Complex Discovery - Starting with the passion

November 25, 2012, 7:51 pm

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VNRE - Each project is a brainchild, was crystallized from creative passion and meticulously cared in every detail. Kinh TCI Group - The Complex Discovery project development with enthusiastic comments created a monumental scale works to become "the highlight of Cau Giay District." An environmentally friendly design to create a "green nest".

With the experience of numerous real estates in the CBD of Hanoi, each project is always a creation from the hearted passion and meticulous caring in every detail of the developer -  Kinh Do TCI Group. Discovery Complex is expected to become “the highlight of Cau Giay District”, hence special attention is invested into this large-scale development. Eco-friendly design with outstanding corporate facilities brings  the residents a “green nest” with  high-level of modern lifestyle. You can "explore the best of life" at Discovery Complex.

Total Area: 10.218m2
Construction Density: 40%
Residential Tower: 50 levels
Office Tower: 38 levels
Building Height: 195m
Basement: 05 levels
Green levels and facilities: 04 levels
Apartment levels: 38 levels
Number of Apartments: 500 units

Discover prime location

The project is located in 302 Cau Giay, contiguous to Tran Dang Ninh and Chua Ha Street, in the center of the “tri-angle park” consisting of Yen Hoa Park, Nghia Tan Park and Thu Le Park. Furthermore, the station 7  of the first sky train line in Vietnam links directly to level 2 of the project’s shopping mall. Discovery Complex offers an easy access to numerous social facilities around, just 500m to American International Hospital, 2km to Metro supermarket and My Dinh National Stadium, 3km to Big C supermarket and National Convention Center. For those conveniences, Discovery Complex owns the best location in Cau Giay center area and is an ideal choice for a desirable life.

Apartment Tower

With meticulous attention to details, each apartment is smartly designed to be more open and airy. All apartments are exposure to sunshine and own a spectacular view. All living space is arranged to support daily activities, reserving both comfort for young lifestyle and privacy of a traditional oriental family.

Office Tower

The office tower of Discovery Complex with smart design not only optimizes the usage function but also creates an eco-friendly living environment. Owning a modern architecture with reasonable areas division, the office space becomes more ideal with large area, potential of flexible usage and a perfect harmony of natural light and air. The 43- storey office building will provide about 45,000 m2 grade A office space including meeting rooms, convention hall, working places which are fully equipped with high quality interior, luxury design and a standardized service. Discovery Complex office tower promises to be a dream work place for prosperous company and corporation.

Commercial Center

Set above an 8-floor podium with a total area  up to 38.144 square meters, Discovery Complex shopping mall is an open shopping area converging multiple product lines and famous worldwide fashion brands. Buyer will not enjoy only he shopping indulge but also the relaxing moments with food court area, coffee shops and other luxury entertainments. This infrastructure development model has been adopted and successfully implemented in many countries around the world; it will help to make Discovery Complex become an ideal destination for Hanoians.

Discover green space and exceptional utility class

Rather than modern elegance, the developer Kinh Do TCI Group always puts eco-friendly comfort at its core in developing Discovery Complex. All systems in the building are particularly designed to preserve nature and secure a good living environment for the residents. A smart and sophisticated design allows air and sunlight circulation in each apartment. A swimming pool of more than 400 meters square sitting between the two towers serves as a small ecological reservoir to cool the building as well as make it more open and airy.

Understanding the value of green space to modern life, the developer has reserved 4 floors of the building to create a green zone for its residents. Following a sustainable development trend, Discovery Complex presents a perfect harmony of humans and nature, in which its residents to live.

Together with “green space”, Discovery Complex also offers its residents a perfect range of facilities associated with a small community including an 8-storey retail podium, a 5-level parking area of 1,200 car parking lots and 4,000 motor bike parking lots, a swimming pool, a professionally operated gym and fitness centre, spa, kindergarten…

Investors

Established in 1997, Kinh Do TCI Group has defined its name in the market place as well as in key business areas by developing and investing in real estate with hightlights of senior projects, unique designs and desirable locations in the center of Ha Noi.

Kinh Do TCI Group expanded its business into real estate  throughout the provision of valuable products and high-end quality projects along with service systems and perfect solutions. Developing advanced technology in contruction and manufacturing operations in many key business areas as keep changing innovation, follow the highest standards of business ethics and social responsibility, Kinh Do TCI Group has created more valuable products for customers and contribute into the development of Vietnam economic.

With strong financial resources, the company consists of many experienced and professional staffs as well as effective investment strategies to make the company expand other unique real estate projects in large scale.

Kinh Do TCI Group has affirmed its reputation in the following developments:

- Kinh Do apartment building - 93 Lo Duc - Hai Ba Trung - Ha Noi
- Discovery Complex project - 302 Cau Giay - Ha Noi
- Capital Garden project - 102 Truong Chinh - Dong Da - Ha Noi
- Kinh Do Tower project - 8B Le Truc - Ba Dinh - Ha Noi
- Hoang Quoc Viet projet -  Hoang Quoc Viet confluence - Pham Van Dong - Ha Noi
- X1 Project - Thanh Tri - Ha Noi

Partners

- Supporting construction financial of project: Bank of Development and Investment Vietnam (BIDV)
- Design consultants: Company of Consulting Construction University (CCU)
- Construction Contractor: Civil Engineering company and DELTA Industry; Posco E&C Company (Korean)
- Management project consultant and construction supervision: Meinhardt consulting construction Company (Australia)
- Exclusive Sales and Marketing Agent: Savills Vietnam Company

For further information, please contact:

Kinh Do Trading & Construction Investment JSC
Add: Floor 6th Kinh Do Building, No 93, Lo Duc Street, Hai Ba Trung District, Hanoi
Tel: 84.4.3972 1938 - Fax: 84.4.3972 4791
Email: info@kinhdotcigroup.com - Website: www.kinhdotcigroup.com

Exclusive Sales and Marketing Agent
Savills Vietnam Company - Hotline: 04 38 555 888

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Somerset Vista Ho Chi Minh City

November 26, 2012, 7:01 pm

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VNRE - Located within the prime residential precinct of An Phu Ward, Somerset Vista Ho Chi Minh City is close to the current central business district and conveniently accessible via the Hanoi Highway and the East-West Highway. The serviced residence is near the Metro Hypermarket, An Phu Supermarket and prestigious educational establishments such as the British International School Ho Chi Minh City, Australian International Saigon School and International School of Ho Chi Minh City. In addition, it is connected to the medical clinic, retail outlets and office facilities within The Vista.

Somerset Vista Ho Chi Minh City will offers 100 fully-furnished serviced apartments ranging from two to four-bedroom units. Each apartment at Somerset Vista Ho Chi Minh City will also come fully furnished with a well-equipped kitchen, separate work and living areas, home entertainment system as well as other modern amenities.

Residents can enjoy an extensive array of facilities such as a 50-metre lap pool that overlooks beautifully landscaped gardens, a children’s pool and playground, a gymnasium with state-of-the-art fitness equipment, a clubhouse with steam and sauna, jacuzzi, tennis court and golf putting green.

1 bedroom.

2 bedrooms

3 bedrooms

Residents lounge

Residence Features & Amenities

- Alarm clock radio with iPod, iPad and iPhone docking device
- Bedroom with linen
- Ensuite bathroom with towels & toiletries
- Fully-equipped kitchen with: Cooker hob & hood; Electric kettle; Electric oven; Glassware, crockery, cutlery & utensils; Refrigerator; Rice cooker (upon request); Toaster.
- Hairdryer
- Home entertainment system with: Mini HiFi system with CD/DVD player; Television with satellite and cable channels
- Multi-split air-conditioning
- Steam iron & ironing board
- Telephone with IDD & voicemail facilities
- Washing machine & dryer
- Wired and wireless internet access
- Writing desk

Business Matters
- Business centre services

Rest & Relax
- Children’s playground
- Children's wading pool
- Club House with steam & sauna
- Fully-equipped gymnasium
- Golf putting green
- Jacuzzi
- Outdoor swimming pool
- Outdoor tennis court
- Pavilion
- Residents' lounge
- Residents' programmes
- Timber sun deck.

