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
Showing posts with label Overseas Property - Vietnam. Show all posts
Showing posts with label Overseas Property - Vietnam. Show all posts
Wednesday, June 9, 2010
Tuesday, June 8, 2010
Ascott aims to double apartments in Vietnam
CAPITALAND'S service residence arm, The Ascott Limited, is looking to doubling the number of operating apartments it has in Vietnam in the next three years for some US$100 million.
Ascott could also be spinning off a property in the country to Ascott Residence Trust (ART) in the near future.
Ascott managing director (South-east Asia & Australia) Alfred Ong shared these possible developments with the press on Sunday.
According to him, Ascott has about 900 operating apartments in Vietnam. As the country attracts more foreign companies, there will be strong demand for serviced apartments for workers.
Ascott hopes to have some 1,800 operating units under its belt in another three years, and the amount of capital required could come up to around US$100 million. Mr Ong said that the growth could come from property acquisitions or management contracts.
Ascott has five operating properties and another three opening in the next few years. All of them fall under the Somerset brand - targeted at expatriate families - and are in the cities of Ho Chi Minh, Hanoi, Danang and Hai Phong.
Mr Ong revealed plans to bring two other brands - Citadines and Ascott - to Vietnam. 'We are now looking for opportunities and sites in certain locations,' he said.
Citadines properties would be suitable for singles who are in the country for projects, Mr Ong said.
Meanwhile, travellers looking for premium services might be interested in the Ascott brand of properties.
He added that the Ascott firm is eyeing expansion to two other cities - the oil exploration area of Vung Tau and agricultural centre Can Tho.
Of the five operating Somerset properties in Vietnam today, four are already in ART's portfolio. Mr Ong said that Ascott will consider selling the remaining one - Somerset Hoa Binh in Hanoi - to ART when the 'time is right'.
The total investment in Somerset Hoa Binh was close to US$30 million, and Ascott owns a 90 per cent stake in the property.
Ascott soft-opened the property in late 2008 and Mr Ong said that a service residence's incubation period usually lasts one to one-and-a-half years.
Source: Business Times, 8 Jun 2010
Ascott could also be spinning off a property in the country to Ascott Residence Trust (ART) in the near future.
Ascott managing director (South-east Asia & Australia) Alfred Ong shared these possible developments with the press on Sunday.
According to him, Ascott has about 900 operating apartments in Vietnam. As the country attracts more foreign companies, there will be strong demand for serviced apartments for workers.
Ascott hopes to have some 1,800 operating units under its belt in another three years, and the amount of capital required could come up to around US$100 million. Mr Ong said that the growth could come from property acquisitions or management contracts.
Ascott has five operating properties and another three opening in the next few years. All of them fall under the Somerset brand - targeted at expatriate families - and are in the cities of Ho Chi Minh, Hanoi, Danang and Hai Phong.
Mr Ong revealed plans to bring two other brands - Citadines and Ascott - to Vietnam. 'We are now looking for opportunities and sites in certain locations,' he said.
Citadines properties would be suitable for singles who are in the country for projects, Mr Ong said.
Meanwhile, travellers looking for premium services might be interested in the Ascott brand of properties.
He added that the Ascott firm is eyeing expansion to two other cities - the oil exploration area of Vung Tau and agricultural centre Can Tho.
Of the five operating Somerset properties in Vietnam today, four are already in ART's portfolio. Mr Ong said that Ascott will consider selling the remaining one - Somerset Hoa Binh in Hanoi - to ART when the 'time is right'.
The total investment in Somerset Hoa Binh was close to US$30 million, and Ascott owns a 90 per cent stake in the property.
Ascott soft-opened the property in late 2008 and Mr Ong said that a service residence's incubation period usually lasts one to one-and-a-half years.
Source: Business Times, 8 Jun 2010
CapitaLand's Vietnam investments could soar
CEO says residential, retail projects catering to mass market top agenda
CAPITALAND could raise its investments in Vietnam to US$2-2.5 billion in three to five years, from US$1.2 billion today.
At the top of its agenda are residential and retail projects catering to the mass market, the property group's president and CEO Liew Mun Leong said yesterday.
Mr Liew was speaking in Hanoi after he witnessed the signing of a pact on training collaboration between CapitaLand and a unit of Vietnam's Construction Ministry. He also launched a Vietnamese edition of his book, Building People: Sunday Emails from a CEO.
CapitaLand will enter the 'affordable housing' market in Vietnam aggressively, Mr Liew said. It will build homes in Hanoi and Ho Chi Minh City for households with a monthly income of about US$2,000. According to CapitaLand, 58 per cent of households in these cities are in this category.
The homes could be priced around US$1,000 per sq metre (psm) and could measure 60-70 sq m. The developer will provide basic fittings. The aim is to provide housing that ordinary people can buy, Mr Liew said.
To achieve this, CapitaLand is likely to seek a minority partner to help it obtain land at economical prices.
CapitaLand is currently developing more than 4,000 residential units in Vietnam, some of them at two projects in Hanoi. At mid-end project Mulberry Lane, 71 per cent of 768 units launched have been taken up, and selling prices range from US$1,500- 1,800 psm.
CapitaLand is also keen on building malls in Vietnam, and is looking for land in Hanoi's new central business district. The malls would be similar to suburban shopping centres in Singapore, carrying items that serve the needs of a growing middle-class.
'People migrate to (high-end) consumption progressively,' Mr Liew said. 'If I build a shopping mall that sells Prada and LV, I'm taking a high risk.'
Mixed-use developments are another area of interest for CapitaLand, and it remains committed to growing its service apartment business in Vietnam.
CapitaLand has said previously it aims to have assets in Vietnam make up 10 per cent of group total assets in the next three to five years, up from the one per cent now.
Fast urbanisation, rapid economic growth and a pro-business climate are some of the reasons CapitaLand is attracted to Vietnam, Mr Liew said yesterday.
Source: Business Times, 8 Jun 2010
CAPITALAND could raise its investments in Vietnam to US$2-2.5 billion in three to five years, from US$1.2 billion today.
At the top of its agenda are residential and retail projects catering to the mass market, the property group's president and CEO Liew Mun Leong said yesterday.
