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.
Major investments from Japanese and Korean companies are expected to outline a modern urban centre in the western area of Hanoi's West Lake.
Savills Vietnam has been named the lead leasing and marketing agent for Capital Place – a property developed by CapitaLand and Mitsubishi Estate.
A joint venture between FLC Group and Lotte Land has been formed in early June with a chartered capital of over $24 million to invest in a real estate project in Hanoi.
