Bitexco to pour resources into luxury housing

The housing compound will be developed on 37 hectares next to the SEA Games 22 venue National Sports Complex, just a few kilometres from the city centre.
Bitexco president Vu Quang Hoi said the company decided to move into the upmarket property market as demand was growing very fast and there were not any complexes of this kind in Hanoi.
“Our project will be self-inclusive and luxurious and different from other locally-invested housing projects in the capital city. In fact, other housing projects have not paid attention to the art of living but have only tried to meet increasing demand,” Hoi said.
The high returns from housing investments – more than investments in hotels, office buildings and even the securities sector – are drawing more and more investors into the real estate markets of Hanoi and Ho Chi Minh City.
New projects are springing up in Hanoi, and housing complexes such as Linh Dam, Dinh Cong, Thang Long and Vinaconex have been completed.
However, Hoi said, these projects were of a lower grade than several other foreign projects that were still in the pipeline or under construction.
The Citra West lake Development company is building a $2.1-billion housing project overlooking the capital’s famous West Lake.
The project was licensed in 1997 but only a few high-rise buildings are currently under construction.
Hong Kong property developer Tungshing Group, the owners of the FTS Tungshing office building, is planning a $40-million housing complex in Thuy Khue street.
“We understand that there are a lot of other housing projects under construction in Hanoi. However, I believe there exists plenty of opportunities for other investors to step in. We will try to complete our properties before others so that we can go ahead with more projects,” Hoi said.
“We hope to sell all the apartments within just a few months.”
Bitexco is based in Thai Binh province and specialises in garments, textiles and mineral water. It is developing the French-colonial style ‘The Manor’ housing complex and a new office building in Ho Chi Minh City.
More than 60 per cent of the apartments in the Manor project have been sold so far although construction will be finished in 2005 and prices are more than double compared to other housing projects in the second city.
The Bitexco office building is the only property to open in the city’s downtown area this year.
Bitexco’s future ventures include the Nhon Trach commercial and residential project in Dong Nai province, An Khanh town residential development in Ha Tay province and a project in Saigon South.