Mr Liew was speaking in Hanoi after he witnessed the signing of a pact on training collaboration between CapitaLand and a unit of Vietnam's Construction Ministry. He also launched a Vietnamese edition of his book, Building People: Sunday Emails from a CEO.
CapitaLand will enter the 'affordable housing' market in Vietnam aggressively, Mr Liew said. It will build homes in Hanoi and Ho Chi Minh City for households with a monthly income of about US$2,000. According to CapitaLand, 58 per cent of households in these cities are in this category.
The homes could be priced around US$1,000 per sq metre (psm) and could measure 60-70 sq m. The developer will provide basic fittings. The aim is to provide housing that ordinary people can buy, Mr Liew said.
To achieve this, CapitaLand is likely to seek a minority partner to help it obtain land at economical prices.
CapitaLand is currently developing more than 4,000 residential units in Vietnam, some of them at two projects in Hanoi. At mid-end project Mulberry Lane, 71 per cent of 768 units launched have been taken up, and selling prices range from US$1,500- 1,800 psm.
CapitaLand is also keen on building malls in Vietnam, and is looking for land in Hanoi's new central business district. The malls would be similar to suburban shopping centres in Singapore, carrying items that serve the needs of a growing middle-class.
'People migrate to (high-end) consumption progressively,' Mr Liew said. 'If I build a shopping mall that sells Prada and LV, I'm taking a high risk.'
Mixed-use developments are another area of interest for CapitaLand, and it remains committed to growing its service apartment business in Vietnam.
CapitaLand has said previously it aims to have assets in Vietnam make up 10 per cent of group total assets in the next three to five years, up from the one per cent now.
Fast urbanisation, rapid economic growth and a pro-business climate are some of the reasons CapitaLand is attracted to Vietnam, Mr Liew said yesterday.
Source: Business Times, 8 Jun 2010
Monday, June 7, 2010
Ascott to invest US$100m to double service apartments in Vietnam
Service apartment operator Ascott Group plans to invest US$100 million over the next three years in Vietnam.
The investment will double the number of its existing service apartments in that country to about 1,800.
Currently, the company has about five existing service apartment properties under the Somerset brand in Hanoi and Ho Chi Minh city, offering about 900 units.
Another three properties, with some 490 service apartments, are currently being developed in Vietnam.
Going forward, the company plans to introduce its two other brands of Ascott and Citadines to Vietnam.
Ascott is a subsidiary of CapitaLand, one of Asia’s largest real estate companies.
Demand for service apartments in Vietnam has risen since Ascott opened its first units about 16 years ago. And Ascott sees more demand ahead because Vietnam, an emerging market, is attracting many infrastructural investments from foreign companies.
Alfred Ong, Ascott’s managing director for Southeast Asia and Australia, said: “That (demand) would come by the way of foreign companies coming to Vietnam to be involved and be part of this infrastructure development. And that would mean that when these people come into this country, they’ll need quality accommodation.
“People who are moving into these assignments require long-stay accommodation and service apartments would be the right type of accommodation that would house this group of people.”
Within Vietnam, Mr Ong said, Ascott is looking for potential expansion sites not just in Hanoi and Ho Chi Minh. It is also looking for opportunities in Vung Tau, an hour’s drive from Ho Chi Minh city, and Cantho, a major port and agriculture area about two hours flight from Ho Chi Minh.
Aside from further investments in Vietnam, Ascott is also looking at expanding in countries like Indonesia, Malaysia and the Philippines.
As for Singapore, the company is considering opening more Citadines service apartments.
Last year’s economic crisis did not prevent Ascott from posting over 80 percent occupancy in its service apartments.
It says the rate could pick up strongly in the second half of this year.
The company also sees the current average daily rate of US$100 per service apartment increasing by up to 10 percent in the second half of the year.
Residential properties in Vietnam are also on the upswing.
CapitaLand’s Mulberry Lane development in the Mo Lao new urban area of Ha Dong District in Hanoi is scheduled to be ready by end 2014.
As at end May, it has sold 545 units of the 768 units released for sale for up to US$1,800 per square metre. Another 700 units will be released for sale by the second half.
The units cost between US$1,500 and US$1,800 per square metre. These prices represent a 30 percent premium over other local completed projects.
Such an apartment with a loft concept is the first of its kind in Vietnam.
It is attracting mainly Vietnamese buyers who are paying in cash. Many of them are businessmen and professionals.
CapitaLand says the demand for such housing is enormous because many upper middle-class Vietnamese are aspiring to own such apartments.
Yip Hoong Mun, chief representative of CapitaLand (Vietnam) Holdings, said: “The project was launched towards the end last year when the economic crisis was in place. But because of the fundamental demand for good quality projects, the take-up rate was not really affected by the crisis in Vietnam.
“The price, compared to local completed projects, is in the premium of 30 percent partly because of the quality of the projects we have.
“But that doesn’t really affect the take-up rate because the local customers really aspire to own quality projects that can be completed in time.”
CapitaLand wants to grow its Vietnam presence from the current one percent to 10 percent over the next three to five years.
Source: Channel News Asia, 7 Jun 2010
The investment will double the number of its existing service apartments in that country to about 1,800.
Currently, the company has about five existing service apartment properties under the Somerset brand in Hanoi and Ho Chi Minh city, offering about 900 units.
Another three properties, with some 490 service apartments, are currently being developed in Vietnam.
Going forward, the company plans to introduce its two other brands of Ascott and Citadines to Vietnam.
Ascott is a subsidiary of CapitaLand, one of Asia’s largest real estate companies.
Demand for service apartments in Vietnam has risen since Ascott opened its first units about 16 years ago. And Ascott sees more demand ahead because Vietnam, an emerging market, is attracting many infrastructural investments from foreign companies.
Alfred Ong, Ascott’s managing director for Southeast Asia and Australia, said: “That (demand) would come by the way of foreign companies coming to Vietnam to be involved and be part of this infrastructure development. And that would mean that when these people come into this country, they’ll need quality accommodation.
“People who are moving into these assignments require long-stay accommodation and service apartments would be the right type of accommodation that would house this group of people.”
