Phu My Hung Urban Area in District 7 of HCM City (Photo: VNA) HCM City (VNA) – The flow of foreign direct investment (FDI) into real estate in Ho Chi Minh City has followed the same trend as with the FDI movement into the country, with the property sector always among the top FDI recipients in recent years. HCM City has taken the lead in FDI attraction over the last three decades since Vietnam opened its economy to the world, and real estate is one of the sectors receiving most foreign investment. Among major deals recently, Lotte Group of the Republic of Korea has finalised procedures to invest 20.1 trillion VND (855.6 million USD) in a project named Thu Thiem Eco Smart City in the Thu Thiem New Urban Area in District 2. Also in this urban area, the Empire City Tower project with total capital of 1.2 billion USD is now under construction and expected to complete in 2022. It is invested by a joint venture of two Vietnamese companies and the Denver Power Ltd of the UK. … [Read more...] about Real estate in HCM City holds great appeal for foreign investors
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More foreign investors eye Vietnam’s real estate market
The Hanoitimes - Interest of foreign investors in the country’s real estate is rising significantly with the market seeing more large-sized projects underway in recent months. During a recent working session with Ho Chi Minh City’s leaders, CEO of Lotte Asset Development Lee Kwang Young released plans to start construction of a smart complex in the Thu Thiem new urban area in the city’s District 2. The smart complex, covering 7.54 hectares, is set to cost VND20.1 trillion (US$885.5 million), excluding compensation and site clearance expenses. Vietnam expects to attract foreign investors in all sectors of the property market Also in Thu Thiem, Empire City project is under implementation with an investment capital of $1.2 billion. The project is developed by a 50/50 joint venture between two Vietnamese companies - Tien Phuoc Real Estate JSC and Tran Thai Real Estate Co Ltd, and one foreign partner – Denver Power Ltd. South Korea’s Daewon Thu Duc … [Read more...] about More foreign investors eye Vietnam’s real estate market
Thai billionaire sets ambitions on Vietnam’s real estate sector
Singaporean Frasers Property Limited of Thai billionaire, the new shareholder of Sabeco, recently announced plans to buy 75 per cent of Phu An Dien Real Estate JSC (PAD), a subsidiary of Tran Thai Land Company Limited, for $35.2 million. 32-storey residential-cum-commercial development in Thao Dien Ward in District 2 to be held by Thai billionaire Frasers Property Investments (Vietnam) 2 Pte. Ltd., an indirect wholly-owned subsidiary of Frasers Property Limited (FPL) of Thailand’s billionaire Charoen Sirivadhanabhakdi has already entered into a conditional share purchase agreement to acquire 45 million ordinary shares, representing 75 per cent of the issued share capital of Phu An Dien Real Estate JSC. If the proposed acquisition is successfully completed, PAD will become a subsidiary of Frasers Property Limited, and continue undertaking the development of a residential-cum-commercial project on a mixed-use development plot in Linh Trung Ward, Thu Duc District, Ho Chi … [Read more...] about Thai billionaire sets ambitions on Vietnam’s real estate sector