Vincom Centre Landmark 81 launched
Real estate developer Vingroup on July 26 launched Vincom Centre Landmark 81 in HCM City’s 81-storey skyscraper Landmark 81, the tallest building of Viet Nam, increasing the number of Vingroup’s commercial centres to 55. The six-storey commercial centre, covering nearly 50,000 sq.m, brings together 100 leading domestic and international brands in fashion and cosmetics.
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http://bizhub.vn/property/vincom-centre-landmark-81-launched_297311.html
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Ascott opens serviced apartments in Danang
HCMC - The Ascott Limited - CapitaLand’s wholly owned serviced residence business unit - has opened Vietnam’s largest serviced residence, Citadines Blue Cove Danang, in the scenic Son Tra Peninsula by the Han River. Citadines Blue Cove Danang has 548 units, offering a mix of studio and one-, two- and three-bedroom apartments. According to Lew Yen Ping, Ascott’s country general manager for Vietnam, the country is Ascott’s largest market in Southeast Asia, with high demand for serviced apartments. Ascott currently has 21 properties across seven cities in the country, offering close to 4,700 units.
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http://english.thesaigontimes.vn/61535/ascott-opens-serviced-apartments-in-danang.html
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HCMC stops condo developments in downtown area until 2020
The HCMC government expects to raise the per capita housing area to 19.8 square meters by 2020 and the newly built house area to 40 million square meters between 2016 and 2020. In districts 4, 5, 6, 8, 10, 11, Tan Binh, Tan Phu, Phu Nhuan, Go Vap and Binh Thanh, the city will focus on upgrading the urban infrastructure and revitalizing the landscape in a modern manner, while limiting the construction of new high-rise apartment building projects. Meanwhile, new housing and multistorey condo projects will be prioritized in districts 2, 7, 9, 12, Thu Duc and Binh Tan, especially along public transport routes, such as the Metro No.1 in districts 2, 9 and Thu Duc. Social housing blocks will also be on the priority list. In five outlying districts, the city will prioritize developing housing projects in towns, rural areas and residential areas connecting with major roads. In addition, tourist sites, resorts, new urban areas and satellite urban areas will be facilitated for development.
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Danang legalized law-violating construction order
Inspections carried out by the Ministry of Construction recently discovered many violations in management of construction licensing in Danang; affirmed that the main responsibility is of the city’s Department of Construction, People’s Committees. These Danang authorities have let violations happened for a long time without handling them, and even legalize them. Some examples of “legalized” law-violating projects include Muong Thanh Hotel and Son Tra High-End Apartment Complex (Dien Bien Provincial Construction No.1); HH8, five blocks of Queen and three blocks of King Pay at the resort and high-end apartment project The Empire (Thanh Do Construction); trade center project Riverview Complex Danang, etc.
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Investment rate in Vietnam hotel sector increases
T, a businessman with dozens of years of experience in managing luxury hotels in HCMC, said position plays a very important role in business. The room rate of a 5-star hotel in district 1 is $20 per night higher than that in district 5. The room occupancy in central business districts is also higher, thus bringing more profit. That is why hotel developers seek advantageous positions, though the investment rate is much higher. Since the investors know it is difficult to find idle land, they buy old hotels for development. The land plots in the most advantageous position of HCMC – the Nguyen Hue pedestrian street – are also destinations. “It will be worth the investment if you spend 30 percent more capital but you reach the break-even point sooner by three years,” T said. It takes a hotel in the central area 10 years to reach the break-even point, while a hotel in other areas will need 12-14 years.
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http://www.vir.com.vn/investment-rate-in-vietnam-hotel-sector-increases-61251.html