Within Vietnam, Mr Ong said, Ascott is looking for potential expansion sites not just in Hanoi and Ho Chi Minh. It is also looking for opportunities in Vung Tau, an hour’s drive from Ho Chi Minh city, and Cantho, a major port and agriculture area about two hours flight from Ho Chi Minh.
Aside from further investments in Vietnam, Ascott is also looking at expanding in countries like Indonesia, Malaysia and the Philippines.
As for Singapore, the company is considering opening more Citadines service apartments.
Last year’s economic crisis did not prevent Ascott from posting over 80 percent occupancy in its service apartments.
It says the rate could pick up strongly in the second half of this year.
The company also sees the current average daily rate of US$100 per service apartment increasing by up to 10 percent in the second half of the year.
Residential properties in Vietnam are also on the upswing.
CapitaLand’s Mulberry Lane development in the Mo Lao new urban area of Ha Dong District in Hanoi is scheduled to be ready by end 2014.
As at end May, it has sold 545 units of the 768 units released for sale for up to US$1,800 per square metre. Another 700 units will be released for sale by the second half.
The units cost between US$1,500 and US$1,800 per square metre. These prices represent a 30 percent premium over other local completed projects.
Such an apartment with a loft concept is the first of its kind in Vietnam.
It is attracting mainly Vietnamese buyers who are paying in cash. Many of them are businessmen and professionals.
CapitaLand says the demand for such housing is enormous because many upper middle-class Vietnamese are aspiring to own such apartments.
Yip Hoong Mun, chief representative of CapitaLand (Vietnam) Holdings, said: “The project was launched towards the end last year when the economic crisis was in place. But because of the fundamental demand for good quality projects, the take-up rate was not really affected by the crisis in Vietnam.
“The price, compared to local completed projects, is in the premium of 30 percent partly because of the quality of the projects we have.
“But that doesn’t really affect the take-up rate because the local customers really aspire to own quality projects that can be completed in time.”
CapitaLand wants to grow its Vietnam presence from the current one percent to 10 percent over the next three to five years.
Source: Channel News Asia, 7 Jun 2010
CapitaLand to double real estate investments in Vietnam
Southeast Asia’s largest property developer, CapitaLand, is doubling its real estate investments in Vietnam to up to US$2.5 billion over the next three to five years.
It is aiming to build affordable homes and shopping malls in major Vietnamese cities like Hanoi and Ho Chi Minh City, said CapitaLand’s CEO Liew Mun Leong on the sidelines of an event in Hanoi.
CapitaLand now spends about US$1.2 billion in real estate developments in Vietnam.
Mr Liew is in Hanoi where he witnessed the signing of an MOU between CapitaLand Vietnam and The Academy of Managers for Construction and Cities. The academy comes under Vietnam’s Ministry of Construction.
The MOU will enable both sides to exchange information and knowledge about infrastructure developments. It will also facilitate joint training and exchange programmes like study tours and site visits.
Building housing for the common citizens of Vietnam is CapitaLand’s key aim for the near future. It says a typical two-room apartment, occupying up to 70 square metres, will have basic facilities like toilets.
CapitaLand is targeting those between the lower 30 percent and 50 percent of the population in Hanoi and Ho Chi Minh for its new affordable housing projects.
This group of Vietnamese would have a monthly household income of about US$2,000, and CapitaLand says that currently there is insufficient housing to meet their needs. So the company believes that its new developments would help to plug that gap.
Mr Liew said: “In the case of Vietnam, we think that, from our experience, they have savings, but they need a home. So, we’ll build something which their savings can afford to buy.
“I checked with my own colleagues who work with us. They think that about US$1,000 per square metre – which is roughly a US$100 per square foot or S$140 per square foot – (is affordable). It’s like HDB (flats) in the early 70s. That sort of things is something that we’re pegging to.”
“We have roughly about 4,000 apartments to build. What we want to do is to increase this rapidly,” added Mr Liew.
“500,000 people need housing every year. That translates to about 120,000 homes to be built. And what is the supply? The supply today is only about 18,000 homes. I think this is a very good opportunity for us. So we will be aggressively chasing this prospect of building this housing that common people can buy.”
CapitaLand says it may also introduce suburban shopping malls, like Singapore’s Bugis Junction, in Vietnam.
Mr Liew said shopping malls are practically non-existent in Hanoi.
Such malls are good for Vietnam, he said. They can help to stimulate the economy through increased local consumption.
Mr Liew said: “Vietnam is progressing to the next stage of urbanisation. Our vision is to build shopping malls, firstly for what we call necessity shopping.
“It’s not ION in Singapore, it’s not Takashimaya. It’s Tampines Mall, IMM, Bugis Junction, maybe, that sort of shopping mall where they can buy their basic necessity plus a few things (like) Zara, Uniqlo or Muji, Watsons, that sort of images.
“Not ION, no Prada and LV. I believe that people migrate to these consumption progressively. If I do a shopping mall that does Prada and LV, I’m taking a high risk.
“But if I’m building a shopping mall that can sell basic necessity plus a few things that they can afford, then I think I’m addressing the needs of the population.”
CapitaLand also wants to introduce mixed developments in Vietnam. These would be similar to its Raffles City integrated developments, which house offices, shopping malls and residences.
But office space is something which CapitaLand is not keen on building in Vietnam yet. Mr Liew said there is currently an oversupply of office space in cities like Ho Chi Minh.
Source: Channel News Asia, 7 Jun 2010
It is aiming to build affordable homes and shopping malls in major Vietnamese cities like Hanoi and Ho Chi Minh City, said CapitaLand’s CEO Liew Mun Leong on the sidelines of an event in Hanoi.
CapitaLand now spends about US$1.2 billion in real estate developments in Vietnam.
Mr Liew is in Hanoi where he witnessed the signing of an MOU between CapitaLand Vietnam and The Academy of Managers for Construction and Cities. The academy comes under Vietnam’s Ministry of Construction.
The MOU will enable both sides to exchange information and knowledge about infrastructure developments. It will also facilitate joint training and exchange programmes like study tours and site visits.
Building housing for the common citizens of Vietnam is CapitaLand’s key aim for the near future. It says a typical two-room apartment, occupying up to 70 square metres, will have basic facilities like toilets.
