South sees new wave of real estate offers

After a traditionally dead ‘Ghost Month’ property sales showed new life, Photo: Le Toan

A lot of large scale property corporations have continued pouring their finances into real estate markets in Ho Chi Minh City, Dong Nai and Binh Duong provinces.

Novaland has announced 15 property projects worth millions of dollars.

Projects included the $500 million Sunrise City project in Ho Chi Minh City’s District 7.

The Hung Thinh Group also announced its intention to invest in several major projects in the near future. 

According to Hung Thinh Group chairman Nguyen Dinh Trung, the company had successfully negotiated with the Binh Trieu Construction and Engineering JSC to develop the $95 million Binh Trieu housing project, located at Binh Thanh district, Ho Chi Minh City.

Similarly, the National Housing Organisation Joint Stock Company (NHO JSC) announced the development of 14 projects in Ho Chi Minh City, Hanoi, Quang Ngai, Binh Duong and An Giang worth a total of VND20 trillion ($952 million).

So far, NHO JSC has started the implementation of First Home project in District 12, Ho Chi Minh City and First Home in Binh Duong province. The company expects to start its First Home development in Ho Chi Minh City’s District 9 in October this year and First Home Hanoi at the end of this year.

Vingroup – another large-scale property investor - also kicked off work on the  Vinhomes Tan Cang project worth $1.4 billion.

According to the plan, the 43ha project will be one of the most modern urban areas in Vietnam, providing huge amounts of housing for Ho Chi Minh City. The project is expected to be completed in 2017.

According to Luong Tri Thin, chairman of Dat Xanh Corporation, his firm was focused on raising capital for future projects.

Dong Nai and Binh Duong provinces are also experiencing property market recoveries.

In Dong Nai, Thailand’s Amata Group has received approval to invest in a new high-tech area and urban service area in Long Thanh district.

This 753 ha area will see $500 million in investment and will include 3 and 5-star hotels, exhibition and conference centre, shopping centre, and education and health care services.

Despite the gloomy Dong Nai property market, Amata has underlined its faith in the province as an investment destination.

Binh Duong has also seen a range of new investments. This September, Kim Oanh Real Estate Company signed an agreement with the Thanh Le Commercial Import Export Company and officially launched the sale of the Mall City urban area project located in Di An district.

Tac Dat Tac Vang Real Estate Company has also co-operated with Becamex IJC to develop the IJCcommercial urban area project based at the Vietnam-Singapore Investment Park in Binh Duong.

Deputy Minister of Construction Nguyen Tran Nam said the recent property market recovery was obviously reflected in the rapid increase in successful transaction figures.

Hanoi recorded more than 5,100 successful transactions in the first seven months of the year, double compared to the same period last year. Ho Chi Minh City saw 4,500 sales, a 30 per cent rise from a year ago.

Nam added many policies would affect the property market, including a batch of newly revised laws, the rising disbursement rate of the VND30 trillion ($1.4 billion) stimulus package and the extension of the loan period from 10 years to 15 years for mortgages which ad all helped the recovery.