|Ronald Tay, newly-appointed CEO of CapitaLand Vietnam |
What is the state of the current residential segment in Vietnam, and what will be your focus to develop the market in the coming time?
Vietnam is one of CapitaLand’s four core markets. Real estate here is underpinned by sound fundamentals such as the country’s continued economic growth, rapid urbanisation, growing middle class, and the evolving lifestyles of a young and growing population.
Foreign interest in Vietnam’s real estate has also grown following legislative changes in 2015 to allow foreign investment and ownership of local real estate.
The residential market in Vietnam has gone through many significant phases and continues to show steady growth, which attracts local and foreign investors thanks to long-term housing demand, competitive pricing, and good rental yields.
Over the years, customers have come to appreciate well-designed and well-located projects that are near or connected to the city centre. In addition to convenience, factors such as safety, security, and prestige are also considered. This demand is most evident in the two key gateway cities of Hanoi and Ho Chi Minh City.
CapitaLand was one of the first international developers to enter Vietnam more than 25 years ago. Our strong reputation and track record for timely delivery of quality, sustainable, well-designed, and well-located homes with good potential for capital appreciation are some reasons behind the popularity of our residential developments.
We will continue to seek suitable investment opportunities to deepen our presence in Vietnam.
|Feliz en Vista can be found in the heart of District 2 in Ho Chi Minh City |
How is your portfolio of projects shaping up in Vietnam so far?
CapitaLand has leveraged its group-wide experience gained around the world to develop high quality real estate projects for homeowners and investors in Vietnam. This is one of CapitaLand’s key markets where we have a diversified portfolio comprising integrated developments, residential, retail, business parks, and lodging businesses across 10 cities.
Today, CapitaLand’s residential portfolio in Vietnam comprises close to 8,600 quality homes across 15 residential developments in Hanoi and Ho Chi Minh City.
In March, CapitaLand commenced the phased handover of the 1,127-unit Feliz en Vista. The residential project has a prime location in District 2 of Ho Chi Minh City. It is a five-minute drive to the Thu Thiem new urban area and a 10-minute drive to the central business district.
It is surrounded by a wide array of retail and entertainment options such as Paragon shopping mall, Vincom Megamall, Metro Hypermart, and Lotte Cinema. The residential project features more than 100 facilities including well-designed lush blue and green spaces such as multiple swimming pools, waterslides, waterfalls, and an outdoor amphitheatre, offering residents a lush oasis to unwind after a long day.
The project has won several prestigious international awards, including the “Residential High-Rise Development for Vietnam” award at the Asia Pacific Property Awards 2017 and “Best Condo Architectural Design” and “Best Condo Landscape Architectural Design” at the PropertyGuru Vietnam Property Awards 2017. It is also the first residential project of CapitaLand Vietnam to be awarded Green Mark Gold certification by the Building and Construction Authority of Singapore.
The handover of d’Edge Thao Dien in June marks another significant milestone in delivering one of the luxurious properties in our pipeline to homebuyers, preceded by the commencement of handing over Feliz en Vista this year. The 273-unit d’Edge Thao Dien is a luxurious condominium in District 2’s Thao Dien ward. Nearly the entire project was sold in less than two months after its launch in 2017.
The property has excellent connectivity with only a 10-minute drive to the Thu Thiem new urban area and 15 minutes to the city centre via Saigon Bridge. It is also close to the best international schools in the city, shopping malls, dining and entertainment outlets, and much more.
The development comprises two towers of modern residential apartments focused on wellness and meticulous design, setting new benchmarks for architecture and real estate in Thao Dien. Amenities include hydrotherapy bath deck, sky spa and sauna, sky yoga room, sky gym, outdoor party house, communal workspace and reading lounge, yoga and meditation deck, refreshing jogging and cycling track, and more besides.
The most iconic feature is the Edge pool located on the rooftop, with an acrylic curved cantilever at the main pool and a 35 metre-long infinity pool, where residents can get a view of the Saigon River.
d’Edge Thao Dien was recognised at the PropertyGuru Vietnam Property Awards 2018 with multiple accolades such as the “Best Condo Development (Vietnam)”, “Best Luxury Condo Development (Ho Chi Minh City)” and “Best Green Development – Highly Commended”.
CapitaLand is one of the Singaporean investors devoting much effort on social responsibility to help increase the livelihoods of the local community. How will CapitaLand develop these kinds of activities?
As a socially responsible organisation, we recognise that the long-term success of CapitaLand’s business is closely intertwined with the health and prosperity of the communities in which we operate.
To continue building trust and confidence with the community through our philanthropic arm CapitaLand Hope Foundation (CHF), we are actively contributing to the community, promoting the social growth and development of underprivileged children with respect to their education, healthcare, and shelter needs.
In April, CapitaLand Vietnam together with the CHF donated test kits valued at over $1 million to testing centres in Hanoi and Ho Chi Minh City, standing in solidarity with the community.
The following month CapitaLand, CHF, and our lodging business unit The Ascott Limited teamed up with the Vietnam Red Cross Society to donate COVID-19 care kits to more than 1,400 students at four CapitaLand Hope Schools in Vietnam.
Each care kit contains antimicrobial fabric masks, liquid hand soap, hand sanitiser, and a packet of milk. We remain committed to playing our part to support the underprivileged community in Vietnam.
Every year, CapitaLand allocates up to 0.5 per cent of its net operating profit to CHF, from which the fund is enabled to promote the social growth and development of vulnerable children.
Going beyond donations associated with charitable giving, we also focus on giving time and attention to the beneficiaries through advocating volunteerism. In line with that, CapitaLand has been organising our major corporate social responsibility activities on an annual basis such as CapitaLand Volunteer Day or CapitaLand’s International Volunteer Expedition, with an aim to provide underprivileged children and teachers living in rural communities with a better environment to learn and teach.
We have also built four CapitaLand Hope Schools for underprivileged children in Phu Tho, Hung Yen and Long An provinces.
|CapitaLand has graced residents of Vietnam’s biggest cities with its presence for over 25 years |
As a newly-appointed CEO to Vietnam, what is your experience of the country and what are your plans for being based here?
I visited Vietnam on many occasions while managing Ascott Residence Trust Management Ltd., a wholly-owned subsidiary of CapitaLand. I am amazed by the young population and the fast-paced economic growth of this market over the years.
Vietnam is one of the fastest-growing economies in Southeast Asia with a dynamite lifestyle, unique culture, and prospective career development. Aside from work, I look forward to being in Vietnam to travel around the country and explore the beautiful places as well as eat my favourite Vietnamese food.