CapitaLand is targeting those between the lower 30 percent and 50 percent of the population in Hanoi and Ho Chi Minh for its new affordable housing projects.
This group of Vietnamese would have a monthly household income of about US$2,000, and CapitaLand says that currently there is insufficient housing to meet their needs. So the company believes that its new developments would help to plug that gap.
Mr Liew said: “In the case of Vietnam, we think that, from our experience, they have savings, but they need a home. So, we’ll build something which their savings can afford to buy.
“I checked with my own colleagues who work with us. They think that about US$1,000 per square metre – which is roughly a US$100 per square foot or S$140 per square foot – (is affordable). It’s like HDB (flats) in the early 70s. That sort of things is something that we’re pegging to.”
“We have roughly about 4,000 apartments to build. What we want to do is to increase this rapidly,” added Mr Liew.
“500,000 people need housing every year. That translates to about 120,000 homes to be built. And what is the supply? The supply today is only about 18,000 homes. I think this is a very good opportunity for us. So we will be aggressively chasing this prospect of building this housing that common people can buy.”
CapitaLand says it may also introduce suburban shopping malls, like Singapore’s Bugis Junction, in Vietnam.
Mr Liew said shopping malls are practically non-existent in Hanoi.
Such malls are good for Vietnam, he said. They can help to stimulate the economy through increased local consumption.
Mr Liew said: “Vietnam is progressing to the next stage of urbanisation. Our vision is to build shopping malls, firstly for what we call necessity shopping.
“It’s not ION in Singapore, it’s not Takashimaya. It’s Tampines Mall, IMM, Bugis Junction, maybe, that sort of shopping mall where they can buy their basic necessity plus a few things (like) Zara, Uniqlo or Muji, Watsons, that sort of images.
“Not ION, no Prada and LV. I believe that people migrate to these consumption progressively. If I do a shopping mall that does Prada and LV, I’m taking a high risk.
“But if I’m building a shopping mall that can sell basic necessity plus a few things that they can afford, then I think I’m addressing the needs of the population.”
CapitaLand also wants to introduce mixed developments in Vietnam. These would be similar to its Raffles City integrated developments, which house offices, shopping malls and residences.
But office space is something which CapitaLand is not keen on building in Vietnam yet. Mr Liew said there is currently an oversupply of office space in cities like Ho Chi Minh.
Source: Channel News Asia, 7 Jun 2010
Thursday, April 15, 2010
Mapletree invests in Vietnam’s growth potential
VIETNAM’S booming economy has led to a big demand for factory and office space – and that demand was expected to grow even bigger when the country joined the World Trade Organization (WTO) in January last year.
With WTO membership, Vietnam would have to open its door wider to foreign investors, who would need more room to do business and manufacture products – and would want better space.
Anticipating Vietnam’s move, Mapletree Investment invested US$400 million in 2008 – a year before Vietnam’s entry into the WTO – in its first business park there.
‘We saw the opportunity to take our expertise in creating vibrant integrated mixed-use developments for ‘work, live and play’ to Vietnam,’ said Ng Kiat, Mapletree’s chief executive officer there.
Mapletree Business City@Binh Duong, in south Vietnam, will house single storey ready-built facilities, multi-storey business park space and build-to-suit units.
‘It will cater to high tech, software and product development, backroom and middle-room processing, research and development and value-added manufacturing industries,’ Ms Ng said.
The park is being built near Ho Chi Minh City and established manufacturing hubs – and will have quick access to airports and seaports.
Mapletree has also moved to meet the housing aspirations of Vietnam’s large and growing middle class, by signing a joint-venture agreement with Saigon Co-op in April 2009 to build a mixed-use project with offices, shops and serviced apartments.
‘This US$350 million project will introduce a new integrated development model to Vietnam – the first multi-tenanted lifestyle destination mall,’ Ms Ng said.
The business park and integrated commercial development are only two of Mapletree’s projects in Vietnam.
The company first ventured there in 2005 when it set up Mapletree Logistics Centre in south Vietnam to meet the needs of multinational corporations that had set up shop there.
Today, Mapletree has two logistics facilities in Vietnam and is finalising the design for a third.
‘Vietnam has long-term growth potential as it is at a nascent stage of economic development,’ Ms Ng said.
‘Our biggest challenge (there) is to build up local relationships with the authorities, service providers, vendors and even local retailers. We also have to take time to build up the Mapletree brand name in this new market.’
Source: Business Times, 15 Apr 2010
With WTO membership, Vietnam would have to open its door wider to foreign investors, who would need more room to do business and manufacture products – and would want better space.
Anticipating Vietnam’s move, Mapletree Investment invested US$400 million in 2008 – a year before Vietnam’s entry into the WTO – in its first business park there.
‘We saw the opportunity to take our expertise in creating vibrant integrated mixed-use developments for ‘work, live and play’ to Vietnam,’ said Ng Kiat, Mapletree’s chief executive officer there.
Mapletree Business City@Binh Duong, in south Vietnam, will house single storey ready-built facilities, multi-storey business park space and build-to-suit units.
‘It will cater to high tech, software and product development, backroom and middle-room processing, research and development and value-added manufacturing industries,’ Ms Ng said.
The park is being built near Ho Chi Minh City and established manufacturing hubs – and will have quick access to airports and seaports.
Mapletree has also moved to meet the housing aspirations of Vietnam’s large and growing middle class, by signing a joint-venture agreement with Saigon Co-op in April 2009 to build a mixed-use project with offices, shops and serviced apartments.
‘This US$350 million project will introduce a new integrated development model to Vietnam – the first multi-tenanted lifestyle destination mall,’ Ms Ng said.
The business park and integrated commercial development are only two of Mapletree’s projects in Vietnam.
The company first ventured there in 2005 when it set up Mapletree Logistics Centre in south Vietnam to meet the needs of multinational corporations that had set up shop there.
Today, Mapletree has two logistics facilities in Vietnam and is finalising the design for a third.
‘Vietnam has long-term growth potential as it is at a nascent stage of economic development,’ Ms Ng said.
‘Our biggest challenge (there) is to build up local relationships with the authorities, service providers, vendors and even local retailers. We also have to take time to build up the Mapletree brand name in this new market.’
