Real estate

Global private equity firm Warburg Pincus and Vietnam`s real estate and infrastructure major Becamex IDC Corp (Becamex) has officially launched the joint venture BW Industrial Development (BW Industrial) on May 15.

Hanoi Capital hopes to collect over 53.5 trillion VND (2.3 billion USD) to the budget from auctioning 677.36 hectares of land in 2018-2020

In first quarter, Vinhomes posted its revenue at over VND10 trillion (US$439 million), 3 times higher than last year`s same period, said its quarterly financial statement.

A booming real estate sector has helped fuel Vietnam`s rapid GDP growth in recent years, but the country`s reliance on high credit growth also means that the sector poses significant economic risks, said a recent report by HSBC.

Gamuda Land’s maiden town development located in Hanoi, Vietnam, clinched the World Gold Award for Environmental (Rehabilitation / Conservation) at the FIABCI World Prix d’ Excellence Award 2018 which took place at the Jumeirah Emirates Towers (Dubai) on 01/05.

VinGroup`s net profit before tax in the first quarter reached VND2.5 trillion (US$109.6 million), resulting its after-tax profit at VND1 trillion (US$43.85 million), up 103.7% and 70.1% year on year, respectively.

Vincom Retail, a subsidiary of the VinGroup Corporation, posted its pre-tax profit in first quarter at VND702 billion (US$30.7 million), down VND63 billion (US$2.76 million) or 8% year on year.

The Ecopark urban area in the northern province of Hung Yen was honoured with “best urban area project” award at the Vietnam National Property Awards 2018 recently held in Hanoi.

Singapore`s sovereign wealth fund Government of Singapore Investment Corp. (GIC) is expected to invest VND29.5 trillion (US$1.3 billion) in Vinhomes, announced Vingroup (VIC).

Instead of taxing a second home, the Ministry of Finance (MoF) decided to impose a tax rate of 0.4% for the amount exceeding the threshold of VND700 million (US$31,000) for each home.

Vietnam`s real estate sector saw mergers and acquisitions (M&A) reach a total of US$200 million in the first quarter this year, according to estimates by real estate and investment management firm Jones Lang LaSalle (JLL).

The government will have breakthroughs in the reform of legal regulations and business investment conditions for the domestic real estate market this year, according to experts.

The Government should impose a tax on property transactions that are traded within a year after the purchase, aiming to reduce speculation and help the estate market develop sustainably.

Shareholders of Vietnam’s second largest listed property developer Novaland (NVL) approved the firm’s board of directors’ proposals to list in a foreign stock exchange in 2018 or 2019.

The group`s consolidated revenue in 2017 is estimated at VND2.2 trillion (US$96.6 million), up 48% compared to last year, according to the company`s latest financial statement.

In the midst of heated competition on the real estate market, developers are looking for competitive solutions as well as partnerships to bring exclusive values to customers. This case is especially true for foreign developers who are often in need of assistance and advice from local experts and businesses with abundant experience in the Vietnamese market.

The housing market in Ho Chi Minh City`s western region has recently become attractive, especially apartments in the affordable segment costing around VND2 billion (US$87,000), according to analysts.

Sovico Group has bought 50% of the Splendora project, breaking into Hanoi’s real estate market.

The Ho Chi Minh City People’s Committee has still kept insisting that it does not want to build small apartments of 25 square meters.

Sales of new luxury apartments in the Capital city last year hit eight year high thanks to rising demands and exhausted supply sources.