Downtown condo development ban may cause monopolyBy Le Anh An aerial view of the downtown area of HCMC - PHOTO: THANH HOA HCMC - The HCMC government’s decision to stop licensing new multistorey apartment building projects in Districts 1 and 3 until 2020 could result in a monopoly among the few investors in projects currently under construction, paving the way for them to raise the prices of apartments, according to the HCMC Real Estate Association (HoREA). HCMC currently has more than 8,500 high-end apartments, accounting for 30% of the total, while low-cost ones make up only 24.7%, with nearly 7,000 units. This means that there is an imbalance in HCMC’s housing market. A balanced housing market should have the largest proportion of low-end apartments and the smallest proportion of apartments in the high-end segment. HoREA forecast a shortage of homes for low-income people but an abundant supply of high-end apartments. Investors in luxury apartments will have to … [Read more...] about Downtown condo development ban may cause monopoly
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Who are the owners of luxury apartments in District 1? A view of The Grand Manhattan, a luxury apartment project in downtown HCMC The just-launched Grand Manhattan has become the center of splendor due to its luxury apartments being located in downtown HCMC, which are not easy to own. From international investors Elena Goh, a Singaporean real estate investor, is one of the first owners of apartments at The Grand Manhattan, “HCMC is a market my husband has eyed for ages. So we decided to purchase apartments as soon as the project was introduced to the market. Compared with other property markets which I have invested into such as Hong Kong, apartments in HCMC have a much lower price and profit margins reach 4%-5%, compared to Hong Kong’s 1%-2%.” As an experienced real estate investor, Elena Goh said, “In Hong Kong and Singapore, profit growth of luxury properties tend to be stable. I believe that profits from real estate projects in HCMC, which is an … [Read more...] about Who are the owners of luxury apartments in District 1?
By Hung Le  November 23, 2018 | 03:48 pm GMT+7 HCMC will not approve construction of new high-rise apartments in inner city areas (District 1 and 3) until 2020. Photo to by Shutterstock/De Visu The Ho Chi Minh City administration has decided that no high-rise apartment projects in the dowtown will be approved until 2020. Instead, priority will be given to repair and renovation of old apartment buildings. According to the housing development plan for 2016-2020 with orientation until 2025, that was approved by the HCMC People’s Committee on November 19, the city will not approve construction of new high-rise apartments in inner city areas (District 1 and 3) until 2020. Projects already approved and under construction will continue as usual. The city will also prioritize projects repairing or renovating 50 percent of 474 old apartment complexes constructed before 1975. It will continue to relocate households living along canals; construct new or renovate old, … [Read more...] about No high-rise apartment projects in downtown HCMC until 2020
According to property consultancy DKRA Vietnam, in the third quarter of this year a total of 18 apartment developments came into the market with 7,152 units. Of this number Districts 1, 3, 4, 10, and a part of District 5 only contributed 805 units, or 11 percent. In the last three quarters these areas accounted for only 8.1 percent of the total new supply in the city, with 2,159 units. DKRA Vietnam's director of research and development, Nguyen Hoang, said this was due to the fact that “clean” land – referring to land already cleared for construction -- in the city centre is fast becoming scarce. It is not easy to free up land either due to the very high costs involved, he pointed out. “If investors are able to acquire land in District 1 or central HCMC, they usually develop high-end, luxury apartments.” Concurring with this, Nguyen Tien Dung, general director of Sai Gon Trien Vong Ltd. (Savista), said trade space and office developments would be more … [Read more...] about Downtown HCMC proving increasingly elusive for apartment developers
PHILADELPHIA — Catastrophic engine failure on a Southwest Airlines flight from New York to Dallas killed one person and forced an emergency landing on Tuesday, the first fatal incident in US commercial aviation for nearly a decade. The Boeing 737-700 took off without incident but minutes into the flight, passengers heard an explosion in the left engine, which sent shrapnel flying through the window, shattering the glass and leading oxygen masks to drop, witnesses said. "We believe there were parts coming out of this engine," Robert Sumwalt, chairman of the National Transportation Safety Board, told a news conference, confirming engine failure but no fire. "There is one fatality," Sumwalt said. US media said seven people were slightly injured. The identity of the dead person was not immediately disclosed. "We are saying this is an engine failure," Sumwalt said. Southwest Airlines said flight 1380 had been en route from New York’s LaGuardia domestic airport to Dallas Love … [Read more...] about One dead as jet engine fails on New York-Dallas flight