Source: Business Times, 15 Apr 2010
Strong, growing demand for quality industrial space
ASCENDAS first set foot in Vietnam as one of the investors in the Vietnam-Singapore Industrial Park I in 1996, built by Sembcorp Industrial Parks.
But it was only a decade after – in December 2007 – that the total business space solutions provider got to build its own industrial park there, in partnership with Protrade Corporation.
‘Vietnam is an attractive emerging market where there is a strong and growing demand for quality industrial space,’ says Han Ann Foong, country head of Ascendas Vietnam.
Ascendas’s 500-hectare industrial park in Binh Duong Province in south Vietnam, when completed, will support a working community of 52,000 people.
‘The park will provide infrastructure and facilities for light and clean industries such as food and beverage, electronics and health care, within a trademark work-play-live environment,’ Mr Han says.
Work on the park is expected to start in late 2010 or early 2011 and be fully completed by mid-2014.
‘With the Ascendas-Protrade Singapore Tech Park, we aim to set standards in quality business space in this market,’ Mr Han says. ‘These include well-designed ready-built facilities with good quality finishes, build-to-suit facilities customised to our customers’ requirements as well as prepared land parcels.’
However, Mr Han cautions that investors in Vietnam may have to deal with laws and policies that are still in the making as well as poor infrastructure. But these are short-term problems. ‘We believe that over the longer term, the Vietnam market hold promise for investors like Ascendas who are prepared to ride and overcome any short-term difficulties.’
Source: Business Times, 15 Apr 2010
But it was only a decade after – in December 2007 – that the total business space solutions provider got to build its own industrial park there, in partnership with Protrade Corporation.
‘Vietnam is an attractive emerging market where there is a strong and growing demand for quality industrial space,’ says Han Ann Foong, country head of Ascendas Vietnam.
Ascendas’s 500-hectare industrial park in Binh Duong Province in south Vietnam, when completed, will support a working community of 52,000 people.
‘The park will provide infrastructure and facilities for light and clean industries such as food and beverage, electronics and health care, within a trademark work-play-live environment,’ Mr Han says.
Work on the park is expected to start in late 2010 or early 2011 and be fully completed by mid-2014.
‘With the Ascendas-Protrade Singapore Tech Park, we aim to set standards in quality business space in this market,’ Mr Han says. ‘These include well-designed ready-built facilities with good quality finishes, build-to-suit facilities customised to our customers’ requirements as well as prepared land parcels.’
However, Mr Han cautions that investors in Vietnam may have to deal with laws and policies that are still in the making as well as poor infrastructure. But these are short-term problems. ‘We believe that over the longer term, the Vietnam market hold promise for investors like Ascendas who are prepared to ride and overcome any short-term difficulties.’
Source: Business Times, 15 Apr 2010
Tuesday, March 23, 2010
Risk of asset price bubbles in Vietnam: World Bank
Vietnam faces the risk of asset bubbles and price busts similar to 2008, though it may maintain economic growth, a senior World Bank official said here yesterday.
Decisive steps helped tame soaring inflation in 2008, and then the authorities performed an effective U-turn to maintain growth in the face of the global slowdown, said James Adams, World Bank vice-president for East Asia and the Pacific.
‘Now we are again in a situation where some import challenges remain for the government, but we remain convinced that Vietnam’s pragmatism and sometimes heterodox measures have provided an important framework to sustain growth and we think that likely can, in fact, be maintained,’ Mr Adams said.
But, listing some of the challenges, he cautioned: ‘On the relative prices front, and this goes back to the overheating of two years ago, the economy remains very open, capital markets are thin, and so there are risks of dangerous volatility in asset prices.’
The Ho Chi Minh Exchange index fell 80 per cent from a life high of 1,170.67 points in March 2007 before bottoming out at 234.66 in early February 2009. It has risen since, and yesterday the market closed at 511.58 points.
Property prices in Vietnam have also experienced boom-and-bust cycles.
Yesterday, State Bank of Vietnam governor Nguyen Van Giau said gross domestic product growth in the first quarter would be about 6 per cent from a year ago, exceeding expectations.
Source: Business Times, 23 Mar 2010
Decisive steps helped tame soaring inflation in 2008, and then the authorities performed an effective U-turn to maintain growth in the face of the global slowdown, said James Adams, World Bank vice-president for East Asia and the Pacific.
‘Now we are again in a situation where some import challenges remain for the government, but we remain convinced that Vietnam’s pragmatism and sometimes heterodox measures have provided an important framework to sustain growth and we think that likely can, in fact, be maintained,’ Mr Adams said.
But, listing some of the challenges, he cautioned: ‘On the relative prices front, and this goes back to the overheating of two years ago, the economy remains very open, capital markets are thin, and so there are risks of dangerous volatility in asset prices.’
The Ho Chi Minh Exchange index fell 80 per cent from a life high of 1,170.67 points in March 2007 before bottoming out at 234.66 in early February 2009. It has risen since, and yesterday the market closed at 511.58 points.
Property prices in Vietnam have also experienced boom-and-bust cycles.
Yesterday, State Bank of Vietnam governor Nguyen Van Giau said gross domestic product growth in the first quarter would be about 6 per cent from a year ago, exceeding expectations.
Source: Business Times, 23 Mar 2010
Thursday, January 14, 2010
5 S’pore firms to invest in park
FIVE Singapore companies were among the first batch of 12 who signed agreements to invest in the new Vietnam-Singapore Industrial Park (VSIP) project in Hai Phong city yesterday.
The quintet comprises Boustead Projects, which plans to develop a multi-user food processing and logistics hub; GuocoLand Vietnam Company, which envisions a self-sustained integrated community in the VSIP; KingsLand Development, which intends to build customised factories and warehouses; Modern Montessori International, which wants to develop pre-schools; and Zaienta Singapore, which plans to set up a mobile device assembly and data centre services for the VSIP.
The Nanyang Technological University (NTU), too, has signed a deal to collaborate in research, education and feasibility studies in the 1,600-hectare integrated township and industrial park, about two-hour drive from the Vietnamese capital Hanoi.
