Vietnam to see more property projects change hands

TN News

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At least seven more property developments are up for acquisition even as analysts predict an active acquisitions market this year, Saigon Times newspaper has reported.

Fund management company Vinacapital is seeking to sell its 70 percent stake in the five-star Movenpick Saigon hotel in Ho Chi Minh City.

Tran Thai Group has announced it will sell its 28,500-square-meter Tran Thai Village project in HCMC's District 9.

The 20-story Capital Tower office building in Hanoi is also up for sale. 

Neil MacGregor, managing director of property consultancy Savills Vietnam, said it is a good time for investors to enter the Vietnamese property market.

They could choose from completed office buildings, serviced apartments, and hotels and many more that are under construction, he said.

His company is advising investors and funds from Japan, Hong Kong, and Singapore, he revealed.


Foreign moneybags take over from embattled property developers

In the first quarter HCMC saw four acquisitions, the biggest being luxury shopping mall Vincom Center A by an undisclosed investor for US$316-400 million from Vietnam's largest listed developer Vingroup.

South Korean Lotte Hotels and Resorts paid $62.5 million for the five-star Legend Hotel Saigon, now known as Lotte Legend Hotel Saigon.

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