Singaporean investment in Vietnam’s real estates has increased sharply in recent times, said Leow Siu Lin, Singapore Consul-General in Ho Chi Minh City.
Singaporean real estate investors are operating successfully in Vietnam. Typically, seven Vietnam-Singapore Industrial Parks (VSIPs) have drawn more than US$8 billion investment capital and generated more than 155,000 jobs, Mrs Lin added.
Koh Chong Fu, Director of the Singapore Trade Development Board, said Singapore-based multinational companies are also keen on real estate market in Vietnam. For example, Kusto Home is developing and managing Kim Cuong (Diamond) Island project in HCM City.
Kusto Home President Murat Utemisov said his company has studied Vietnam’s real estate market since 2005 and realized that it is very potential and dynamic, especially the housing market.
Many Singaporean investors like Keppel Land, Mapletree, Sembcorp, and CapitaLand have been operating successfully in Vietnam.
Keppel Land is one of largest real estate investors in Vietnam. It has 19 licensed projects in Hanoi, HCM City, Dong Nai, and Vung Tau.
Keppel Land managing director Ang Wee Gee revealed that Vietnam is one of its current and future key markets.
Meanwhile, CapitaLand takes the lead among investors in housing development. It made presence in Vietnam in the 1990s and is implementing projects in six major cities of Hanoi, HCM City, Haiphong, Danang, Binh Duong and Nha Trang. CapitaLand has supplied 7,850 high-quality flats in Hanoi and HCM City.
Experts forecast that Singapore businesses will continue pouring investment in Vietnam in the coming time.
According to the latest report of the Foreign Investment Agency (Ministry of Planning and Investment), by June 2016, Singapore’s investment in real estates accounted for more than 30% of total foreign direct investment (FDI) of ASEAN in Vietnam. Singapore made up nearly 80% of projects and 60% of total investment capital. Singaporean businesses mainly invested in housing, offices for lease, retail surfaces, tourism and entertainment real estates.
Jeff Foo, President of the Institute of Estate Agents (IEA), said five out of 10 major Singaporean businesses invested in real estates in Vietnam. Not only familiar but also new businesses have poured investment in Vietnam.
For instance, SynGience, Lucky Land and Minh Nguyen Long have signed a VND400 billion investment contract for Depot Metro Tham Luong with 660 flats.
Source: VOV