Comfort & Convenience
- 24-hour reception
- Airport transfer service
- Carpark
- Daily breakfast
- Daily housekeeping service (except Sundays & Public holidays)
- Laundry & dry cleaning services
- Shuttle service to city centre
- Supermarket

Security
- 24-hour security & closed-circuit TV surveillance
- Backup generator
- Electronic key card access.

For reservations:
Add: No. 628C Hanoi Highway, An Phu, District 2, Ho Chi Minh City
Tel: 84.8.6255 9922 - 6255 9900
Email: enquiry.hochiminh@the-ascott.com

Riviera Nha Trang Resort

November 27, 2012, 1:57 am

≫ Next: Mercure Sapa Resort & Spa

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Location: Bai Dai, Cam Ranh, Khanh Hoa Province

Land area: 99,225.7m2

Investor: Cam Ranh Focus Travel Company Ltd.

Architecture design: Archipel Vietnam.

Source: Archipel Vietnam.

Mercure Sapa Resort & Spa

November 27, 2012, 6:55 pm

≫ Next: Accor continues expansion in Asia Pacific with the Debut of Pullman in Vietnam

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VNRE - Situated in a prime location close to the center of Sapa town, with a total area of 47.45 hectares, of which 254.503 m2 of forest and surrounded by a part of 661 protective forests, Mercure Sapa Resort & Spa is a world-class, sync, modern and eco-friendly resort paradise.


Get the design ideas from the picture symbolizing the ground and typical terraced fields of Sapa land, Mercure Sapa Resort & Spa is a clever combination of sturdy, powerful, deliberate but stable squares with the softness, flexibility and versatility of the curves creating an absolute harmony with the natural scenery of the surrounding mountains and forests.

Mercure Sapa Resort & Spa is planned, designed and built by the domestic and foreign leading consultants.

Convenient transportation: 37 km away from Lao Cai city in the southwest, located on the traffic road connecting Sapa and Hang Da village, located in the south of Sapa town, away from Sapa center 800m along Cau May Street.

Services and amenities: In addition to the resorts, Mercure also owns the heliport, mountain golf courses, swimming pools, tennis courts, spa, art and cuisine areas, etc.

Design:


Mercure Sapa Resort & Spa include 4 zones with different design styles that make up the diversity and freshness to the resort but still remain common features creating uniformity and consistence.

4 zones:

- Spring Villa: Samu Villas & Forest Club

Located in the east and south of the project, 158 villas are located in the pine forest with construction area of average 80m2/villa.

- Summer Resort: Mercure Sapa

The works with a block of low-rise architecture consists of one basement and three floors, with Vietnamese architectural style

- Autumn villas: Sapa Villas & Mountain Club

City house area includes simple but sophisticated and luxurious two-story houses with French classic but very rustic characteristics in mountain setting. Mutil-purpose villas are designed to reproduce the famous tourist street in the heart of Sapa town.

- Winter Villa: Summit Villas & Sky Club

The focus is the Presidential villa located on a hilltop with altitude 1,587m with clear and wide vision, helping landlords admire all the spectacular natural scenery of Sapa.

Master plan for the whole area and the detailed design of each villa has been studied by architects to be able to maximize the advantages of geographical location, natural landscape and the natural climate of the project. Surrounding landscape is paid attention to when designing with the criteria to keep intact as possible the natural beauty, bring to the honest and close feeling and harmony with nature. Each internal path for walk or bordering roads around the resort is very natural.

To bring more choices for customers, Mercure Sapa Resort & Spa offers 10 different types of resort villas in accordance with each use need and preference.

Each villa has an area of 80m2 - 300m2 located completely in a beautiful campus to create a separate and quiet space that is perfect for relaxation. The design is sturdy but soft and subtle, using selective color and materials, easily in harmony with the natural landscape outside.

The villas are located on a gently sloping terrain, along the hillside with spectacular views over the valley and the forests below. Taking advantage of the topography, the rooms in the villa are designed to open up to all the space that you can enjoy the feeling close to nature in the most beautiful views.

Living room is an open space with kitchen connecting to bar, creating a liberal, spacious and convenient feel for small indoor parties. The fireplace cleverly designed in the living room is not only a focal point for the room, but also brings new experiences to your family in cold days in Sapa.

Depending on the form of villas, number of bed room can range from 1 to 3 bedrooms. The bedrooms are designed as miniature hotel rooms, with luxury and convenience. Bedroom window and balcony overlook the front, showing the beautiful sight of the valley ahead in the eyesight.

Around the front porch and a small balcony on the second floor are the ideal places for moments of rest, and relax, sipping a cup of aromatic coffee and watching the valley dusky with mist, or sunbeam piercing through clouds forming beautiful natural picture.

The main material to make the buildings here are stone, wood and glass with the target to be simple, elegant and close to nature. All equipment, furniture and are equipped with standard by Mercure Accor. The floor is covered by natural sammu wood bearing harsh weather and with the smell of turpentine that is very good for health.



For further information, please contact:

Truong Giang Sapa Joint-Stock Company
Add: No 9 Slot 4A, Trung Hoa str., Cau Giay dist., Hanoi
Tel: 84.4.3783 5707 - Fax: 84.4.3783 5706
Email: contact@sapaland.com

Accor continues expansion in Asia Pacific with the Debut of Pullman in Vietnam

December 4, 2012, 5:51 pm

≫ Next: VinaCapital to sell Hanoi Metropole stake

≪ Previous: Mercure Sapa Resort & Spa

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VNRE -Accor, the largest international hotel operator in Asia-Pacific and Vietnam, announces the opening of Pullman Hanoi, the first Pullman brand hotel in Vietnam.

Previously known as Hanoi Horison Hotel, Pullman Hanoi recently completed a comprehensive refurbishment that transformed it into one of the city’s most modern properties.

Pullman is Accor’s upscale hotel brand specifically catering to the needs of today's cosmopolitan traveller. Last week, a 16th Pullman opened in China –becoming the brand’s largest market– and this week Pullman became Australia’s largest upscale hotel brand with the opening of two new hotels in northern Queensland. In addition to Pullman Hanoi, three other Pullman hotels are in Accor’s confirmed development pipeline in Vietnam. There are now 38 Pullman Hotels in Asia Pacific with a further committed pipeline of 35 Pullman hotels.

Pullman Hanoi has undergone a complete makeover, incorporating Pullman’s unique brand personality. The 242-room hotel has been outfitted with contemporary décor that captures the inspiration of the city with creative, colourful textures, while providing the comfort and functionality that suits every type of traveller. The spacious, comfortable and connected guest rooms facilitate guests whether they choose to relax, sleep, or work in the rooms. For constant connectivity, the hotel provides free Wi-Fi internet access in rooms and all public areas.

Mr. Patrick Basset, Senior Vice President of Accor Vietnam, Thailand, Cambodia, Laos, and the Philippines says, “We are very proud to introduce the Pullman brand to Vietnam with the opening of Pullman Hanoi, completing Accor’s brand portfolio in the country. With the opening of the hotel, we now offer a hotel brand for every market segment including luxury Sofitel, upscale Pullman and MGallery, midscale Novotel and Mercure, and economy Ibis. This hotel will offer guests a unique, tailored hotel experience – catering to both business and leisure guests visiting this capital city.”

