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
Denver investment real estate
Illustration photo The Directive aims to overcome shortcomings and obstacles in real estate development such as redundancy of luxury apartments and houses, lack of social housing and low-cost apartments as well as lack of synchronous, trusted and transparent real estate database and information. Accordingly, the Ministry of Construction is tasked to complete the project on amending and supplementing the Construction Law, the Housing Law and the Real Estate Business Law as well as supplement building standards on apartments, condotel, resort villa, officetel and officetel, which are expected to finish in the third quarter of 2019. The ministry also joins hand with other ministries, agencies and localities to inspect and require the investors of urban areas and housing projects to synchronously build technical and social infrastructure projects and fire protection system as well as strengthen inspection of land planning and hiring. The Ministry … [Read more...] about PM figures out measures for enhancing sustainable development of real estate market
Seminar on real estate trend in 2019 at VIR headquarters Despite facing challenges, the real estate market in 2019 is expected to continue on an upward trend, say both experts and investors. According to the Foreign Investment Agency under the Ministry of Planning and Investment, real estate business was the second largest business sector since early 2018, with the total registered capital of $6.5 billion in 87 newly registered projects. Speaking at the seminar, Nguyen Hong Son, consulting director of Savills Hanoi, said that in 2019 demand will focus on buying houses and improving the quality of life. Therefore, most homebuyers will pose higher requirements to developers. Nguyen Hong Son, consulting director of Savill Hanoi The value of each project no longer lies in the design, but also largely depend on how developers manage and operate the buildings. Therefore, investment in improving building management is becoming indispensable and is a new area for … [Read more...] about What are the real estate trends in 2019?
Mergers and acquisitions in the real estate sector remained strong in 2018, with foreign direct investment volumes continuing to pour into the country at ever greater volumes. The mergers and acquisitions (M&A) scene in the Vietnamese real estate market in 2018 witnessed many large-scale transactions with the total value surpassing the $1 billion mark. According to experts, Vietnam is a promising market for M&A at least for the next five years. At the beginning of this year, the M&A market was active with a range of transactions by outstanding names such as Singapore’s CapitaLand, Frasers Property, GIC, Japan’s Nomura Real Estate, and especially many Vietnamese investors which have acquired land plots and projects from foreign investors. According to experts, the reason why the Vietnamese real estate market continues to attract foreign investment is that the country is located in a good geographical position in Southeast Asia and the country is having high … [Read more...] about Sustained interest in real estate M&A
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