Singaporean firm keen on Vietnamese real estate

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Singapore's Cityneon Holdings, Limited has opened a representative office in Ho Chi Minh City as part of its expansion strategy to capture a large share of Vietnam's lucrative real estate market. The office, located at the Saigon Trade Centre in HCM City District 1, will also serve as the company's launch pad to penetrate Cambodia and Laos. Cityneon Managing Director Ko Chee Wah said that the presence of its office in Vietnam reflects his company's long-term commitment to establishing a firm foothold in the country's fast-growing real estate development market. "We are very excited about doing business in Vietnam as it is a promising market, thanks to its continued economic growth, and also the gateway to other markets in the region," Ko said. Cityneon has also won a contract worth US$5 million to participate in the MGM Ho Tram project in the southern province of Vung Tau. By getting involved with Singaporean and Japanese firms working on big projects, as well as the … [Read more...]

Dubai group to develop $30billion property project in Vietnam

(VOV) -Global Sphere, a Dubai-based development company, has launched a US$30 billion "Hanoi Wall Street" real estate project that will cover an area of 35 sq km. Foreign investment pours into real estate market Singaporean firm keen on Vietnamese real estate Global Sphere Board Chairman Dr Abdullah Al Sayegh said the project is an integrated complex with a total value estimated at US$30 billion. The first phase, valued at US$10 billion, is expected to be finished by 2020. The project, 4 km from Noi bai International airport, is the largest Vietnamese venture invested by an UAE-based company. Its completion is scheduled for 2030. The engineering plan for the project resembles downtown Dubai, he said, adding that it will accommodate between 300,000 to 400,000 residents. Global Sphere consulted with UAE engineering firm NEXT. Established over 10 years ago in Dubai, Global Sphere is associated with many European and American enterprises sourcing funds for … [Read more...]

Dubai group develops $30billion property project in Vietnam

(VOV) -Global Sphere, a Dubai-based development company, has launched a US$30 billion "Hanoi Wall Street" real estate project that will cover an area of 35 sq km. Foreign investment pours into real estate market Singaporean firm keen on Vietnamese real estate Global Sphere Board Chairman Dr Abdullah Al Sayegh said the project is an integrated complex with a total value estimated at US$30 billion. The first phase, valued at US$10 billion, is expected to be finished by 2020. The project, 4 km from Noi bai International airport, is the largest Vietnamese venture invested by an UAE-based company. Its completion is scheduled for 2030. The engineering plan for the project resembles downtown Dubai, he said, adding that it will accommodate between 300,000 to 400,000 residents. Global Sphere consulted with UAE engineering firm NEXT. Established over 10 years ago in Dubai, Global Sphere is associated with many European and American enterprises sourcing funds for … [Read more...]

Singaporean businesses still keen to invest in Vietnam

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(VOV) - Despite the global economic downturn, Singaporean businesses show strong interest in investment opportunities in Vietnam as they are confident in the country's economic potential. Singapore-Malaysia JV invests in flour mill in Quang Ninh Singaporean firm keen on Vietnamese real estate The statement was made by Consul General Pong Kok Tian at a meeting in Ho Chi Minh City on August 8 to mark the 47th anniversary of Singaporean National Day. By July 2012, its total investment in Vietnam reached US$23.3 billion, ranking fourth among foreign investors. Of the figure, nearly US$5 billion was invested in HCM City alone, making Singapore the single leading investor in the city. … [Read more...]

HCM City attracts more FDI projects

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Since early this year, the Ho Chi Minh City Department of Planning and Investment has granted certificates to 129 FDI projects, valued at US$166 million in total. Binh Duong takes lead in attracting FDI Singaporean firm keen on Vietnamese real estate Real estate project tops FDI attraction list With more capital added to 28 projects already in generation, the total amount of FDI funding has reached US$450 million. Singapore has taken the lead with more than US$94 million, followed by Japan with US$20.5 million. Most newly-licensed projects are in the automobile, and science and technology sectors only a few projects are focused on in real estate, financial and banking activities. VOVOnline … [Read more...]