Via TravelDailyNews

VinaCapital to sell Hanoi Metropole stake

December 4, 2012, 6:51 pm

≫ Next: Savills Partnership Event - December 2012

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VNRE - A stake in the Hanoi Metropole, Vietnam’s best-known hotel, is being put up for sale by fund manager VinaCapital as it tries to sell premium assets after the collapse of the Communist country’s property market.

VinaCapital’s London-traded Vietnam Opportunity fund has appointed Jones Lang LaSalle, the property agents, to market its 50 per cent stake in the 365-room, French colonial-era hotel, said David Dropsey, VinaCapital’s investor relations manager.

The fund manager has told investors that its stake in the Metropole was worth $58.7m at book value.

Real estate agents said that it would not be easy to sell the stake for a significant premium over that price given the distressed nature of the Vietnamese economy. The other 50 per cent of the hotel is owned by the Hanoi government, which exercises full control over the business.

VinaCapital is one of several boutique fund managers that raised billions of dollars from international investors when Vietnam was one of hottest emerging markets, before 2008.

As with its main rivals Dragon Capital and Indochina Capital, VinaCapital’s internationally listed funds have tumbled in value as the Vietnamese economy has hit the buffers, weighed down by inflation crises, rising bad debts and the bursting of the property and stock market bubbles.

With many Vietnam-focused funds persistently trading at big discounts to their reported net asset values, fund managers are under pressure from shareholders to make disposals.

Investors who have looked at the Metropole, where Charlie Chaplin, Somerset Maugham and Graham Greene all stayed, said that it was an attractive trophy asset, but they would think twice about paying a big premium for VinaCapital’s stake because of the extent of the Hanoi government’s control.

The Metropole stake is the second-biggest investment held by the Vietnam Opportunity fund, which has a market capitalisation of about $550m.

This month VinaLand, another London-listed fund managed by VinaCapital, passed a shareholder continuation vote after vowing to make no new investments and return all surplus cash to investors over the next three years.

Some international investors have been looking to pick up distressed property assets at bargain prices.

But Marc Townsend, who heads the Vietnam office of property agent CB Richard Ellis, said many foreign investors remained uncomfortable with the complex ownership structures and legal uncertainties in Vietnam.

“People come every week to look at these assets, but when they peel back the skin, they don’t get quite the ownership structure or control that you want,” he said. “So a lot of these properties will never be acquired by Singaporean funds or Japanese investment trusts.”

Source: The Financial Times Limited
Photo: Wikipedia

Savills Partnership Event - December 2012

December 18, 2012, 10:42 pm

≫ Next: Vingroup became founding member of World Economic Forum

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VNRE - Topic: Real Estate Investment: Time The Market - Time to Buy
- Time: 17h - 19h, Thursday, 20th December 2012
- Venue: Savills Lounge, 6th Floor, Sentinel Place, 41A Ly Thai To, Hoan Kiem, Hanoi.
- Organizer: Savills Vietnam.

Savills Partnership Event series is exclusive for strategic partners/ professional real estate developers.

The event series is organized monthly in order to provide outstanding information about real estate market, strengthen strategic relationship and exchange information.

For further information please contact:     

Savills Vietnam
Ms Nguyen Mai Khanh - Senior Marketing Executive
Add: 6th Floor, Sentinel Place, 41A Ly Thai To, Hoan Kiem, Hanoi
Tel: 84.4.3946 1300 - Fax: 84.4.3946 1302
Moblie: 84.988 4400 69
Email: NMaiKhanh@savills.com.vn

Vingroup became founding member of World Economic Forum

January 13, 2013, 11:28 pm

≫ Next: DTZ Research: Ho Chi Minh City Q4 2012 - Market conditions continue to weaken

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VNRE - Vingroup was recently honored as a Founding Member of the World Economic Forum (WEF) one year after it joined the WEF community of Global Growth Companies (GGC). The WEF bestows this senior title to recognize 1,000 outstanding enterprises from all over the world that have stimulated domestic economic growth and shown strong potential for international development.

Since joining the WEF on July 1, 2011, Vingroup has been highly appreciated by the WEF for its outstanding growth as well as its strong regional position and influence. The WEF acknowledged Vingroup as the leading real estate company in Vietnam, with a strong independent financial capacity and great potential for growth in both domestic and international markets.

The WEF noted that Vingroup is well respected and has an extremely good reputation among its domestic and international customers and partners. Vingroup’s management was also praised for their dynamic pioneering spirit and for being “wonderful ambassadors of the Vietnamese economy.”

Vingroup’s foundation membership will take effect on January 1, 2013. The title is given to only 1,000 enterprises that are leaders of major industries in their countries and have shown a level of international influence.

This new position offers Vingroup a greater voice in global economic issues and also entitles its representative to attend the Davos Annual Meeting of scholars, experts, scientists and leaders of international organizations and the world’s biggest corporations. The Davos Annual Meeting is a global network of prestigious enterprises that opens up opportunities for businesses seeking initiatives, investment and cooperation with potential partners. WEF founding members report that 25-30% of their annual revenue is derived from the cooperation agreements signed at the Davos Meeting.

“We are ready to share and take advantage of new opportunities through the WEF, and maximize the benefits of being a member of the world’s largest network of enterprises. This honor, along with Vingroup’s other regional and international awards, has confirmed our new internationalization strategy and we hope it will present a positive and dynamic image of Vietnam to the world,” said Ms. Le Thi Thu Thuy, Vice Chairman cum General Director of Vingroup.

Founded in 1970, the World Economic Forum (WEF) is an independent international organization committed to improving the state of the world by encouraging political, academic, social and business leaders to shape global, regional and industry agendas. With a membership of nearly 2,500 top business leaders, politicians, scientists and experts from 90 countries, the WEF is the world’s largest and most influential economic forum. Its most important meeting of the year is scheduled to take place from January 23 to 27, 2013 in Davos, Switzerland.

Source: VinGroup

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DTZ Research: Ho Chi Minh City Q4 2012 - Market conditions continue to weaken

January 14, 2013, 1:58 am

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VNRE - Economic growth slowed to 5.03% in 2012, the slowest expansion since 1999, due to weak domestic demand. Inflation eased from 18.7% in 2011 to 9.21% in 2012, which gave the government room to cut the benchmark refinancing rate six times in the year by a total of 600 basis points. The economy was supported by exports which grew more strongly than imports, giving a trade surplus for the first time in two decades. Tourist arrivals increased by 11.4% over 2012. The economic outlook for 2013 remains uncertain with projected growth of 5.5%.

- The office market remains a tenants’ market, as weak net absorption was overshadowed by the increase in supply. Occupancy rates declined slightly overall although Grade A space finished the year at 77.2% from 74% one year ago. Consequently rents softened by 2.0% in Q4 2012 and by 6.5% over 2012. Looking forward, we forecast further challenges in 2013 for landlords as more supply is expected to come on to the market.

- Total retail sales values of goods and services in HCMC increased by 16.4 percentage-points year-on-year (y-o-y) in the first eleven months of the year, attracting foreign retailers and holding rents firm. However the projected substantial increase in new supply of retail space should serve to dampen occupancy rates and rents. This is expected to be felt particularly keenly outside the CBD, which will see the bulk of new supply.

The residential market continued to be challenging in 2012 with many developers delaying the launch of projects whilst others have had to reduce asking prices to attract potential buyers. Demand is expected to continue to be slow in early 2013 with any increase in activity dependant on the government reducing the land tax on houses as well as an improvement in the general economic environment.

