Wednesday, June 9, 2010

Viet developers keen to tie up with S'pore firms

Partners sought for residential and retail projects

VIETNAMESE developers said yesterday they are keen to pursue residential and retail projects in their country with Singapore partners such as CapitaLand.

'I am happy to tie up with Singapore developers' because they are transparent and have a good reputation, said Le Nu Thuy Duong, general director of developer Thien Duc, which has partnered CapitaLand for the latter's first residential project in Vietnam.

Thien Duc is keen to work with CapitaLand again to meet strong demand for mass market housing, she said.

Thien Duc and fellow Vietnamese developer Phu Gia each have a 10 per cent stake in The Vista in Ho Chi Minh City. CapitaLand holds the remaining 80 per cent.

Ms Duong was speaking yesterday on the sidelines of an event to mark the completion of structural works for the US$190 million project. Seventy-four per cent of its 850 units have been sold. The rest are available for US$1,800- $2,200 per sq metre (psm). The Vista will be ready for occupation by 2011.

CapitaLand and Thien Duc are also partners for a nearby project called Beau Rivage. Ms Duong said sales there could start at the end of the year, at prices from $2,200 psm.

On Monday, CapitaLand president and CEO Liew Mun Leong said 'affordable housing' is the group's next focus in Vietnam. Malls for middle-class consumers are also on the cards.

Vietnamese developer Hoang Thanh hopes to partner CapitaLand in bringing the Raffles City mall brand to the country. Land negotiations are ongoing, said Hoang Thanh's general director Nguyen Nhu Vinh.

Hoang Thanh and CapitaLand have joined hands to build two residential projects in Hanoi - Mulberry Lane and a yet unnamed development in the Ha Dong district.

Ho Chi Minh City Real Estate Association secretary-general Do Thi Loan said partnerships between Vietnamese and foreign developers have become a trend.

Vietnamese developers have the land and understand the local market, while foreign players bring in capital and expertise, she said. Besides CapitaLand, Keppel Land, Allgreen and Mapletree have entered Vietnam, she added.

Source: Business Times, 9 Jun 2010

No comments:

Post a Comment