P&T Holding to Invest US$1 Bln into Vietnam Realty Market

P&T Holdings Ltd, a multinational architecture and realty group, on November 13 marked its 140-year establishment anniversary and said that it is expected to invest 4,000 hi-end apartments in Vietnam.

 

P&T Holdings Ltd did not specify the total value, but the 4,000 apartments are estimated to cost roughly US$1 billion based on the market prices.

 

Currently the P&T Holdings Ltd is investing to build a number of projects in Vietnam including BIDV headquarter, Water Gateway complex in Hanoi, and five huge realty projects in Ho Chi Minh City such as a 30-level hi-end apartment Pavilion Square Twin, the Canary in Vietnam-Singapore IP, the Estella Building, and two other high class apartment projects.

 

Realty analysts said this is the gold chance for realty developers in Vietnam as prices of steel and construction materials have sharply decreased, and the realty market is forecast to start heating up in the third and fourth quarters next year.

 

So far, real estate market has seen its value halve compared late 2007 and early 2008, they said.

 

Governor of the State Bank of Vietnam Nguyen Van Giau said SBV will request local banks to start to funnel cash into effective real estate projects. (Vietnam Economic Times)