Economic Overview

Economic growth eases

Vietnam in Q4 2012 grew at a faster pace of 5.44% y-o-y compared to 5.05% in Q3 (Figure 1). However, it registered economic growth of 5.03% for 2012 overall, lower than last year’s 5.89% and the lowest since 4.77% in 1999. One of the main factors that contributed to the slower growth is weak domestic consumption as a result of tight credit availability.

Inflation eases

Inflation eased to 6.8% y-o-y in December 2012, following a 7.0% increase in October and 7.1% in November (Figure 2). Inflation for 2012 fell to 9.2% from 18.1% in 2011, as the government made curbing inflation its top priority for the year.

Due to the lower level of inflation, the central bank in December cut its benchmark-refinancing rate by 100 basis points to 9.0%. The refinancing rate has been reduced by 600 basis points for the whole year. Lending rates in Q4 remained unchanged from the previous quarter at 14-16%, having fallen from above 20% in Q4 2011. Nevertheless, consumer confidence remained low and business conditions continued to be difficult and constrained by credit availability.

Higher exports but lower FDIs

Due to sluggish domestic demand, imports grew at a slower pace than exports. Based on preliminary figures from the statistics office, exports increased 18.3% in 2012 to reach USD114.6bn while imports came in slightly lower at USD114.3bn, up by 7.1%. As a result, Vietnam recorded a trade surplus of USD284m for the year. This was the first time it achieved a positive balance in twenty years. According to the General Statistics Office, foreign firms made up the majority of high value exports while local businesses mostly exported cheaper goods or raw materials.

Foreign Direct Investment (FDI) inflows to Vietnam ended the year at an estimated USD12.72bn, a decrease of 15.3% over the previous year. The processing and manufacturing industries had the largest level of FDI in Vietnam attracting 9.1 billion USD or over 69.9% of total investment value. In 2012, the real estate sector ranked second, bringing in USD1.85bn or 14.2% of total FDI. Japan remains Vietnam’s biggest foreign investor, accounting for 39.5% of total foreign investment into the country in 2012.

The fall in FDI can be attributed to the government’s fiscal position on reducing high levels of debt, which resulted in a reduction of large-scale real estate projects. December saw the introduction of tightened policies on foreign investment to improve the quality of FDI.

Tourist arrivals set to break record

The tourism sector continued to enjoy steady growth. Vietnam welcomed 6.647 million tourists in 2012, an increase of 9.5% from 2011. Strong growth came from tourists visiting relatives (26.8% of total tourists) and business travelers (28.5%), with the latter indicating an ever increasing interest in investment in Vietnam. The sector achieved the target of over 6.5 million tourist arrivals for the year and exceeded 2011’s record of 6.0 million visitors.

Looking to 2013, the government has set a target of 5.5% GDP growth, with inflation to be curbed at 6.5%. If inflation eases in early 2013, there could be a loosening of anti-inflationary measures including allowing the banks to increase access to credit and thus stimulating investment.

Offices

Occupancy declines due to new supply

Office supply at the end of Q4 2012 is estimated at approximately 1.485 million sq m NLA (Figure 3). There was nearly 24,000 sq m of new supply in the quarter, resulting in an addition of 103,747 sq m for 2012 across all grades. This new supply is approximately 50% of the NLA completed in 2011.

Demand for office space was low in Q4 at around 10,000 sqm, as some existing tenants explored opportunities for relocation while a few exited the market altogether. Net absorption for the year was estimated at around 69,000 sqm, representing only 37% of last year’s demand.

The average occupancy across all grades of office accommodation declined to approximately 80.15% at the end of 2012, from 80.7% at the end of Q3 2012 and 81.15% at the end of 2011. There was approximately 295,000 sqm of office space available across HCMC.

Grade A occupancy remained at 77.2% in Q4, similar to Q3, but improved from 74.0% in Q4 2011 as there was no new Grade A office stock in the last eight quarters (Figure 4). Nevertheless Grade A office buildings recorded lower occupancy rates compared to Grade B and Grade C buildings due to the significantly higher rent demanded.

Grade B and C occupancy rates fell slightly 0.4% q-o-q and 1.4% y-o-y to 80.6% and 0.97% q-o-q and 1.97% y-o-y to 81.03% respectively.

Rents continued to decline

Rental rates continued to decline during the quarter with average rents throughout all grades falling by approximately 2% quarter-on-quarter (q-o-q) to USD20.0 per sqm per month. In Q4 average grade A rents declined by approximately 2%q-o-q and 6% y-o-y to USD31.00 per sqm per month. Grade B and Grade C average rents decreased 0.04% q-o-q and 3.74% y-o-y to USD19.77 and 2.27% q-o-q and 5.84% y-o-y to USD16.11 respectively.

Landlords with newer properties have been forced into competing with established properties for existing and new tenants with substantial incentives being offered to tenants to entice new leases to be signed. Amidst the fierce competition, tenants have negotiated desirable deals to their advantage.

In 2013, approximately 270,000 sq m of new office accommodation is forecast to enter the market if all current developments in the pipeline are finished on schedule, although it is not likely to occur due to delay in completion (Table 1). Notably, an increasing number of developers are facing difficulty in raising capital investment and without pre-commitment, they have delayed completing their developments.

Nevertheless, the increase in supply of new office space is forecast to outstrip the demand for space in 2013 due to local and global economic conditions. We therefore expect to see rents continue to soften across all grades in 2013.

Retail

Rents hold steady while occupancy falls

In early Q4 2012, the retail market saw the major completion and opening of Vincom Center A (Eden A) in District 1, which achieved an occupancy rate of 90% among the 38,000 sq m of high-end retail space. The increase in supply in the quarter was approximately 27,077 sq m NLA, bringing the total stock in the city to approximately 332,212sq m NLA (Figure 5). It is forecast that about 40,000 sq m NLA retail space will be completed by 2013. Included in the pipeline supply is approximately 150,000 sq m NLA of space in different stages of construction or completed in Q4 that has not yet opened for operation. This includes Times Square in District 1, Sunrise City in District 7, A Pico Plaza in Tan Binh Distrct and Vista in District 2.

Retail spending in the first eleven months reached USD100.8bn, an increase of 16.4% y-o-y. However, this increase would only be 6.4% if price rises were excluded. In a global consumer confidence survey conducted by Nielsen, it found that the consumer confidence index for Vietnam was up 4 points y-o-y to 94 points for Q3 2012, although 9 out of 10 (91%) Vietnamese were changing their spending habits to save more.

Foreign retailers are driving the demand for retail space in Vietnam with many looking to expand and enter the local market.

The average occupancy rate in HCMC fell 0.9 percentage-points in Q4 (Figure 6). The full year decline was 2.6 percentage-points. Retail occupancy remained lower in non-CBD locations when compared with CBD locations.

Average rents for department stores and shopping centers remained the same as in the previous quarter at USD95 per sq m per month in CBD and USD46 per sq m per month for non-CBD areas. Average rents in CBD and non-CBD department stores and shopping centers softened through the year, dropping USD11 per sq m or 11% and USD14 per sq m or 24% respectively.

Strong pipeline supply to dampen rents

Looking forward to 2013, we expect retail rents to soften with a steady supply in the pipeline. If all current developments were completed on schedule by 2014, approximately 730,000 sq m of retail space would be added, which is a substantial increase. Some major upcoming retail developments are included in Table 2. The non-CBD accounted for 70% of supply in the pipeline, which will increase the suburban competition in the near future.

