is likely to be a leading country in Asia in attracting investment”.

In the seminar, Neil MacGregor, Deputy Managing Director of Savills Vietnam presented over 20 specific real estate investment opportunities as well as providing an overview of the Vietnamese economy and the property market. Neil also highlighted the increasing interest in Vietnam from Japanese investors and the co-operation between the two countries.

Neil commented: “Despite the global financial crisis, Vietnam has been ranked one of the top investment destinations in the region. Vietnam has recently been voted the top investment destination for Singapore investors in the ASEAN region, ahead of Malaysia and India. Earlier this year, Vietnam was ranked the fourth most preferred emerging market for investments by the Association for Foreign Investors in Real Estate (AFIRE). Being an emerging market with favourable demographics, low labour costs and a strategic location in the region, Vietnam still has much to offer”.

He also said: “The year 2011 is seeing a wave of investment from Japan into Vietnam in many sectors including finance, communications, consumer goods, and real estate. According to the Japan External Trade Organization (JETRO), total Japanese direct investment in Vietnam for the first half of this year reached US$1.169 billion, 8.3 times higher than the same period last year. Some of the major deals which have taken place this year include Mizuho buying a 15% stake from Vietnam’s largest listed bank by market value, Vietcombank, for US$567.3 million; The Sojitz Group, Daiwa House and Kobelco Eco-Solutions Company under the Kobe Steel Group constructing the Long Duc Industrial Zone in Long Thanh, Dong Nai Province at an estimated cost of US$100 million; Japan Asia Vietnam acquiring Centre Point Office Building in Ho Chi Minh City; Nikko Cordial Securities investing in PetroVietnam Securities, Unicharm acquiring Diana, etc..”

The Vietnamese real estate market is critically short of capital and developers are therefore seeking new sources of finance. These include an outright sale of the project to a third party, seeking a joint venture partner, en bloc sales of residential units, or strata sales of retail and office space, etc. Many Vietnamese developers holding large land banks are now willing to sell development land to third parties in order to raise capital to finance the construction of other projects. The financial pressure on local developers has resulted in many distressed assets in Vietnam, which on the other hand creates an unprecedented period of opportunity for foreign investors.

Although facing a number of challenges such as an immature legal framework, low market transparency, complicated licensing procedures and differences in price expectations; it is believed that the next few years will see a rising number of investment deals happening.

At the seminar, the presenter also mentioned that Savills Vietnam is a well-known international real estate service provider with more than 15-years experience in Vietnam. Particularly, in the field of real estate investment consultancy and M&A, Savills have a strong dedicated team of experts with in-depth experience and relationships with investors and developers, including domestic, regional and global players. In 2010, Savills Vietnam successfully brokered a number of real estate deals, with total transaction value exceeding US$100 million. Operating as the one-stop exchange for real estate investors and developers for deal sourcing, Savills Vietnam is in the best position to direct capital flows to where they are needed most.

For media enquiry, please contact:
Nguyen Pham Khanh Van
Corporate PR & Marketing Manager
Savills Vietnam

For Investment opportunity, please contact:
Neil MacGregor MRICS BLE (Hons)
Deputy Managing Director of Savills Vietnam

Su Ngoc Khuong (Mr.)
Associate Director – Investment – HCMC

Dao Manh Hung (Mr.)
Head of Investment – Hanoi

The Rise of a New Generation of Apartments in Vietnam

24 Nov
VNRE – Trendsetter Fusion Resorts, known for its groundbreaking Fusion Maia’s all inclusive spa, Fusion Alya’s all inclusive dining and Fusion Zana’s fashion resorts, is currently working on a new apartment concept for the Vietnamese market. Not only does the design of Fusion Suites Da Nang Beach fuel curiosity, but service wise the creative minds behind the Fusion brand have come up with a special management concept for the building ensuring the return of investment of the buyers….to be revealed later this year.

