Property firm CB Richard Ellis Viet Nam (CBRE) reports that many global investment funds and real estate groups plan to invest in the Vietnamese property market.
Many have already arrived in the country and firmly believe in the potential of the market.
Investors from South Korea and Singapore are interested in building apartments and offices. Financial and real estate groups from Japan, the US, and, especially, the Mideast are interested in luxury hotels, apartments and resorts.
Viet Nam has two major advantages that foreign businesses are clearly aware of. One, it is known as a safe and attractive destination for tourism and investment. Besides, land prices in tourist areas are still cheap so that investors hope to get good returns.
IndochinaCapital and VinaCapital are developing two luxury resorts, Nam Hai and Son Tra, in Hoi An and Da Nang towns respectively.
Japanese investors have set up a joint venture with Lam Dong Province to build the Ban Kia –Suoi Vang resort in Da Lat town in the Central Highlands.
Koreans remain the biggest real estate investors with many projects in the development stage. These include Posco E & C which has a US$212 million project to build the Bac An Khanh urban area in HCM City; Kumho with its $230 million Asiana Plaza Sai Gon; Tay Ho Tay with a $314 million new urban area project in Ha Noi; and Booyoung with a $171 million apartment project in Ha Tay Province near the capital city.
CBRE general director Marc Townsend also said that about 20 businesses from Dubai, Qatar, and Bahrain were scouting for opportunities in the property market.
They are interested in developing new urban areas in Ha Noi and HCM City and in the central region.
The Dubai-based Kingdom Hotel Investments has decided to invest $65 million in building the Raffles Resort in Da Nang.
Nine investors from Singapore, Hong Kong, Australia, the US, Malaysia, Saudi Arabia, and mainland China have already registered to invest in the Binh Quoi-Thanh Da urban area project in HCM City.
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