Property market attractive to foreign investors: Savills
Vietnam’s property market was attractive to foreign investors in the first two quarters of this year, with bustling merge and acquisition (M&A) activities, according to real estate firm Savills Vietnam.
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Illustrative image (Source: VNA)
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Covering 271 hectares, it is a cooperation project between Sumitomo Group of Japan and domestic investors.
Once completed, the project is expected to become one of the most modern smart city in the Southeast Asia with a high-tech transportation system.
Meanwhile, the real estate market in Ho Chi Minh City lured many big investors. In April this year, Frasers Property bought 75% of shares of Phu An Khang, the company owning a housing complex project in District 2 worth about US$18 million.
In early June 2018, Berjaya Land Berhad from Malaysia announced a plan to transfer the Vietnam Financial Centre to Vinhomes and its member company for US$39 million after Vinhomes contributed US$88 million to the project in March.
After the transaction completed, Vinhomes and its member companies will own 6.6 hectares in District 10 to build a complex.
In the housing market, Xuan Mai Group purchased Eco-Green Saigon project with a total area of 14 hectares in District 7 of Ho Chi Minh City. Meanwhile, Nam Long Group continued cooperating with Japanese investors – Hankyu Hanshin Properties and Nishi Nippon Railroad - to develop the Akari City project covering 8.8 hectares in Binh Tan district.
At the same time, Nam Long Group also launched a Waterpoint Township project in the Mekong Delta province of Long An in July. The 355-hectare project includes houses, villas, apartment buildings, hospital, education and sports facilities.
Savills predicted that M&A activities will continue eventful in the section of industrial and office property in Vietnam.
