Oil billionaires of wealthy United Arab Emirates (UAE) are eyeing the volatile property market in Vietnam, the Vietnam Investment Review newspaper published by the Ministry of Planning and Investment said on May 12.
“Vietnam is at the top of our interest in particular and others from Middle East,” Philip Atkinson, executive director of the Southeast Asia of Limitless told the newspaper at grounding breaking ceremony of a tourism project in northern Quang Ninh province recently.
Renato Shordon, associate director of CB Richard Ellis said Vietnam’s real estate market bas become more attractive for UAE and Middle Eastern investors.
“Arabian countries are coming here because of a trend to diversify into emerging markets like Vietnam,” Shordon noted.
Tamouth Investment Group recently received approval from Ho Chi Minh City authorities to develop a US$800 million housing project on 38 hectares. Limitless, an affiliate of the Duibai World Real Estate Co, which last year kicked off the US$220 million Ha Long Star, is working on five realty projects with total value of US$100 billion all around the world, mainly in UAE, Saudi Arabia, India and Vietnam.
The Emirates International Investment Company, a real estate developer in Abu Dhabi has expressed its interest in an 8,000-hectare new Ha Long City Project in northern Quang Ninh province.
Meanwhile, Damac Holdings is looking at a US$1 billion high-end apartment complex and resort in central Danang City. The group will make a field-trip there this month. Currently, Kingdom Hotel Investments from Saudi Arabia is building the US$65 million Raffles Resort in the city also.
Dubai World has signed a memorandum of understanding with state-owned Tan Thuan Industrial Promotion Co for development of a huge harbor city and port project in Ho Chi Minh City.
A number of other investors such as Sama Dubai, Genfinancial Holding GA and the ETA Star are seeking to invest in the local realty market.
Vietnam attracted US$7.5 billion FDI between January and April, up 41 per cent on year with majority focusing on realty projects.
The Ministry of Construction said prices of land and houses reduced 15 per cent-20 per cent in Ho Chi Minh City with shrinking transactions while in Hanoi and northern Ha Tay province prices of land and houses dropped considerably. (Vietnam Investment Review)
Vietnamese
