The pandemic is continuing to hamper the development of retail centres in large cities, despite the positive future predicted for Vietnam’s consumer market by both international and domestic consultants.
Despite having limited facilities for life sciences real estate, Vietnam could open up to potential development in the industry, analysts say.
Continuously leading in the development of housing, urban, and industrial real estate projects, investors from Singapore are also actively expanding into other segments such as warehousing, logistics, and brokerages in the Vietnamese market.
Manufacturers are buckling under the stress of attempting to operate with reduced staff numbers, or even house them at all as social distancing and domestic travel restrictions continue to make it difficult for industrial zones as well as developers in the leasing game.
Although Vietnam’s industrial zones have demonstrated their attractiveness in alluring many top multinational corporations, they need to focus more on legal procedures, addressing labour problems, and giving more straightforward guidance to attract even more international investors.
The skyrocketing price of construction materials has been affecting real estate projects in Vietnam, delaying their progress and raising property prices even further.
Hanoi and Ho Chi Minh City retail landlords continue to face declining rents due to social distancing and competition from e-commerce.
With the pandemic complicating movement and forcing many employees to work from home more often, coworking space operators in Vietnam are using the time to improve their interiors and services, while trying to continue expansion.
At least one homebuyer of the former Alpha City project is threatening to go to court with Alpha King, the Hong Kong-based developer which transferred the project to new ones, but has thus failed to fulfil its obligations to former customers of its sold units.
Along with the rise of the Vietnamese real estate market, domestic real estate brands are increasingly asserting their names with series of projects approaching international standards and changing the mindsets and lifestyles of Vietnamese people.
Despite a range of newly-established industrial zones being added to the market, many others have been delayed for a long time and are at the verge of being revoked due to the weakness of their developers.
After a similar phenomenon in Hoc Mon and Cu Chi districts in the outskirts of Ho Chi Minh City, land price hikes are becoming more prevalent on Can Gio Island – the only district of Ho Chi Minh City with a 23km coastal line.
With an inactive website and telephone system, the resignation of a range of staff and officials, and projects appearing in the portfolio of other developers, inevitable doubts have arisen over the status of Hong Kong’s Alpha King in the Vietnamese market.
Two long-delayed property ventures in the south and south-central regions of Vietnam have finally been given the go-ahead by authorities.
With 30 per cent of the stakes acquired from Portsville Pte., Ltd. – a wholly-owned subsidiary from Singapore’s Keppel Land Ltd. in Dong Nai Waterfront City – Nam Long Group has become the only owner of this giant project.