According to Marco van Aggele, CEO and Co-founder of Serenity Holding, “The addition of an apartment concept to our collection of innovative resorts will breathe fresh air into the quite standard way of looking at apartments for sales in Vietnam. Thus far, most apartment developments across Vietnam are marketed on the price per square meter, making it very hard to distinguish yourself from other developments other than the price. With our strong background in hospitality, we think that our Fusion Suites collection will truly capture the essence of apartment ownership. Whether our buyers use it as a pied-a-terre, live there permanently or put it in our Fusion rental pool; our highly efficiently planned modular Fusion Suites are the answer for the currently distressed apartment market of Vietnam.
Fellow Dutchman and Design Director of Serenity Holding, Mr. Rolf van Valkenburg explains: “Constantly talking with customers and investors has helped us gain deep insights into their underlying needs which surely a customer survey cannot find out. And we know that both investors and customers are never demanding less. Creating new products and concepts to us is a must and a key ingredient for our developments’ survival. The “double-skin” design theme of Fusion Suites Da Nang Beach is somewhat strange for Vietnam, but it is a very effective and simple way to keep a building evolving throughout time, while contributing to a more eco-friendly operation. We truly hope the concept will be embraced by those Vietnamese investors and guests in search for a boutique lifestyle.”
Marco van Aggele continues: “Supported by our in-house team of dynamic managers and designers, Serenity always aims to look a few years ahead of the curve by conceptualizing innovative hospitality and real estate concepts in the very preliminary stage of a project. The new proposed Fusion Suites concept will put property investment in a different light. No longer will people have to invest in an “empty” apartment with no reasonable expectation of generating rental income until they resell the apartment. The fully furnished units of Fusion Suites can be put in and out of the rental pool depending on our client’s personal desires. This flexibility will be the key to the success of our Suite concept”.
Even though still in its concept phase, Fusion Suites Danang Beach has already received many pre-registered buyers in search for a smart way of investing in property. The attractive price point of a fully furnished, and ready to rent out unit (starting at 1.3 bln VND, which is around 65.000 USD) is only one of the reasons of this great demand. The unique look of the building give the buyers a feeling that the future value of their investment in safeguarded in the tough market of Da Nang. Other Fusion Suites development in main cities, such as Hanoi, Nha Trang and Ho Chi Minh City are currently under discussion.
About Fusion Resorts
Fusion Resorts is a new movement consisting of Vietnam’s most unique, forward-thinking and individually oriented hotel, resort and residential properties. Since its launch in the market in 2008, Fusion Resorts has continuously sought to promote, embrace and uphold the idea of combining travel with a strong lifestyle approach. Today’s consumers are more aware of a product’s development. A lifestyle image is no longer just a trend. Discerning consumers nowadays aspire more towards a brand that shares the values they cherish. With the brand “Fusion”, a new combination is taking shape in tourism: the highest standard of comfort is linked to a more conscientious investment. With properties for sale on locations such as Hoi An, La Gi, Da Lat, Ham Tan, Ho Tram and asset projects open and planned on locations such as Da Nang, Phu Quoc, Cam Ranh, Hoa Binh, Fusion Resorts will soon be Vietnam’s largest Internationally managed resort chain.
About Serenity Holding
Serenity Holding has grown into a well-known name in the hospitality and real estate industry. In Vietnam the pressure for developers to maintain profitability and return against the backdrop ofincreasing development and land costs continues to be the biggest threat to development companies. Serenity Holding however is uniquely placed, as the company is the only fully vertically integrated hospitality company. With their own in-house designers and project managers, Serenity is able to take a more complete view of every project, seeing a project from both a developer’s and a hotelier’s point of view. This holistic approach allows balancing the competing needs of delivering a top-tier product to our guests while creating a return for our shareholders. Furthermore, the approach ensures that the Serenity values remain embedded in all stages of the development of any project, hereby creating the optimal equilibrium to Serenity’s guests, shareholders and employees. Currently Serenity is working on 15 diverse hospitality projects from A-to-Z and has ownership interests in most of these. ttp://
Source: Archinect

Thang Long Number One

23 Nov

VNRE Located at No.1 Thang Long Avenue – the most modern highway of Vietnam, Thang Long Number One in the center of the system of roads, elevated highways, railway associated with Administration Zone of Hanoi and 64 provinces, the center of political, financial, retail, culture – sports of the country such as the National Conference Center, Big C Supermarket, My Dinh Sports Complex, Grand Plaza Shopping Centre…

This is also the junction between the new urban area of the west and north of the city such as My Dinh, Trung Hoa, Nam An Khanh, North An Khanh Splendora, Duong Noi, Van Khe… With strategic urban development to the west of the city, Thang Long Number One in the middle of the political – economy – culture flow. Live at Thang Long Number One, resident will be closely linked with the dynamic rhythm of daily life in the city…

Project Overview

– Location: Number 1, Thang Long Avenue
– Owner: Viglacera Corporation
– Total project area: 39,062 m2
– Construction Area: 17,706 m2
– The area of zone A: 2,386.012 m2
– The area of zone B: 2,567.64 m2
– The gross floor area: 244,319.85 m2
– Area of apartments: 135,924.89 m2
– The area of commercial, leasing office: 11,246.10 m2
– The area of swimming pool: 519.00 m2
– The area of green: 1,747.00 m2
– The area of court: 2,579.00 m2
– The area of 03 basement: 46,486.35 m2.

