The Ho Chi Minh City-based property developer has successfully closed nearly $121 million in fundraising from a group of investors including EXS Capital, ACA Investments, and Credit Suisse AG.
Tokyo-based Nomura Real Estate Development Co., Ltd. has now become the sole owner of office building Zen Plaza in Ho Chi Minh City.
Local rental market platform Luxstay has successfully secured additional $6 million in venture capital funding via the Shark Tank Vietnam progamme this week, gearing itself up to compete with international rivals like Airbnb.
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), is accelerating its growth globally with the signing of 26 properties mostly in Asia Pacific. Cam Ranh and Hoi An are the two new cities that the firm is now venturing into.
The residential sector is at the apex of Ho Chi Minh City’s growth, driven by a need for better housing, a growing middle class and an increasing number of overseas buyers.
New projects achieve high sold rate of over 80 per cent of launched units, despite price increase.
Demand is strong enough to absorb nobtable new supply.
This is the first deal the established Vietnamese developer has inked with a foreign partner although it has developed a number of quality residential projects.
Hotel pipeline in Hanoi and Ho Chi Minh City is expected to accelerate in the next three years, helping ease supply shortage amid rising demand from international tourists, according to CBRE.
Demand for apartments in both Hanoi and Ho Chi Minh City remains rather healthy in the face of limited new projects. While prices stay flat in the capital city, they soar to a record high in the bustling southern city.
Publication permit No. 348/GP-BTTTT dated July 19, 2017, granted by the Ministry of Information and Communications of the Socialist Republic of Vietnam
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