Luxury villas and condominiums developed in Vietnam

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Luxury villas and condominiums developed in Vietnam

08 Jul 2010

A total of US$36 million worth of sales contracts and reservations have been completed in Danang and Ho Chi Minh City, Vietnam, over the last six months.

VinaCapital Group, a leading asset management, investment banking and real estate firm, announced the results which focused on Q4 2009 and Q1 2010.

Over that period, almost 130 sales contracts and reservations were recorded at a number of developments.

The Ocean Villas, launched in late August 2009, has now completed contracts worth $73 million. The development, designed and developed by VinaCapital Real Estate Ltd (VCRE), form part of the 260‐hectare Danang Beach Resort near the central coastal city of Danang.

The centre piece of the Danang Beach Resort is a Greg Norman‐designed golf course. Norman himself signed a marketing agreement with VCRE to develop a 42‐villa ‘Norman Estate’ on land adjoining the 15th and 16th fairways. The “Norman Estates at Danang Beach Resort” (Phase 6 of the Danang Beach Resort) will be launched in Q4 2010 and is expected to generate considerably more revenue for the project.

The Cham Condominiums at Danang Beach Resort

VCRE launched this mid‐rise condominium project at Danang Beach Resort in February 2010. The three‐tower complex is situated among the Ocean Villas and offers magnificent ocean views.

Pre-sales were strong, allowing construction of the first tower to start in March 2010, along with construction of a central management facility building and beach club. The project will be built in three phases and is expected to generate more than USD30 million in revenue over the next 18 months.

The Azura Apartments at World Trade Center Danang

The display centre for the 32‐level Azura Apartments opened in March and has received

confirmed reservations for over 20 percent of the available apartment units, representing revenue of $8 million. Construction is underway, with completion expected by November 2011.

The Garland, Ho Chi Minh City

Following the 2009 soft launch of the project’s villa component which saw sales reservations for all 53 homes within one week, construction has started after the project’s official launch in January 2010. Prices ranged from $240,000‐600,000 per unit. Following the success of The Garland villas launch, VCRE plans to proceed with development of a condominium tower of 100 apartments as part of the waterfront District 9 site.

The Garland villas were the first VCRE‐developed project launched under the VinaLiving brand, Vietnam’s first tailored living and lifestyle brand, which will be the retail sales vehicle for all VinaCapital‐developed residential real estate projects.

“The sales reservations recorded in the first quarter of 2010 have been encouraging and indicate the strength of Vietnam’s residential real estate market,” says David Henry, managing director of VinaCapital Real Estate Ltd.

“Demand continues to be strongest in the mid‐range market addressing Vietnam’s rising middle class. Vietnam’s GDP growth rate of 5.8 percent for Q1 2010 is due to the strength of its domestic economy, and this is driving the organic growth of the local real estate market.

“We are very pleased with the performance of our current projects. We are confident that the five VinaLiving projects to launch in 2010 will meet with similar success,” David says.

The upcoming VinaLiving launches include the first phase of the Dai Phuoc Lotus island township in Dong Nai Province, near Ho Chi Minh City, which will feature 332 semi‐detached and detached houses. The display centre is now under construction and due to open in August 2010.

VinaCapital Real Estate Ltd is the developer of real estate assets owned by VinaLand Limited (VNL.L) and the Vietnam Opportunity Fund (VOF.L), two AIM‐traded closed‐end funds managed by VinaCapital Investment Management Ltd. VNL and VOF have invested in a 75/25 percent ratio, respectively, in all the residential development projects mentioned above except The Garland, which is wholly‐owned by VNL.