M.I.K enlisting foreign help to gain the edge

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M.I.K Corporation last week signed a strategic partnership agreement with Singapore’s Cityneon Holdings Limited, a leading company in design and construction of interior architecture, galleries and theme parks. Through this partnership with M.I.K, Cityneon will invest and finish the interior construction works for Park Premier’s Penthouse suites and its public area of two executive floors. The firm will also design the model home and complete the interior construction for Ascott Waterfront Saigon, the first luxury serviced residence in Vietnam receiving international acclaim. Addressing the ceremony, M.I.K Corporation’s CEO Lim Hui Min John said that, "With the desire of developing high quality properties with the environment of luxurious living, we are constantly seeking cooperation opportunities with the world’s leading partners in many fields." "With proven experience and expertise in interior architecture, we are confident that Cityneon Holdings Limited … [Read more...]

Property giant MIK ties up with Singapore firm for interiors

MIK signs strategic partnership agreement with Cityneon. VNS Photo Thu Ngan

Property developer MIK Corporation signed a deal with Singapore's Cityneon Holdings Limited, which specialises in interior design and galleries and theme parks, on August 22. Cityneon will design the interiors of the penthouses at MIK's Park Premier and the public area on two of its executive floors, and the interiors of Ascott Waterfront Saigon, a luxury serviced residence. MIK is one among four biggest property developers in Viet Nam along with Capitaland, Novaland, and Vingroup. Cityneon has designed over 1,000 projects globally for multinationals, governments and others in more than 30 countries, including Resort World Sentosa and Universal Studio in Singapore, an international amusement park in Shanghai, Kabar Aye Executive Residence in Myanmar, the five-star Hotel Caravelle Sai Gon, and lobby and casino at the Grand Ho Tram Strip Hotel. Ko Chee Wah, CEO of Cityneon, said the company is optimistic about the potential of the Vietnamese property market because of the country's … [Read more...]

Standard Chartered expands HCMC office

The Saigon Times Daily The expansion of the bank's office in the city makes it possible to accommodate its growing business and headcount in the country's south. With the new office for wholesale banking business and support functions, adjacent to the existing consumer banking office, the bank is now the sole occupant of a floor of the Saigon Trade Centre in District 1. Louis Taylor, general director of Standard Chartered Bank (Vietnam) Ltd., said: "The new premises in HCMC mark another milestone of our business in Vietnam. This represents a significant upgrade in the standard of our working space in the south, where we are investing more resources to capture the business opportunities available here." Last year the bank relocated its Hanoi head office to KeangNam, the tallest building in Vietnam. Standard Chartered now has three branches and employs nearly 700 staff. … [Read more...]

Standard Chartered Bank expands its office in HCMC

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The UK Minister of State for Trade and Investment, Lord Green today performed the official opening of the Standard Chartered Bank Vietnam's expanded office in Ho Chi Minh City. Following last year's relocation of the bank's Hanoi head office to Keangnam, the tallest building in Vietnam, the bank has now expanded its office in Ho Chi Minh City to accommodate its growing business and headcount in the south. With the new office for Wholesale Banking business and support functions, adjacent to the existing Consumer Banking office, the bank is now the sole occupant of a floor of the Saigon Trade Centre at 37 Ton Duc Thang, District 1. The new office follows the bank's global workplace standards and is fully equipped with modern technology systems to ensure best service to its clients and customers. "The new premises in Ho Chi Minh City mark another milestone of our business in Vietnam. This represents a significant upgrade in the standard of our working space in the south, where we … [Read more...]

AppliancZ Named Exclusive Distributor of York Products in Vietnam

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Johnson Controls, a global leading company offering products and services to optimize energy and operational efficiencies of buildings, has recently named AppliancZ Vietnam Joint Stock Company as its sole distributor of York control system solutions and water coolers in Vietnam, including construction management system, fire alarm system, closed-circuit television camera (CTTV), entry - exit security solutions, and after-sales service. Johnson Controls Building Efficiency Asia (JC) and AppliancZ Vietnam signed an exclusive distribution contract in Hanoi. Since January 2011, AppliancZ Vietnam has become an appointed distributor of air conditioners in the array of York central air conditioning system and building energy saving products. AppliancZ Vietnam made a successful record in support of Johnson Controls - York in Vietnam. With the strategic partnership with Johnson Controls, AppliancZ Vietnam has the knowledge and expertise to promote York air conditioners and energy saving … [Read more...]