Residential

Delay in launches

The total stock of condominiums in HCMC at the end of 2012 was approximately 60,100 units from 223 completed projects (Figure 7). A substantial new supply was added in Q4 although many developers are delaying construction, with no ground breaking reported in the quarter. There were 11 new completions in Q4, totalling 3,276 units. The three biggest projects completed in the quarter were Estella (710 units) in District 2, Tanibuilding (673 units) in Tan Phu District and Thai An 3 & 4 (600 units) in District 12.

With the current challenges in the market, many developers have delayed launching projects. Those that were launched have reportedly been met with a weak market response. Three apartment residential launches were carried out in Q4 including 620 units from Hoang Anh Thanh Binh Apartment in District 7 (priced between USD990-1,100 per sq m), 632 units from Sunrise City Phase 2 in District 7 (priced between USD1,650-2,150 per sq m), and 822 units from Cheery 4 Apartment in Thu Duc District (priced between USD570-750 per sq m). Take up rates for these launches were reported to be 30% for Hoang Anh Thanh Binh Apartment and 20% for Cheery 4 Apartment. These low transaction levels suggest that the majority of potential purchasers are waiting for further reductions in house prices.

Prices continue to decline

Weak market conditions in Q4 have persuaded developers to reduce asking prices. Prices over 2012 have fallen on average by 1% throughout all grades in HCMC as many developers want to maintain their profit margins. Asking prices in Q4 for affordable condominiums ranged between USD500 to USD950 per sq m and USD950 to USD1,700 per sq m for mid-end units. High-end condominiums price ranged upwards of USD1,700 per sq m.

Future supply will continue to dampen selling prices. If all future projects at the planning stage or under construction are completed as per schedule, approximately 40,000 new units will be provided before the end of 2014. Table 3 gives some numbers of major upcoming developments. However, delays in the construction are likely to occur as developers await an upturn in the market.

The outlook towards 2013 will continue to be bleak as activity in the residential sector is likely to remain slow due to affordability problems and reduced consumer confidence. Buyers traditionally wait until after Lunar New Year to make purchases so demand should be subdued in the early part of 2013. However, if the government reduces land tax on houses, this should lead to an increase in activity in the residential market.

Reported by: DTZ Vietnam
Save this report to your device (pdf): Property Times Q4-2012
Photo courtesy of Denis Sorokin

Happy Valley at Phu My Hung

January 25, 2013, 9:12 pm

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VNRE - Happy Valley shopping & apartment complex has a campus area of 42,000 sqm located on 3 Lot R12, R15 and R18. Overall project consists of 14 blocks with a height from 8 to 28 storeys.


The complex will include a seven-storey shopping center with an area of over 70,000 sqm, a 20-storey office building, others are apartment buildings.

Exceptional location

An exceptional location in Phu My Hung City Center: Opposite to Saigon South golf course and beautiful scenic river, next to giant Saigon Wonderland park, Happy Valley is a great combination between architecture and nature, shaping an ecological living environment right in the heart of a self-contained city.


A human-centered design

Stunning landscape combined with human-centered designs create an ideal living space for the whole happy community.

Not merely a living space, at Happy Valley, residents will fully experience the happiness from even the simplest activities, from children’s playing, warm moments of family get-together to residence community’s friendliness.


Nearby facilities

The project is close to the entertainment hub - The Crescent with Starlight bridge, Crescent Mall, 700-meter promenade, and International Commercial and Financial District, bringing happy citizens lots of life’s conveniences.


The project was started construction in late 2012, expected to be announced on 03/2013. Phase 1 of the project will be completed within 18 months.

For further information, please contact:

Phu My Hung Real Estate Transaction
Ground Floor, Lawrence S. Ting Building
Add: 801 Nguyen Van Linh Parkway, Tan Phu Ward, District 07, HCMC
Tel: 84.8.5411 8888 - Fax: 84.8.5411 5678
E-mail: info@phumyhung.com.vn

Hanoi Office: Room 1404-1405, Vietcombank Tower
Add: 198 Tran Quang Khai St., Hoan Kiem District, Hanoi
Tel: 84.4.3936 2640 - Fax: 84.4.3936 2641

Reviving the Vietnamese Real Estate Market in 2013

January 29, 2013, 5:05 pm

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VNRE - Resolution 02/NQ-CP and other urgent immediate and long-term recommendations aim to stop the worsening situation of the real estate business in 2013, as well as over the next 3 - 5 years.

On the occasion of the new year 2013, the Vietnam Business Forum had a talk with Mr Phan Thanh Mai, General Secretary of the Vietnam Real Estate Association, around this issue. Anh Son reports.

How would you describe the situation of the real estate market in Vietnam in 2012?

To talk about the state of the real estate market in Vietnam in 2012, we can fully use the word: severe.

Why do I say that? Firstly, the current confidence of consumers – the market participants – seriously declines and real estate businesses are, at the same time, facing many difficulties such as large inventories (finished products, under-building construction, unfinished projects not sold), while enterprises do not have the resources to recover, and thus face the risk of losing liquidity and entering bankruptcy when revenue declines past the point of offsetting the costs and expenses to maintain operations.

Secondly, input costs are too high, making it difficult for real estate enterprises to implement projects for people with average and below average income, as well as commercial projects and social housing. Specifically, in terms of cost of land, according to the regulations on land use payment and deductible compensation and land lease in the Land Law, Decree 69/2009 and Decree 120/2010, enterprises have to pay back 100 percent of the land use fee to the State, meanwhile the time of investment projects are not clear so they don’t know the exact amount of land use fee to be submitted to the State. In terms of loans, interest rates for real estate remain high, at around 17 percent / year, so the interest burden for businesses is huge. They also face construction costs and other no name costs, such as project implementation period being extended due to cumbersome administrative procedures, and overlapping at all stages, especially in land clearance and necessary approvals. Many businesses have adopted the strategy to convert commercial housing projects to social housing, or change the design by splitting flat area, but they also face many difficulties due to the provisions of Construction standards 323: 2004.

Thirdly, bad debts and overdue debts are a burden which obstruct access to new credit, leaving real estate businesses without new capital to restructure and continue operations. Along with that is the state of interest rates, about 12 – 15 percent, which is still nearly double the rate of return on equity (ROE) of real estate businesses (about 8 percent), which means that real estate business cannot run effectively, leading right back to new bad debt.

As a representative of about 1,500 real estate businesses, what are the Association’s recommendations about solutions to ease difficulties for the property market in the next few years?

Solving the problems of the real estate market is a multifaceted issue. So, based the recommendations of experts and the business association, we propose the following solutions, which need to have the cooperation of several ministries.

First, we should quickly implement the package passed by the Government to overcome difficulties and support the market, which has been issued in 02/NQ-CP Resolution on January 7th 2013. The above guidelines have a strong positive impact on the confidence of all participants in the real estate market, and the stock market. However, in order to implement the package effectively, the relevant agencies should clarify the detailed progress and deployment solutions such as: review the progress of implementation of projects in the provinces and for conversion purposes, extension of deployment or withdrawal of the project, control the supply and demand at the local level; focus on the development of social housing; support and promote demand adopted to realize the expansion of foreigners who are allowed to buy houses in Vietnam.

In addition, it is necessary to establish a Vietnam Asset Management Company - VAMC in the shortest time possible to buy bad debt at book value or market value, conduct bad debt settlement, and address overdue debt, so businesses can have opportunities to access new capital. We should submit to the National Assembly soon preferential policies for enterprises to implement social housing such as: corporate income tax of 10 percent, VAT output to drop about 5 percent in 12 months from January 7th 2013. For commercial housing projects with cost of less than 15 million / m2 and area below 70m2 / apartment, the preferential VAT policy output fell to 30 percent in 12 months from January 7th 2013.

