Singaporean investors keen on local real estate market
(VOV) -Singaporean companies are highly confident that the Vietnam real estate market is on the pathway to sustainability, said Linson Lim, Keppel Land Vietnam General Director, one of the nation’s largest real estate investors.
Singapore’s daily newspaper, The Business Times, quoted Lim as saying Vietnam has a young dynamic population with an increasing development of middle-income earners who want to own their own home.
 |
Linson Lim emphasized that the rapid urbanization process, improvements in infrastructure, and decreased interest rates in Ho Chi Minh City are providing a solid underpinning for expansion of the housing market.
Keppel Land Vietnam is part of Keppel Corporation, which is one of the largest multi-national groups in Singapore. The firm recently bumped up its ownership share in a luxury condominium project (Estella) in HCM City from 55% to 98%.
The Estella project is jointly venture by Keppel Land Vietnam and its local partner Tien Phuoc Company Limited. Keppel Land Vietnam paid US$11.46 million for its additional 43% interest in Tien Phuoc Company.
“This demonstrates the company’s long-term commitment to invest in the Vietnamese market,” Linson Lim said.
Its first phase of construction 719 luxury flats have been completed, which have so far sold out. The second phase is expected to finish early next year with an additional 500 flats.
The Estella project is one of 18 projects licensed to construct around 22,000 flats and offices in Vietnam.
The other projects include an International Centre and Sedona Suites Royal Park in Hanoi, and Saigon Centre, and Villa Riviera, Riviera Cove and Riviera Point residential areas in HCM City.