Medical staff at Tu Du, a major public ob-gyn hospital in Ho Chi Minh City which has almost always been crowded with too many patients. Photo: Thanh Tung When the interest of private investors for one of Vietnam's biggest hospitals simply did not match expectations, it brought into sharp focus the continuing weaknesses of the healthcare sector. The Central Transport Hospital wanted to sell a large number of shares to strategic investors. Initial predictions suggested that the competition among private investors for those shares would be fierce. But in the end, only two companies registered to buy the shares, while Singapore Brookline Medical and real estate developers Vingroup and FLC did not, even after expressing their interest, local newspaper Dau Tu (Investment) reported. T&T Group, a Hanoi-based real estate company, eventually became the sole strategic investor in the state-owned medical facility, which had to extend the registration period last month in an attempt to … [Read more...] about Investors cautious with Vietnam’s healthcare sector, wait for stronger vital signs
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Bright times ahead for VN real estate
Marc Townsend, Managing Director of CBRE Vietnam, talks about the performance of the residential market in 2015 and his forecasts for 2016. ■ What are your thoughts on the health of the high-end, mid-end, and low-end segments in the residential market in 2015? Since mid-2014 Vietnam's residential market has been recovering, firstly in the affordable segment. Entering 2015 the picture has become much clearer and we can confirm that the condominium market is on a firm path towards recovery. Mr. Marc Townsend, Managing Director of CBRE Vietnam This was proven by take-up levels. Quarter 2, 2015 marked a new record in quarterly absorption, with over 10,000 units sold in both new and previous launches. For the first nine months of this year condominium sales were close to the whole-year peak seen in 2009 in Hanoi while in Ho Chi Minh City it marked a new record with nearly 25,000 units being sold. Interestingly, the majority of successful transactions have rippled from the … [Read more...] about Bright times ahead for VN real estate
Quang Ninh gets new resort project
Construction began on December 12 on a 220 million USD housing, resort and commercial complex in the northern province of Quang Ninh. A joint venture of Limitless LLC of Dubai, Phuong Hung Joint Stock Co and International Property Investment Partners LLC, the project will include a 200-room five-star hotel, a 100-room luxury boutique hotel, villas, townhouses and apartments, and shopping areas. The 125ha project will be developed in phases over a five-year period, with hotel and townhouses first to go up. " Southeast Asia is one of the most exciting and dynamic market for Limitless," said the company's chief executive officer, Saeed Ahmed Saeed, at the groundbreaking ceremony. "Its fast-growing economy will present Limitless with endless opportunities to demonstrate its core skills of master planning large-scale, balanced projects and waterfront development," he added. Halong Star would make an effective contribution to developing Quang Ninh's hospitality industry, said Quang Ninh … [Read more...] about Quang Ninh gets new resort project
Disney-style $1.3bn park set for approval
VietNamNet Bridge - Vietnam's first Disneyland-style theme park in the coastal town of Vung Tau is on the verge of getting an official investment certificate. Phan Huu Thang, director general of the Foreign Investment Agency under the Ministry of Planning and Investment, said the $1.3 billion project was being scrutinised by Vietnamese authorities. "We hope that the common support of line governmental agencies will result in an investment certificate for the project before the year's end. Therefore, it will be a big complement to Vietnam's foreign direct investment record breaker across 2007," said Thang. He said that Good Choice Imports-Exports & Investment Inc - one of the affiliates of leading US real estate and investment firm Platinum Dragon Empire Incorporated (PDE) last month submitted an investment application for the Vung Tau Wonderful World Theme Park project, which will cover nearly 200 hectares in the Vung Tau-Bau Trung and be modelled on Disneyland. The giant project … [Read more...] about Disney-style $1.3bn park set for approval
Who dares wins in property
In the current economic situation new foreign investors hoping to invest in Vietnam are cautious about entering the fray, but those who are already here and savvy with the local market are not afraid to expand. Unlike in 2008 and 2009 when multiple foreign investors flocked to Vietnam and poured tens of billions of dollars into real estate projects, this year is witnessing a contrary trend. Foreign investors are now sizing up the market from a cautious distance. By the end of October 2010, foreign investors had committed to develop only 19 new real estate projects in Vietnam, capitalised at $2.7 billion, compared with 182 projects registered by the same period last year, according to the Foreign Investment Agency, under the Ministry of Planning and Investment. The modest number of newly registered projects this year reflects foreign investors caginess regarding investments in Vietnam. Peter Dinning, general director at real estate consultants Colliers International Vietnam, said it was … [Read more...] about Who dares wins in property