Secondly, we need to stimulate public investment, especially investment in infrastructure. This is the foundation to improve confidence of all actors on the market. It’s necessary to settle infrastructure works in progress, and actively promote the project to solve the problem of urban traffic; and continue reforms towards "one-stop-shop" at Provincial Committee departments, in order to shorten half-time evaluation and planning approval, especially settlement procedures adjusting detailed planning of 1/500 and the design of the project in stock, unfinished construction, conversion from commercial houses to social housing.

Thirdly, we should suspend the decrees, resolutions and circulars in 2013, without the comments of the enterprises, if their content does not support the market. It’s urgent to focus on amendments supporting market policy. In the draft policy, businesses can now give feedback and after the enactment, it’s necessary to give guidance for businesses. The policy should include not only sanctions, but also preferential terms. Especially after a period of policy implementation, we should review and measure the level of "companion" policy.

For specific ministries, the introduction of measures to shore up the market is very important. What does the Association propose regarding the ministries and agencies?

To the central bank, the Association proposed further reduction of interest rates to 8-10 percent / year, because the rate of return on equity (ROE) of real estate business is very low. At the same time, it’s necessary to have preferential policies on interest rates or reduce their tax for commercial banks, which spend annually 3 percent of total loans for social housing development. It should also form a re-mortgage model (Malaysia model), providing new funds for home buyers, especially in the form of policy objects and social housing.

It should also give the package of VND20,000 - 40,000 billion for social housing and commercial housing under VND 15 million/m2 for houses of less than 70m2 with an interest rate under 8 percent / year, so customers have the ability to pay.

To the Ministry of Finance, we proposed applying double non-taxation through cutting corporate income tax equal to 0 in order to promote real estate investment fund models (similar to real estate investment trusts REITs) under Decree 58/2012/ND-CP; delay and reduce VAT for businesses in general which have large inventory associated with the real estate industry and construction materials, provided that the product inventory is of domestic origin; and exclude the land use fee for projects completed land use fees in accordance with the law for merger of Hanoi.

For the Ministry of Natural Resources and Environment, the early research suggested the Land Law (Revised), which clearly stipulates how the market price of land is determined. Amending Decree 69/2009 / ND-CP content "land use fees at market price monitoring mechanism" to avoid tax 2 times; allow transfer of the payment of land use from the investor to the purchaser responsible (apply as in the case of Phu My Hung, Ciputra); Buyer may owe land use (such as applied when GCN authority to use the land for the first time for families and individuals workers) in the period from 3 to 10 years, homebuyer assistance through the mechanism of payment of land use.

To the Ministry of Construction, we proposed considering a change to the standard of high-rise building on the prescribed flat rate small, medium and large in proportion 1:2:1 as inconsistent with the facts; instead, it should allow businesses to balance and select the rate in accordance with market demand, by region and by project; and reduce the area target from at least 8m2/person in Part 2, Section 2.42 "regulations on planning land use” of QCXDVN01: 2008/BXD into 5m2/ person in the planning criteria for the construction of public housing group.

Source: VCCI News

PARCSpring Residences

January 30, 2013, 7:59 pm

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VNRE - PARCSpring will be an urban living community along the river promenade in Binh Trung Dong Ward, District 2, Ho Chi Minh City. Strategically located along the fringe of the city centre, PARCSpring will enjoy easy accessibility to Thu Thiem Tunnel and the future Long Thanh - Dau Giay Highway. Travelling to the city center will be 20 minutes.

PARCSpring will offer extensive landscaping and basic amenities for community activities set within a safe environment. The apartments are designed with functional layout to maximise your living space.

Project information:
- No of units: 974 homes
- Site area: Approximately 29,000 square metres
- Developer: Lead developer: CapitaValue Homes Limited
- In collaboration with: Khang Dien House Trading and Investment JSC.


For further information, please contact: 

CapitaValue Homes
19th Floor Kumho Asiana Plaza Saigon
Add: 39 Le Duan Street, Ben Nghe Ward, District 1, Ho Chi Minh City
Tel: 84.8.3910 6182 - Fax: 84.8.3910 6186

The Prince Residence - The golden location, the golden outlook

January 31, 2013, 5:39 pm

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VNRE - The Prince is located on the prime street of Nam Ky Khoi Nghia - Nguyen Van Troi, connect the central District with Tan Son Nhat International Airport. The Prince is surrounded with Office - Commercial buildings, hospitals, schools and market...



The Prince has a balance that anyone could dream of – it is such a smart choice for successful people with active lifestyle.

Luxury Living



The Prince offers a variety of luxury apartment sizes: 82 m2, 88 m2, 105 m2, 110 m2, 129 m2, 152 m2.

Superior craftsmanship, meticulous attention to detail and the highest levels of specification are taken into special consideration in order to maximize the natural light, sunshine and breeze to each apartment. The unrivalled levels of interior specification and finish helps create an extension to internal space and achieve the best fengshui balance.





Living Space

The Prince is designed with ideas beyond construction norms with a desire to create generous open space and comfort for each apartment, corridors, and elevator lobby.

Facilities For a Luxurious Living





The Prince is a complex of residential and office use. There are 2 towers: the first tower has 22 stories with 228 apartments; the second tower has 8 stories with 49 apartments.

The Prince is designed to bring the owners the most comfort and convenience that life could offer, including 2 parking basement, gym, swimming pool...

Master plan



Our dream is to create the masterpieces. It is not only a house, but a home for you and your family, now and long to the future.

The Prince - Luxury living for the successfulness.

The Investor & Developer

Established in 1992, Thanh Nhon Company (the predecessor of Nova Group) initially operated with the business of producing veterinary medicine, aquaculture medicine, and building villas for rent.

In 2004, with the initial capital of VND 350 billion, Novaland Company, a member of Novaland Group, was established to develop Sunrise City project – a high class Grade A Complex of office, commerce and apartment, located in District 7, Ho Chi Minh City.

In June 2012, The Sunrise South Towers Complex was finished and was handed over to its owners. Sunrise City has been greatly supported and appreciated by
clients and experts.

Currently, Novaland Group is constantly growing and becoming one of the most prestigious companies in investing and developing real estate properties with the total chartered capital of VND 1,700 billion and total assets of VND 9,100 billion.

For further information, please contact: 

The Prince Residence Showroom
Add: 315 Nam Ky Khoi Nghia Street, Ward 7, District 3, HCMC
Tel: 84..8.3846 6868 - Hotline: 84.93 855 1919.

Novaland Transaction Center
4th Floor - V5 Tower - South Towers - Sunrise City
Add: 23 Nguyen Huu Tho, Tan hung Ward, District 7, HCMC
Tel: 84.8.3846 6666 - Fax: 84.8.3775 2999.

Dubai development company plans $30bn Vietnam project

February 3, 2013, 5:58 pm

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VNRE -A Dubai-based development company has launched a major project in Vietnam’s capital city which will cost US$30bn (AED110bn) and take 17 years to complete, reported Trade Arabia.

Global Sphere’s project dubbed ‘Hanoi Wall Street’ will feature complete city services over an area of 35 sqkm and represents the largest Vietnamese venture by a company from the UAE.

Chairman of Global Sphere, Dr Abdullah Al Sayegh, said the project will be an integrated community, with the first phase expected to be finished by 2020, at a cost of US$10bn (AED36.7bn). The full project is expected to end in 2030.

Al Sayegh said the project will have about 70 residential towers which will “accommodate between 300,000 and 400,00 people” and that the “engineering plan for the project resembles Downtown Dubai”.