Green Architecture

Thang Long Number One would be brought in relief by modern architecture. Each building is a gamut of different architectures together transmission to each urban residents a inspiration of green and light.


Residents of Thang Long Number One will experience a new life, be caring to each separate function rooms. With the most advanced and modern equipments, Thang Long Number One apartment will make residents feel the elegance of the interior and warm of nature.

Each apartment is equipped with a remote control system integrated four systems of lighting, air conditioning, blinds and security:

– Doors are installed Doorphone and camera system with touch screen connected to lobbyphone, guardphone with the most intelligent software. Along with the sensor system allows the owner to know the door is closed or not.
– The system of automatic window curtain.
– Bathrooms are equipped audio bathphone allows homeowners to communicate with guests and open the door from bathroom.
– Water heating energy system, air ventilation system are equipped…

Modern Office

Located in the heart of the administrative area of Hanoi, Thang Long Number One was designed sophisticatedly and modern, to provide professional working space for leading firms, corporations of Vietnam and international. The modern office towers make the rhythm of life here more even vivid, and increase the value of the premises.

Commercial center

Thang Long Number One commercial center is the place convergence of the famous brand in the world. With the brands of fashion, cosmetics, accessories… residents will feel like to live in the middle of a bustling center of fashion. Besides a supermarket located in the commercial center is a place to meet the daily needs of the housewife.


Besides the beautiful natural scenery, new, modern and in sync infrastructure, Thang Long Number One also meets the basic services for comfort life:

The project developer and partners

– Developer: Viglacera Corporation
– Building contractors: CotecCons, Lac Hong Giang and Long
– Consultant supervision: AIC Management Co., LTD.
– Design consultant: Campbell Shillinglaw and Partners
– Marketing consultant: CBRE Vietnam.

For further information, please contact:

Viglacera Real Estate Company
Add: 2nd Floor, Viglacera Tower, No.1 Thang Long Avenue,
Me Tri Ward, Tu Liem District, Ha Noi
Tel: 84.4.3553 6688 – Fax: 84.4.3553 7666
E-mail: – Website:

Le Spa du Metropole is the best spa in Asia 2011

19 Nov
VNRE With an area of approximately 400m2 was decorated in Indochina style, the Spa of 110 year old Sofitel Legend Metropole Hanoi hotel is the only candidate of Vietnam was awarded this year at the 7th Annual Awards.

AsiaSpa Awards was held by AsiaSpa Magazine in Hong Kong to choose the Spa outstanding in quality and novelty in Asia.

Melia Hotels International to manage hotel in Da Nang

19 Nov
VNRE Recently, at the Melia Hanoi Hotel, Vistar Corporation, the owner of Melia Da Nang Hotel, has signed a management contract with Melia Hotels Group International, one of the world’s leading hotel management group.

Melia Da Nang Hotel is located in Marble Mountain foothills, on a pristine beach voted as one of 10 most beautiful beaches on the planet by Forbes Magazine. The hotel has a private beach 400 meters long, the back against the Marble Mountains.
Melia Danang Hotel has 330 rooms and 35 villas. From the hotel, visitors can see the Son Tra Peninsula and Cu Lao Cham. The hotel has many rooms for conference and seminar up to 700 seats, spa, pools, shopping center, ocean sports and high-speed ship…
The investor has completed the rough construction, first phase will be put into operation in summer of 2012 include 110 hotel rooms, 11 villas, Spa, 2 restaurant, 300-seat conference room…
Sir Fernando Curcio, Spain ambassador to delighted at the Melia Group  in particular and Spanish businesses in general has achieved great success in investing and trading in Vietnam. The Ambassador looks forward to many Spanish businesses to invest and succeed in the Vietnam market.