Ng Wun Jern, executive director of NTU’s Nanyang Environment & Water Research Institute (Newri) said the deal would see the institute conduct research in environmental impact, water management and scenario analysis of flooding and draining management.
Modern Montessori International (MMI), meanwhile, is continuing its expansion across Asia with the aim of leasing land or a ready-built building within the VSIP to develop international-class pre-schools for Vietnamese children.
The group’s chairman and chief executive T Chandroo said this maiden entry into Vietnam and the first strategic partnership with the VSIP would allow MMI to expand its pre-school education services across Vietnam.
Zaienta Singapore CEO Benjamin Chow told BT at yesterday’s VSIP ground-breaking ceremony, where he signed the memorandum of understanding (MOU), that the ‘time was ripe’ for his four-year-old company to make its first foray into ‘bustling Vietnam’.
‘A lot of banks have got their full licenses to operate here, so they would require data services from a third party. We are now in the process of obtaining the necessary telco licenses and we hope to be operational in VSIP in the next two years,’ he said.
Zaienta already has offices in China and the United States and regards Vietnam as an ideal location to do business given its central location in the region and vast business opportunities as an ‘emerging economy’, said Mr Chow.
Among the remaining six companies that signed deals with VSIP include the Best Western Pearl River Hotel, Vietnamese property developer Central Land Corporation and Malaysian real estate developer Setia International.
Source: Business Times, 14 Jan 2010
The quintet comprises Boustead Projects, which plans to develop a multi-user food processing and logistics hub; GuocoLand Vietnam Company, which envisions a self-sustained integrated community in the VSIP; KingsLand Development, which intends to build customised factories and warehouses; Modern Montessori International, which wants to develop pre-schools; and Zaienta Singapore, which plans to set up a mobile device assembly and data centre services for the VSIP.
The Nanyang Technological University (NTU), too, has signed a deal to collaborate in research, education and feasibility studies in the 1,600-hectare integrated township and industrial park, about two-hour drive from the Vietnamese capital Hanoi.
Ng Wun Jern, executive director of NTU’s Nanyang Environment & Water Research Institute (Newri) said the deal would see the institute conduct research in environmental impact, water management and scenario analysis of flooding and draining management.
Modern Montessori International (MMI), meanwhile, is continuing its expansion across Asia with the aim of leasing land or a ready-built building within the VSIP to develop international-class pre-schools for Vietnamese children.
The group’s chairman and chief executive T Chandroo said this maiden entry into Vietnam and the first strategic partnership with the VSIP would allow MMI to expand its pre-school education services across Vietnam.
Zaienta Singapore CEO Benjamin Chow told BT at yesterday’s VSIP ground-breaking ceremony, where he signed the memorandum of understanding (MOU), that the ‘time was ripe’ for his four-year-old company to make its first foray into ‘bustling Vietnam’.
‘A lot of banks have got their full licenses to operate here, so they would require data services from a third party. We are now in the process of obtaining the necessary telco licenses and we hope to be operational in VSIP in the next two years,’ he said.
Zaienta already has offices in China and the United States and regards Vietnam as an ideal location to do business given its central location in the region and vast business opportunities as an ‘emerging economy’, said Mr Chow.
Among the remaining six companies that signed deals with VSIP include the Best Western Pearl River Hotel, Vietnamese property developer Central Land Corporation and Malaysian real estate developer Setia International.
Source: Business Times, 14 Jan 2010
Friday, January 8, 2010
KepLand in Vietnam waterfront township
KEPPEL Land is taking a 42 per cent stake in a waterfront township project in Ho Chi Minh City that will include about 4,700 homes with a potential gross floor area of about 10.76 million square feet and which will take about eight to 10 years to develop.
The project’s first phase, which is expected to be launched in 2011, has an estimated on-completion value of US$80-120 million. This will be KepLand’s third township development in the Vietnamese city.
KepLand said yesterday that it had formed a joint venture with Tien Phuoc Co Ltd and Tran Thai Co Ltd to develop the waterfront residential township on a prime 30 hectare site at South Rach Chiec in the city’s popular District 2. The plot boasts over 2km of river frontage.
‘This is a pilot programme which will be developed in phases,’ KepLand said.
The joint venture will build and transfer to the city, a social housing project of about 1,800 apartments on another site in District 2, about 10 minutes’ drive from the waterfront site. In return, the city will assign to the joint venture the 30 hectare cleared site, which is zoned for waterfront development, KepLand said in a regulatory filing with the Singapore Exchange yesterday.
In addition to the 4,700 homes (which will be high-rise condos targeting the upper-middle income market), the township will also include complementary commercial components such as retail outlets and shophouses.
The site is 8km from the central business district. ‘Travelling time to the CBD will be cut to less than 15 minutes upon completion of the Thu Thiem Tunnel, East-West Highway and Ho Chi Minh City-Long Thanh Expressway, all currently under construction, over the next two years,’ KepLand said.
KepLand’s 42 per cent stake in the project amounts to US$16 million (about S$22.3 million) of the joint venture’s total registered capital of US$38 million. Tien Phuoc and Tran Thai will hold 38 and 20 per cent respectively.
Keppel Land International executive director and CEO Ang Wee Gee said: ‘Keppel Land was able to leverage its reputation in Vietnam and its strong relationships with local authorities and strategic partners to secure another large site to meet demand for its homes and build up its quality portfolio.
‘Our new township will allow us to tap our experience to masterplan and develop a desirable live-work-play environment and lifestyle for our residents.’
KepLand also gave an update of its waterfront villa development Riviera Cove in Ho Chi Minh City, saying that about 80 per cent of 60 launched villas were taken up within a month of their release in mid-November 2009, at an average selling price of about US$680,000 per unit. The remaining units in the 96-unit project will be progressively launched this quarter.
KepLand’s two earlier township projects in Ho Chi Minh City are still under construction – Saigon Sports City, an integrated residential, commercial and recreational sporting hub on a 64-ha site in District 2, and a 367-ha waterfront residential township in Dong Nai Province.
The latest waterfront township development marks KepLand’s second collaboration with Tien Phuoc, following the 1,393-unit The Estella condo, also in District 2.