Global Sphere arranges funds for large projects on behalf of commercial companies or governments, and Al Sayegh claims that with this project the company is serving as a port for the entry of many UAE companies to the Vietnamese market.

He added that the project is the first of the company’s business in Vietnam, and that it involves a number of contracts for other projects, including the production of solar energy, in partnership with Worldtech Corporation. Other projects would be carried out by companies from Vietnam.

Via Arabian Business

Capri by Fraser, Ho Chi Minh City

February 5, 2013, 1:42 am

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VNRE - With its extensive range of facilities and amenities, Capri by Fraser, Ho Chi Minh City is a new serviced residence brand designed to meet the work balance needs for today’s ‘always on’ lifestyle. Enjoy all day dining at Caprilicious. Work out 24/7 in the Gym. Grab a bite from Delite. Chill out at Drinx. Go for a Sauna.

Spaces and facilities

Complete with three whole floors of in-property leisure and business facilities, residents will find themselves living in one of the city's premiere standard of service and comfort. Capri By Fraser, Ho Chi Minh City’s attractive location in Phu My Hung allows easy access not just to business locales but also to useful facilities such as shopping malls, international schools and a wide range of dining options serving up delectable cuisine in the vicinity.

- 126 spacious units comprising of Studio, One Bedroom and Two Bedroom with kitchenettes
- Fully-equipped gym
- Steam Room & Sauna
- Laundrettes
- All-day dining restaurant.

Reservations:
Capri By Fraser, Lot C6B02-2,
Add: New South Urban City, Tan Phu Ward, District 7, Ho Chi Minh City
Tel: 84.8.5411 0800
Email: reservations.hochiminh@capribyfraser.com

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Fraser Suites Hanoi

February 5, 2013, 4:00 pm

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VNRE - With its strategic location in Syrena Tower on Xuan Dieu Street, Fraser Suites Hanoi is a prime address for expatriates who desire a home close to the place of business, and yet offers a tranquil repose from the bustle of the city. The well-appointed Gold-Standard serviced residence is in the scenic Westlake district, the residential enclave preferred by foreign executives and their families.

Embraced as the newest and most modern addition to the serviced residence segment, it is already setting a new benchmark in concept, product and service delivery. Ultra-chic, it is designed to meet the refined taste and expectations of discerning corporate travellers – with sophisticated amenities and equipment such as large screen LCD TV, entertainment system, as well as exclusive keycard elevator access.

Leisure options are important when searching for a home. Amidst the sweeping gardens with unobstructed lake view are a well-equipped gymnasium, restaurant, and children’s playroom, with even more facilities at the inter-connected Syrena Shopping Centre.

Great location, superb service and seamless access to everything you need – they’re right here at Fraser Suites Hanoi.

Accommodation & Features

The tallest building in Tay Ho district, each of the residences offers a magnificent unobstructed view of Westlake, Red River and its scenic surrounds.

Every one of the 186 residences offers innovative concepts seldom seen in Vietnam – such as the state-of-the-art home theatre system, extensive use of technology and modern interpretation of locally-inspired motifs and finishing. Elegant and stylish, it is a home designed to fulfil the needs of seasoned travellers.

A resort-style swimming pool, well-equipped 24-hour gymnasium, café and children’s outdoor and indoor play areas are located within the complex, complemented by a large shopping centre connected to the residence. Everything you will ever need is within easy access.

We offer various layouts to suit your lifestyle needs:

- Studio
- One Bedroom Deluxe
- Two Bedroom Deluxe
- Three Bedroom Deluxe
- Three Bedroom Executive
- Three + One Bedroom Deluxe Duplex
- Three + One Bedroom Executive Duplex
- Penthouse

Each apartment at Fraser Suites Hanoi comes with separate living, dining, kitchen and bedroom areas, and is decked out in ultra-chic designs complemented by top-notch interiors, fittings and entertainment system.

The features include:

- Air-conditioning with individually-controlled thermostats
- Exclusive elevator access to apartments with security keycard system
- Modern and well-equipped kitchen
+ Gas/Electric Hob and Electric hood
+ Refrigerator
+ Microwave oven and Built-in Oven
+ Electric rice cooker
+ Electric kettle
- Comprehensive home entertainment system:
+ LCD TV
+ Satellite, cable network – local and international TV channels
+ DVD player
+ Audio system
- Wireless and Broadband internet access*
- Direct-dial telephone with voicemail
- Cordless phone
- In-room personal safe
- Bathroom amenities
- Steam iron and ironing board
- Washing machine and dryer
- Welcome amenities
- An optional selection of lifestyle packages*

* Additional charges

Facilities & Services

From recreation to relaxation, your lifestyle needs can be met without setting foot outside the serviced residence complex. But if you prefer to go shopping or sightseeing, there is the inter-connected Syrena Shopping Centre, banking facilities and free shuttle services to other parts of the city.

Services & offerings

- 24-hour reception
- 24-hour maintenance
- 24-hour security & TV surveillance
- Concierge services
- Money changer
- Transportation services*
- Daily housekeeping service (except Sundays & Public Holidays)
- Laundry and Dry Cleaning service *
- Car Park *
- Babysitting services (upon request only)*
- Complimentary daily scheduled bus shuttle to commercial districts and shopping centres
- Complimentary Breakfast
- Complimentary daily local newspaper
- Restaurant & Cafe *
- Room service*

Leisure amenities

- Outdoor resort-style swimming pool & Jacuzzi
- Outdoor Children’s wading pool
- Children outdoor playground and indoor playroom
- Fully equipped 24 hour gymnasium, steam bath facilities
- Library Lounge

Business complements

- The Retreat – an award-winning business meeting facility infusing business with pleasure*
- Business and Secretarial services *
- Conference room *
- Broadband or Wireless internet access *

* Additional charges apply.

Reservations:
Add: 51 Xuan Dieu Street, Quang An, Tay Ho District, Hanoi, Vietnam
Tel: 84.4.37198877 - Fax: 84.4.37198811
Email: sales.hanoi@frasershospitality.com

Hanoi Museum world’s 4th most overlooked building

February 16, 2013, 5:52 pm

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VNRE - The Hanoi Museum is in the "Top 10 Overlooked Stunning Buildings" put together by members and editors of travel website VirtualTourist.

“While most visitors to Vietnam focus on temples and colonial buildings, a new modern museum in the country's capital might change that tradition,” Reuters quoted the travel website as commenting on the museum.

The Hanoi Museum, designed by GMP Architekten of Germany, incorporates some common themes of museum construction with a new twist, literally. Photos of the museum's interior, with its white walls and large spiral ramp, somewhat resemble Frank Lloyd Wright's Guggenheim Museum, except the exterior of the Hanoi Museum completely contrasts the former's exterior.

The Hanoi Museum resembles an inverted pyramid with four levels of descending squares, the bottom level significantly smaller than even the first floor. This significantly smaller bottom level means that the surrounding gardens and water features almost appear to begin beneath the building leading visitors from the outside in. This was also taken into account when planning the gardens and surrounding area of the museum.

Visitors encounter exhibits from the history of Hanoi and reconstructed traditional Vietnamese villages upon entering the museum landscape and then can enter the museum from any one of the four sides.

VirtualTourist provides insider travel tips, reviews and photos posted by real travelers on over 72,000 travel destinations around the world.

While most travelers know to visit the Musee d'Orsay while in Paris or the Guggenheim Museum when in New York City, there are hundreds of buildings that get overlooked, either because of their location or simply the number of sites in the city deemed worth seeing, Reuters said.

In late January, Hanoi was also ranked second in the list of 100 cities with the best hotel services, as conducted by France-based tourism website Trivago.