Lax management fosters business registration abuse

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A man in HCM City was recently discovered to have set up 37 enterprises with the same headquarters in the space of just over one month. Nguyen Tuan An (right) claims to be the VTI Group's chief accountant Vo Van Vi also established two companies in 2009 that have yet to earn any revenues. False headquarters All 37 enterprises established by Vi have the same headquarters in a room on 31st floor of Saigon Trade Centre at 37 Ton Duc Thang, District 1, HCM City. The firms are all subsidiaries of the VTI Group Joint Stock Company or VTI Group, which is headquartered on the 5th floor of Indochina Riverside Towers at 74 Bach Dang, Danang City. The VTI Group website claims that they have 18 subsidiaries in cities throughout the world including New York, London, Singapore, Sydney, Toronto, Johannesburg, and Vienna, in addition to subsidiaries in Hanoi and HCM City. However, in fact, the headquarters of the 37 enterprises is just a small room in HCM City that VTI Group hired from Singapore's … [Read more...]

Celadon – a city within a park

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The first integrated township development with a giant Central Park, located north of Ho Chi Minh City, is envisaged to be the preferred address of the young and vibrant community seeking quality living environment in a modern township. This signature township development, which provides residents an ideal home within a healthy living environment is the result of a strategic partnership between Sacomreal Vietnam and Gamuda Land Malaysia, one of Asia's premier developers with 30 years of experience in infrastructure, construction and township development in Malaysia. Natural living within a modern township Besides offering modern amenities and facilities, the unique features of Celadon City lies within its strategic master plan of building ideal homes within its 16 hectares of expansive parkland and lakes. The concept of delivering a sustainable and healthy living environment is the company's vision in enriching life of the society. The Celadon City township master plan is … [Read more...]

Three retailers listed amongst top Asia-Pacific stars

Three Vietnamese companies have been listed in the 2007 Retail Asia-Pacific Top 500 selected by regional trade magazine Retail Asia Publishing. The three companies, all from Ho Chi Minh City, were the Commercial Cooperative Union (Saigon Co.op) receiving the gold award for the fourth time, the Saigon Jewelry Holding Company (SJC) winning its second silver, and the Saigon Trade Centre getting the bronze for its first time. The Saigon Co.op was also selected as one of top 10 most efficient retailers in the region. The awards ceremony was held in Tokyo, Japan, on October 11. The annual awards, beginning in 2004, honour top 500 performing retail companies in 14 regional economies, namely Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, the Republic of Korea, Thailand, Taiwan and Vietnam. … [Read more...]

Demand for Office Buildings Sharply Increases

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While the property market has not yet fully recovered, the rental of office building is on the increase. The influx of investments is improving the situation. According to CB Richard Ellis Vietnam (CBRE) Consulting Group, in three years, there will be some 100,000 sq. metres more for lease but this remains insufficient in light of the huge demand. High rental in Hanoi Office buildings in Hanoi continue to be scarce although there us some remaining vacant space. Recently, Tay Ho Tay Development Co., Ltd rented 300 sq. metres at Vincom City Tower and Notel Networks group rented 750 sq. metres at Ocean Park building. Most clients are looking for high-class buildings. As a result, the new office buildings such as Bac A, Hoa Binh, 4 Lang Ha, VIT and Opera Business Centre will be fully rented when the buildings are completed in the third and fourth quarters of 2006. High-class apartments are also in the same situation. The rental of a high class apartments has increased from as much as … [Read more...]

Standard Chartered Bank Opens HCM City Branch

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UK-based Standard Chartered Bank on June 7 opened the Ho Chi Minh City Branch, its second branch in Viet Nam. The new branch is located on the second floor of the Saigon Trade Centre building, 37 Ton Duc Thang Street, District 1. Among the participants at the opening ceremony were British Prince Andrew, the Duke of York, Ho Chi Minh City Mayor Le Thanh Hai, and State Bank of Viet Nam Governor Le Duc Thuy. (From L) Mr. Thuy, British Prince Andrew, Mr. Nargolwala, the bank's group executive director, and Mr. Hai cut the ribbon to open the branch. (Photo: Tuong Thuy) Standard Chartered Bank in Viet Nam provides corporate banking products and services, including lending, cash management, trade financing, foreign exchange and treasury services. The bank is also involved in the building of Viet Nam's infrastructure through project financing for Phu My 3 Power Plant and a mining project in Thai Nguyen Province. At the ceremony, Prince Andrew presented a VND500 million check of the bank … [Read more...]