Tien Phuoc’s other projects in the region include South Saigon Residential Complex, Le Meridien Saigon Tower (a hotel and office mixed-use development) and Cam Ranh Bay Resort.
Source: Business Times, 8 Jan 2010
The project’s first phase, which is expected to be launched in 2011, has an estimated on-completion value of US$80-120 million. This will be KepLand’s third township development in the Vietnamese city.
KepLand said yesterday that it had formed a joint venture with Tien Phuoc Co Ltd and Tran Thai Co Ltd to develop the waterfront residential township on a prime 30 hectare site at South Rach Chiec in the city’s popular District 2. The plot boasts over 2km of river frontage.
‘This is a pilot programme which will be developed in phases,’ KepLand said.
The joint venture will build and transfer to the city, a social housing project of about 1,800 apartments on another site in District 2, about 10 minutes’ drive from the waterfront site. In return, the city will assign to the joint venture the 30 hectare cleared site, which is zoned for waterfront development, KepLand said in a regulatory filing with the Singapore Exchange yesterday.
In addition to the 4,700 homes (which will be high-rise condos targeting the upper-middle income market), the township will also include complementary commercial components such as retail outlets and shophouses.
The site is 8km from the central business district. ‘Travelling time to the CBD will be cut to less than 15 minutes upon completion of the Thu Thiem Tunnel, East-West Highway and Ho Chi Minh City-Long Thanh Expressway, all currently under construction, over the next two years,’ KepLand said.
KepLand’s 42 per cent stake in the project amounts to US$16 million (about S$22.3 million) of the joint venture’s total registered capital of US$38 million. Tien Phuoc and Tran Thai will hold 38 and 20 per cent respectively.
Keppel Land International executive director and CEO Ang Wee Gee said: ‘Keppel Land was able to leverage its reputation in Vietnam and its strong relationships with local authorities and strategic partners to secure another large site to meet demand for its homes and build up its quality portfolio.
‘Our new township will allow us to tap our experience to masterplan and develop a desirable live-work-play environment and lifestyle for our residents.’
KepLand also gave an update of its waterfront villa development Riviera Cove in Ho Chi Minh City, saying that about 80 per cent of 60 launched villas were taken up within a month of their release in mid-November 2009, at an average selling price of about US$680,000 per unit. The remaining units in the 96-unit project will be progressively launched this quarter.
KepLand’s two earlier township projects in Ho Chi Minh City are still under construction – Saigon Sports City, an integrated residential, commercial and recreational sporting hub on a 64-ha site in District 2, and a 367-ha waterfront residential township in Dong Nai Province.
The latest waterfront township development marks KepLand’s second collaboration with Tien Phuoc, following the 1,393-unit The Estella condo, also in District 2.
Tien Phuoc’s other projects in the region include South Saigon Residential Complex, Le Meridien Saigon Tower (a hotel and office mixed-use development) and Cam Ranh Bay Resort.
Source: Business Times, 8 Jan 2010
Thursday, October 1, 2009
Ascott bags Vietnam management contract
This will boost its inventory in Vietnam to 1,182 units
CAPITALAND'S serviced residence arm has clinched a management contract for a property in the coastal city of Hai Phong.
The Somerset Central TD, Hai Phong, will open in the second half of next year and offer 132 units ranging from studio to three-bedroom apartments, The Ascott Group said yesterday.
This will be the seventh property in Ascott's portfolio in the country and will boost its inventory in Vietnam to 1,182 units.
The latest management contract is from Thuy Duong Investment Joint Stock Company, a property company with developments across Vietnam's major cities.
The property is part of the landmark TD Plaza, a mixed use development at Le Hong Phong Road that comprises a five-storey mall, which is already operating; an office block; and two towers of residential apartments and serviced residences.
'The new Somerset property will be the first international branded serviced residence and the largest serviced apartment in Hai Phong,' Ascott said.
The latest property will cement Ascott's position as the largest international serviced residence operator in Vietnam.
Ascott CEO Lim Ming Yan, said: 'Vietnam has significant potential for Ascott to grow its presence. Our five properties in Hanoi and Ho Chi Minh City are performing well with an average occupancy of about 90 per cent.
'We expect strong demand from the influx of expatriates to Hai Phong as the city further urbanises. The local government has plans for new industrial parks in Hai Phong which will spur economic growth. Vietnam and Singapore will also develop a 1,600-hectare integrated township and industrial park there,' he added.
Ascott currently manages five serviced residence properties in Hanoi and Ho Chi Minh City totalling 818 units. Another property with 232 units will open in Ho Chi Minh City in the second half of 2011.
Source: Business Times, 1 Oct 2009
CAPITALAND'S serviced residence arm has clinched a management contract for a property in the coastal city of Hai Phong.
The Somerset Central TD, Hai Phong, will open in the second half of next year and offer 132 units ranging from studio to three-bedroom apartments, The Ascott Group said yesterday.
This will be the seventh property in Ascott's portfolio in the country and will boost its inventory in Vietnam to 1,182 units.
The latest management contract is from Thuy Duong Investment Joint Stock Company, a property company with developments across Vietnam's major cities.
The property is part of the landmark TD Plaza, a mixed use development at Le Hong Phong Road that comprises a five-storey mall, which is already operating; an office block; and two towers of residential apartments and serviced residences.
'The new Somerset property will be the first international branded serviced residence and the largest serviced apartment in Hai Phong,' Ascott said.
The latest property will cement Ascott's position as the largest international serviced residence operator in Vietnam.
Ascott CEO Lim Ming Yan, said: 'Vietnam has significant potential for Ascott to grow its presence. Our five properties in Hanoi and Ho Chi Minh City are performing well with an average occupancy of about 90 per cent.
'We expect strong demand from the influx of expatriates to Hai Phong as the city further urbanises. The local government has plans for new industrial parks in Hai Phong which will spur economic growth. Vietnam and Singapore will also develop a 1,600-hectare integrated township and industrial park there,' he added.
Ascott currently manages five serviced residence properties in Hanoi and Ho Chi Minh City totalling 818 units. Another property with 232 units will open in Ho Chi Minh City in the second half of 2011.
