The quality of holiday home development in Vietnam is improving thanks to an increasing number of international standard properties coming onto the market, writes Matthew Powell
Vietnam is gradually turning a corner and the economy and real estate market are starting to show positive signs of recovery. Although everyone is well aware of the issues over the last couple of years it cannot be denied that the fundamental drivers of the country are still there – the growth of the economy, the demographics, the growing tourism industry and rapid urbanisation.
One positive outcome of the turbulent couple of years is that the quality of the property developments has improved markedly. No longer is real estate development a quick buck opportunity for bicycle factories and obscure industrial groups; rather, the professional, experienced and financially capable property investors that have the knowledge and the staying power are finally coming to the fore. This is a very positive thing – not only for apartment buyers, office tenants and hotel guests, but also for the rest of the industry.
International property developers that have taken note of Vietnam over the last ten years are now bringing a new level of international quality real estate to the market. Many of these are well-invested and are not reliant on a fickle buyer market to complete and open their doors.
As an example, the luxury holiday home sector on the Central Coast of Vietnam has been developing at a rapid rate with many less-experienced property developers jumping on the bandwagon attempting to emulate the success of some of the better quality international developments that have opened recently. Many of these projects have not quite hit the mark and have coloured many investors’ opinion of investing in the Central Coast.
However, one development that has quietly been biding its time and is now attracting a lot of international and domestic attention from wealthy lifestyle seekers and investors is Laguna Lang Co. This huge integrated resort development will be open for business at the end of this year. Banyan Tree group - the developer, investor, owner and operator of Laguna Lang Co - has used its experience of developing hotels and holiday homes around the world to bring a new level of development to the central coast of Vietnam.
Laguna Lang Co is partly based on the success of Banyan Tree’s Laguna Phuket development, which has just celebrated its 25th anniversary. Laguna Phuket is well-known as one of the premier holiday destinations in Asia, with seven hotels, a golf course, and many leisure, dining and activity options within the resort. The resort in Vietnam is no shrinking violet with two hotels, the Banyan Tree and Angsana, as well as a Nick Faldo designed golf course, opening later this year. Banyan Tree is always looking for that special location that has something above and beyond the standard beach resort, and they’ve certainly found it at Lang Co. Well-known locally, but not really registering on the tourism map to date, Laguna Lang Co has spectacular beaches surrounded by interesting hills and landscapes.
Property investors will have a significant new option to consider when the sales campaign launches in 2013. Banyan Tree is noted for the quality and design of its properties, with over 30 resorts worldwide. At Laguna Lang Co, property investors will have several choices from stunning Banyan Tree hill view villas to the Angsana beachfront condominiums and well-appointed townhouse style Laguna Residences.