HCM City facing classroom shortage

HCM CITY (VNS) — All HCM City districts must ensure that all students can enroll in school this year, Le Hoang Quan, chair of the city's People's Committee, has said. The schools face an increasing number of students, most of whom were migrants. For the 2015-16 school year, the number of students from kindergarten to high school level has increased by 85,145 compared to last year. The 1,518 additional classrooms built for this year do not meet demand, forcing the districts to increase classroom size. Quan said that a shortage of classrooms, as well as facilities for entertainment and sports, would affect education quality. Binh Tan and Thu Duc Districts, as well as District 12, face a shortage of classrooms because of the high number of migrants who live there, according to Hoai Nam, deputy head of the city's Department of Education and Training. Nguyen Thanh Tuan, deputy head of Thu Duc District's Viet Nam Fatherland Front Committee, said the solution was to increase the … [Read more...]

Outlying HCM City districts lack supplies of fresh water

HCM CITY (VNS)— At least 95 per cent of underground fresh water in HCM City does not meet with the Ministry of Health's hygienic standards, while nearly 20 per cent or 358,000 households have no fresh water to use, delegates heard a meeting of the municipal People's Council held on Monday. "Last year, the city's People's Council released a resolution to provide fresh water for 100 per cent of households this year, but it has been difficult to reach the target," the chairwoman of the council, Nguyen Thi Quyet Tam, was quoted as saying in the Voice of HCM City Broadcast. To provide fresh water for the remaining households, a 1,228 km pipeline system must be either upgraded or newly built, authorities said. The system includes a total of 2.2 million cu.m, 28 water supply stations, and 1,500 tanks and water treatment systems for more than 130,000 households. The total cost is estimated at VND2.2 trillion (US$100 million). "If the State budget has not provided enough capital, bank … [Read more...]

Surveillance cameras help stem crime in seedy HCM City ward

by Gia Loc HCM CITY (VNS) — Once the hotspot in Go Vap District for local crimes, prostitution and drug addicts shooting up in alleys, Ward 12 today has seen a sharp drop in the crime rate after the installation of 300 surveillance cameras. Installed on electrical posts in the alleys, the cameras were funded completely by voluntary donations from Ward 12 residents. Pham Thi Kim Lien, who lives in Alley 284, a once-favoured spot for criminals, said: "We can view the camera images from our smartphones and while we're on holiday, too." While residents can access the camera placed in their alley by entering the IP address in their web browser, the police are able to see images from all the cameras in the network. "The surveillance camera network has helped our security," Lien said. Nguyen Ngoc Tung, head of the neighbourhood watch group in the ward's seventh quarter, said that he had once spotted addicts and non-residents loitering in Alley 284 after watching the control … [Read more...]

Social News 8/7

Authorities rush to rescue sailors from stranded ship The Binh Thuan Port authorities are hurrying to salvage the Truong Hai ship that has run aground off the southern Binh Thuan Province. The ship, carrying 3,000 tonnes of rice and 13 sailors, ran aground about nautical 15 miles southwest of Ke Ga Lighthouse in the province's Ham Thuan District on Sunday. Authorities said that the water tank, meant to balance the ship, had been punctured. The sailors were continuously pumping out water to maintain the vessel's balance and save the ship from sinking. They also asked fishermen nearby to help unload a part of the rice cargo. The port authority said some fishing boats tried to get access to the ship to steal its cargo and property. The Truong Hai Maritime Transport Company sent a document asking the Binh Thuan port authorities to speed up rescue efforts and to ensure security of the ship. The port authorities are working with the provincial police and border guard forces to take … [Read more...]

Bridge to connect new HCM City districts

A view of the new Thu Thiem urban area located in District 2 of HCM City. — Photo saigondautu.com

HCM CITY (VNS) — HCM City plans to build a new bridge to connect the two new urban areas of Thu Thiem and Nam Sai Gon. The city's Department of Traffic and Transportation recently asked the city's People's Committee for permission to allow the investor to study the construction of the Thu Thiem 4 Bridge to connect Districts 2 and 7 of the city. The location and scale of the new bridge and investment funds are being discussed. The key project of constructing the bridge across the River Sai Gon is part of efforts to develop the city by 2020. Five bridges and a tunnel will connect the Thu Thiem urban area in the District 2 with other regions of the city. The Thu Thiem 1 Bridge and the tunnel across the River Sai Gon have been operational since 2010 and 2011 respectively. Early this year, work also started on the 1.5km-long Thu Thiem 2 Bridge with a total investment of VND3 billion (US$150,000). This bridge is expected to become operational in 2018. — VNS … [Read more...]