Source: Business Times, 1 Oct 2009
Thursday, May 21, 2009
VinaCapital expects strong recovery in property sector
(SINGAPORE) VinaCapital, Vietnam's largest asset manager, expects a strong recovery in the country's property sector and said that it has been buying stocks of firms such as Vinamilk that produce goods for domestic consumers. 'The area that we like a lot at the moment is real estate,' chief executive Don Lam told Reuters in an interview in Singapore.
Demand for homes had picked up since the Vietnamese New Year at the end of January as lower prices attracted local buyers, he said. 'Prices have gone off from their peak by 30 to 35 per cent. On top of that, you have financing costs down by half and there's a 30 to 40 per cent drop in construction costs.'
While Vietnamese exports have been hit by the global recession, the domestic economy remained relatively strong with GDP expected to expand by 4 to 5 per cent this year and retail sales by over 20 per cent, Mr Lam said.
VinaCapital, which manages around US$1.7 billion in assets, recently purchased shares of materials firm Hoa Phat and diary giant Vinamilk, Mr Lam added.
Mr Lam described Vina-milk, which also produces coffee products, as the 'Nestle of Vietnam', and said Hoa Phat had the strongest brand name among Vietnamese construction materials firms.
The firm is also eyeing listed power firms as many are trading below replacement cost. Listed power firms include Khanh Hoa Power and Pha Lai Thermal Power.
VinaCapital has three closed-end funds listed on the London Stock Exchange's AIM market - VinaCapital Vietnam Opportunity Fund, VinaLand Fund and Vietnam Infrastructure Ltd.
Its funds invest in a wide range of listed and unlisted assets, and their property holdings include the landmark Sofitel and Hilton Opera hotels in Hanoi.
Mr Lam said Vietnam's financial profile was stronger than most people thought as its large trade deficit, estimated at US$19.2 billion this year, was offset by strong foreign direct investments.
The country also enjoyed inflows from remittances by overseas Vietnamese which were mostly made through unofficial channels and hence were not captured by official data, added Mr Lam, who was born in Vietnam but brought up in Canada. Mr Lam said foreign investors have largely given Vietnam's stock market a miss - despite a more than 70 per cent rise since February - but would probably return once global risk appetite recovers, giving the local bourse a further lift. -- Reuters
Source: Business Times, 21 May 2009
Demand for homes had picked up since the Vietnamese New Year at the end of January as lower prices attracted local buyers, he said. 'Prices have gone off from their peak by 30 to 35 per cent. On top of that, you have financing costs down by half and there's a 30 to 40 per cent drop in construction costs.'
While Vietnamese exports have been hit by the global recession, the domestic economy remained relatively strong with GDP expected to expand by 4 to 5 per cent this year and retail sales by over 20 per cent, Mr Lam said.
VinaCapital, which manages around US$1.7 billion in assets, recently purchased shares of materials firm Hoa Phat and diary giant Vinamilk, Mr Lam added.
Mr Lam described Vina-milk, which also produces coffee products, as the 'Nestle of Vietnam', and said Hoa Phat had the strongest brand name among Vietnamese construction materials firms.
The firm is also eyeing listed power firms as many are trading below replacement cost. Listed power firms include Khanh Hoa Power and Pha Lai Thermal Power.
VinaCapital has three closed-end funds listed on the London Stock Exchange's AIM market - VinaCapital Vietnam Opportunity Fund, VinaLand Fund and Vietnam Infrastructure Ltd.
Its funds invest in a wide range of listed and unlisted assets, and their property holdings include the landmark Sofitel and Hilton Opera hotels in Hanoi.
Mr Lam said Vietnam's financial profile was stronger than most people thought as its large trade deficit, estimated at US$19.2 billion this year, was offset by strong foreign direct investments.
The country also enjoyed inflows from remittances by overseas Vietnamese which were mostly made through unofficial channels and hence were not captured by official data, added Mr Lam, who was born in Vietnam but brought up in Canada. Mr Lam said foreign investors have largely given Vietnam's stock market a miss - despite a more than 70 per cent rise since February - but would probably return once global risk appetite recovers, giving the local bourse a further lift. -- Reuters
Source: Business Times, 21 May 2009
Viet property market seen bottoming out
Prices at some developments may even rise 5-10% by end 2009: CBRE
THE residential property market in Vietnam is likely to have bottomed and prices at some developments may even rise 5-10 per cent by the end of this year, according to real estate consultant CB Richard Ellis (CBRE).
'There won't be anything like the demand we saw in 2007 and 2008, but at least it has stopped going down,' CBRE Vietnam's managing director Marc Townsend told BT.
From its peak in 2007, Vietnam's property market began cooling last year as inflation soared, interest rates shot up, and construction costs increased. The global financial crisis weakened the sector further as international investors stayed on the sidelines.
The average asking price for luxury apartments in Ho Chi Minh City, for instance, fell from more than US$5,500 psm (US$511 psf) to just over US$4,500 psm over 2008, CBRE noted.
But some economic factors have since improved. According to Bloomberg yesterday, inflation in Vietnam fell to 9.23 per cent in April, from a high of 28.3 per cent in August last year. Mr Townsend said lending rates and construction costs have also eased.
While the economic slowdown has led to lay-offs in Vietnam, most white-collar workers still have their jobs, he noted. In many cases too, expatriates have been the first to go, benefiting locals who got to fill their positions.
More importantly, some Vietnamese developers have trimmed asking prices to revive buying interest.
CBRE noted that one developer recently launched projects at prices more than 30 per cent lower than those last year. The company could have sold over 530 apartments in just four days, it said.
Singapore developers have not trimmed prices so far, Mr Townsend said. 'They have waited . . . and their patience has been rewarded with a strengthening of the market.'
Keppel Land's recent release of more units at the Estella is an example, he said. The developer told BT it offered a limited number of units early this month and there was 'an encouraging increase in the number of sales and enquiries'.
While Keppel Land kept the average selling price constant at US$2,000 - US$2,200 psm, it introduced - its first time in Vietnam - an optional staggered payment scheme for buyers.
Based on current sentiment, some residential properties may be able to achieve slight price increases this year, Mr Townsend said. Most developers are careful and will release a small number of units to test the market and create interest before raising prices, he said.
Source: Business Times, 21 May 2009
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