Both Hanoi and Ho Chi Minh City are being affected by construction grounding to a halt, Photo: Dung Minh After being contacted by several frustrated homebuyers at Manhattan Tower (formerly Thanh An Tower) in Hanoi, VIR contacted both the investor and relevant parties to clarify the reasons behind the delay in construction. Truong Hoang Vu, CEO of Landmark Holding, the developer of the project, confirmed that the project is delayed indefinitely because of disagreements among the parties. Landmark Holding (LMH) had signed a contract with project owner Ba Dinh Construction Consultancy-Investment JSC (Ba Dinh JSC) and the main contractor Vinaconex. “At the end of 2018, LMH was asked to transfer the money directly to Ba Dinh JSC so that they can directly pay Vinaconex,” Vu said. “However, Ba Dinh JSC did not comply with the agreement and did not pay the main contractor, so the project has stopped.” Vu said that both LMH and homebuyers are victims in … [Read more...] about Real estate dented by surging delays
Real estate most expensive cities
Can Tho caught up in the hype storm of real estate price
Skyrocketing prices These days, social networks are littered with posts promoting real estate, from urban land to farmland. Real estate agents constantly try to close sales land projects or townhouses, sprinkling in bits of info about how prices are predicted to rise rapidly to talk customers into purchasing the assets. In Ninh Kieu District, noteworthy projects that are being actively advertised include Hung Loi Villas, with an average price of VND29 million per square meter (US$1,246); or Eco Villas Con Khuong in Cai Khe Ward at about VND19 – 25 million per square meter ($816 - $1,073) depending on locations. In the urban zones of An Khanh and An Binh wards, land prices range from VND2 - 4 billion ($85.9 -171.9) per lot. In the Southern part of town, prices also skyrocketed to VND1.5 - 3 billion ($64.3 - $128.7) per lot. A street-front land lot in this area would cost over VND2.5 billion ($107.3), not including house-building expenses. This amount is a real challenge for … [Read more...] about Can Tho caught up in the hype storm of real estate price
VIR honours real estate champions
Leading developers were praised last week in categories ranging from smart projects to opulent resorts In order to recognise developer efforts to produce high-quality projects that offer a taste of novelty to Vietnamese customers, VIR last week held a ceremony to honour the 36 real estate projects that gathered the most votes. Along with the ceremony, VIR also hosted a real estate trends seminar with the participation of experts and enterprises leading the real estate market. To map out the newest projects that resonate the most with homebuyers, VIR organised the poll on Vietnam’s leading real estate projects. Between November 20 and December 20, 2018, VIR put the question up for popular vote on its newswires tinnhanhchungkhoan.vn and baodautu.vn to find the top green and smart projects, the most coveted ventures, and the most opulent resorts. VIR’s poll recognises the efforts of Vietnamese real estate … [Read more...] about VIR honours real estate champions
JLL: HCMC among 20 Asia-Pacific cities with highest office rents
The office scene in Ho Chi Minh City is heating up with the presence of high-end tenants from outside of the country, according to data from global real estate consultants JLL, and the city is among the top 20 Asia-Pacific cities with the highest premium office rents. Illustrative photo. Southern city 19th out of 20 cities with most expensive premium office rents in the Asia-Pacific region. Photo by WeWork Total office supply in the city stands at 2 million sq m; five-times lower than in Bangkok, with high demand from large corporations leading to a shortage of high-quality office space in the downtown area. Premium occupancy costs in Ho Chi Minh City average around $59 per square foot, up nearly 7 per cent over the same period last year. Notably, the highest gross rent hit a record in nearly half a decade, of $86 per square foot, in one of the Grade A buildings in the market. Financial services companies willing to pay for premium office space The banking and financial … [Read more...] about JLL: HCMC among 20 Asia-Pacific cities with highest office rents
Real estate poised for positive 2019
Vietnam continues its rapid development with a slew of new property types springing up in recent years, Photo: Le Toan According to the Foreign Investment Agency under the Ministry of Planning and Investment, real estate business ranked second in size since early this year, with total registered capital of $6.5 billion in 87 new registered projects. “With foreign direct investment (FDI) being funneled into the real estate sector, Vietnam remains an attractive destination for real estate investment in 2019 and beyond. It is because the demand for residential real estate, industrial zone infrastructure, trade centres, and resort real estate remains high,” said Nguyen Tran Nam, chairman of the Vietnam Real Estate Association. According to the country’s housing development strategy, the average housing area of the nation will reach 25 square metres per capita by 2020. To achieve this goal, 100 million sq.m of new housing will be built each year, 70 per cent of which … [Read more...] about Real estate poised for positive 2019