Vietnam preferred by foreign property investors in M&As: Savills

Vietnam preferred by foreign property investors in M&As: Savills By Thanh Thom An artist’s impression of Waterpoint Township. Nam Long Group kicks off the key project in HCMC’s neighboring province of Long An in June – PHOTO: TL HCMC – Vietnam has become one of the most favored destinations for foreign property investors in the development of mergers and acquisitions (M&As), said real estate services provider Savills Vietnam in a statement on July 27. In the first half of this year, Vietnam’s economy expanded 7.08% year-on-year, marking the highest first-half growth since 2011. The local real estate sector continued receiving robust interest from foreign investors, ranking first in the contribution to foreign direct investment (FDI) registration, with US$4.97 billion, according to Savills Vietnam. The consultancy firm said that the smart city project in Hanoi City accounted for the majority of this funding. Covering 271.82 hectares, this mega project is jointly funded by four local companies and Japan’s Sumitomo Corporation. The first phase is planned to start in the third quarter of this year and will be developed by a Sumitomo-BRG Group joint venture. Once completed, the smart city is expected to be one of the most advanced smart cities in Southeast Asia, with a modern transport system. Savills Vietnam said the property market in HCMC also witnessed strong interest from major players during this quarter. Frasers Property entered into a conditional share purchase agreement to acquire 75% of the shares issued by Phu An Khang Real Estate, which owns a mixed-use… [Read full story]