Below is the Top 10 Overlooked Stunning Buildings by VirtualTourist:

1. Military History Museum - Dresden, Germany
2. The Mezquita - Cordoba, Spain
3. The Jantar Mantar - Jaipur, India
4. The Hanoi Museum - Hanoi, Vietnam
5. Isabella Stewart Gardner Museum - Boston, Mass, USA
6. Horta Museum - Brussels, Belgium
7. Moulay Ismail Mausoleum - Meknes, Morocco
8. Selimiye Mosque, Edirne, Turkey
9. The Modern Art Museum of Fort Worth - Fort Worth, Texas
10. Rila Monastery - Rila, Bulgaria

Source: Reuters, Tuoitrenews

The GEM on Fraser

February 18, 2013, 12:20 am

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VNRE - Located on Fraser Street at 18th Avenue, this new four story development in the heart of Vancouver boasts quick and easy access to all parts of Vancouver, including the downtown core.

With an abundance of amenities at your doorstep including a wide selection of elementary schools, Charles Tupper Secondary School, Mount St Josephs Hospital, Riley Park Community Centre, two libraries, parks, ample shopping, public transport including proximity to skytrain, this is truly a gem of a location! 14 affordable apartments offering spacious and convenient living to small families, couples and singles in a family orientated neighborhood yet with quick and easy access to all that Vancouver has to offer. So whether you are an executive working downtown, a busy couple employed in neighboring municipalities or a small family with children in all levels of the school system, the Gem has all your needs taken care off.

Amenities

A world of adventure at your doorstep in the heart of one of the most beautiful cities in the world. An abundance of schools, parks, cafes, restaurants and shops all within walking distance. This is a neighbourhood where family comes first and it is just five (5) minutes from the downtown core.

Floor plan and layouts

Floor plans for The Gem will range from one bedroom suites at around 574 sf ft to 810 sf ft and two bedroom suites between 852 sq ft. and 912 sq ft. The pricing is also very affordable and ranges from $348,888 to $488,888.

Floor level layouts: Download pdf file.

Features

Interiors:
- Choice of two contemporary colour schemes: Sunstone and Topaz
- 8'0" ceiling heights in most living areas
- Laminate wood flooring throughout living, dining, and bedrooms
- 2" horizontal blinds for shade and privacy
- Contemporary brushed nickel cabinet accessories.

Kitchen
- Contemporary wood veneer cabinetry with brushed nickel cabinet pull
- Engineered quartz countertops
- Elegant marble tile backsplash
- Top quality stainless steel appliances:
+ 30" bottom-freezer refrigerator (Energy Star)
+ 24" dishwasher (Energy Star)
+ 30" ceramic glass cooktop
+ 30" self-cleaning wall oven
+ Over-the-range integrated microwave/hood fan
+ Sleek stainless steel undermount sink
+ Modern faucets and fixtures by American Standard
+ Handy in-sink waste disposal system.

Bathrooms
- Contemporary wood veneer cabinetry with brushed nickel cabinet pull in all baths
- Engineered quartz countertops
- Stylish soaker tub and undermount counter sink
- Modern faucets and fixtures by American Standard
- Stylish rain shower head in all baths
- Dual flush toilets by American Standard
- Contemporary porcelain tile floor
- Sleek bath/shower surround with porcelain accent tile.

Laundry
- Matching full-size appliances by Frigidaire
- Front load washer (Energy Star)
- 7.0 cu.ft. capacity dryer.

Safety & Security
- Entrance video intercom
- Secured residential access to each floor
- Hardwired in-suite smoke detectors and sprinklers
- Common areas protected by priority lock system
- Gated underground parking accessed via remote.

Enquiries and register:

Sutton Group West Coast Realty
Presentation Centre: 3333 Fraser Street, Vancouver, BC
Office: 604 257 8888 - Fax: 604 257 8889
Mobile: 604 728 7606 - Ms Neha Rani
Email: info@liveatthegem.com

Japanese corporation to build 100 hotels in Vietnam

February 24, 2013, 5:09 pm

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VNRE - Japanese hotel chain, Toyoko Inn, introduced its ambitious plan to build 100 starred hotels in Vietnam at a seminar in Hanoi on February 22.

Tokyo Inn Nagasaki. Photo: Review My Life

Nishida Norimasa, President and also founder of Toyoko Inn, said he believes that the project would be successful as for the long term Vietnam’s economy will be surely better than at present.

Present at the event, Vice President of the Vietnam Chamber of Commerce and Industry Doan Duy Khuong highly valued the corporation’s project, describing it a meaningful economic event in the context when the relations in trade, tourism and culture between Vietnam and Japan are growing positively.

Khuong expressed his hopes that the project, once completed, will contribute to boosting the two countries’ tourism and investment cooperation, promoting Vietnam ’s images to international friends and fostering tourism, investment and business activities in Vietnam .

Japan now ranks third among 84 countries and territories investing in Vietnam in terms of registered capital and first in terms of the amount of disbursed capital.

Source: VNA

The real estate market in 2013 as seen by foreign consultancy firms

February 27, 2013, 11:45 pm

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MARKET - Foreign consultancy firms all believe that the real estate market would still be very difficult in 2013, while the prices would continue decreasing. However, they believe that there would be more successful transactions.

CBRE Vietnam believes that 2013 would be the time for a “revolution” in the real estate market. About the prices of the apartments in Hanoi, CBRE’s experts think that the prices would drop by another 10 percent after decreasing by 12 percent in 2012.

A report showed that Vietnam had 55,000 operational enterprises in the real estate sector in 2012. Of the enterprises, 17,000 took loss, while 2,637 got dissolved. Meanwhile, CBRE thinks that the number of real estate developers and the number of real estate investment funds would be halved in 2013 and then halved further in 2014 before bouncing back again later.

Also according to the real estate consultant, the biggest transactions in the office leasing market would take place in the B-class office market segment. The actual area of offices to be leased in 2013 is believed to increase slightly in 2012 because of the recovery of the Vietnam’s and the world’s economies.

Knight Frank also thinks that the real estate market would still keep gloomy in 2013 with the apartment sale prices to drop further in the first half of the year, if the government does not implement necessary measures to settle the problems of the market.

Most of the transactions would be seen in the low-cost or popular market segments – the segments which both the people with real demand for accommodations and investors are interested in.

With a series of shopping malls to be opened in the next two years, including Vincom Mega Mall, Trang Tien Plaza, Ciputra, Golden Palace and Lotte Center, this is expected to change the face of the Hanoi’s retail market, thus creating a strong competition among retail center developers.

The office market is believed to be stable in the first quarter of 2013 with few transactions to be made by domestic and foreign companies because of the long Tet holiday.

Savills Vietnam, while putting high hope on the measures taken by the government to stimulate the demand, believes that the measures would only show their effects by mid 2013.

Therefore, one should not expect too much on the recovery of the real estate market in 2013. If the apartment prices decrease further, the sales of low cost products, priced at less than 1-2 billion dong, would increase by 25 percent.

It is estimated that by 2015, about 860,000 square meters of office area would be available on the market to be sourced from 62 new office projects.

Meanwhile, Cushman & Wakefield believes that the measures suggested by the government and relevant ministries are not powerful enough to give strength to the real estate market which is in big difficulties.

It is expected that the new supplies would be available on the Hanoi market from 17 new projects. Since the supply far outstrips the demand, the price downward would continue in 2013, while the market would be the buyers’.

Colliers International does not put high hopes on the market growth in 2013, but it thinks the recovery can be seen in some market segments. The market would give the opportunities to the financially powerful investors who can take full advantage of the current price decreases to develop projects for profit later.

Source: DĐDN | VNN