The revised Law on Housing, which comes into effect in July, eases restrictions for foreigners to own property in Vietnam. This progressive legislation is expected to reinvigorate the market by offering non-nationals attractive conditions for buying a house.
According to Marc Townsend, general manager of CBRE Vietnam, the new regulation has opened the door for foreigners who are keen to get on the property ladder here. Foreigners will soon be able to buy unlimited numbers of condominiums with an ownership period of 50 years, which can be extended subject to applicable laws. Significantly, the government’s new law allows foreigners to lease, mortgage, contribute as capital, gift and bequest property.
As a result, real estate analysts are looking forward to bright prospects in the future, and have predicted that foreign buyers from Japan, South Korea, Singapore, and western countries may occupy up to 10 per cent of the buyers in high-end projects.
Vingroup – the biggest property investor in Vietnam – is currently implementing the Vinhomes Central Park (VHCP) urban township, a green city located along the bank of the Saigon River. Together with Ba Son, and Khanh Hoi, VHCP is a key element of the “miniature green city” redevelopment.
Located in Binh Thanh District in the increasingly trendy eastern part of Ho Chi Minh City, the township is designed with a building density of just 16 percent. There will be 14 hectares of green space and river frontage along over a one kilometer stretch of the Saigon River. VHCP will also be the first urban township to have a luxury marina.
The Landmark complex is part of VHCP. Landmark 81 – the highest ever building so far in Vietnam – will be located in the heart of the Landmark complex. Landmark 81 promises a lavish view and a “New York-style” living space for its end users. Billed as one of the ten tallest buildings in the world, upon its completion, it will become an iconic feature of the Ho Chi Minh City skyline. The ultra-luxury facility, slated for opening by the end of 2017, is being heralded as groundbreaking in terms of quality.
Covering an area of 141,000 square meters, Landmark 81 consists of a five-star, 260-room hotel, with roughly 250 apartments, a range of luxury restaurants, an open-air sky bar, an observatory and a shopping mall. Landmark 81 is expected to be highly sought-after, not just by end-users, but by investors as well.
According to a study from CBRE Vietnam, Landmark 81 is expected to bring about a higher rental yield, approximately up to 15 percent higher than other rivals in the same market segment, such as The Manor, which has a rental yield of 7.2 percent, and the Saigon Pearl with 6.5 percent. These high yields, according to the developer, will be obtained through the project’s many advantages, including its ideal location, low construction density, and its coverage of the biggest park by the river in Ho Chi Minh City.
Moreover, Landmark 81 will benefit from a convenient transportation system, a secure living standard, and the Vincom shopping center. Also, despite its higher cost, the developer has decided to use Low-E glass for this building due to its environmental benefits.
Vingroup is the biggest developer of real estate in Vietnam with many high-end properties including multi-function complexes in Hanoi, Ho Chi Minh City, Nha Trang, Da Nang and many other provinces throughout the country. In addition to its domestic and international plaudits, most recently the company won the “Best Developer in Vietnam” award at the Southeast Asia Property Awards in Singapore last October.
Foreign buyers are cordially invited to the CBRE Exclusive Event at Vinhomes Central Park on July 1. Please join us and seize this unique opportunity of a 5 percent discount before the next launch and price rise. Hotline: 090 246 8087