Illustrative image (Source: VNA)Hanoi (VNA) – Investment from Singapore into Vietnamese real estate is increasing with the presence of seasoned investors, according to Dau Tu (Investment) newspaper.
Consul General to the city Leow Siu Lin said Vietnam is one of the leading markets of Singapore . Many Singaporean property firms are successful in the Southeast Asian country, she added.
She cited the fact that seven Vietnam-Singapore industrial parks attracted over 8 billion USD in investment capital in 2015 and created more than 155,000 jobs.
Koh Chong Yu, Director of the Singapore Trade Development Board, said Singapore-based multinational companies in Singapore are eying Vietnamese real estate.
Kusto Home, for example, is developing and managing the Diamond Island project in HCM City , she noted.
Chairman of Kusto Home Murat Utemisov said his company has studied Vietnam’s property market since 2005 and recognised that the country is a dynamic market.
Scores of Singaporean real estate investors have been operating effectively in Vietnam such as Keppel Land , Mapletree, Sembcorp, and CapitaLand.
Keppel Land is one of the earliest investors in Vietnam’s real estate market. It has poured investment into Hanoi , HCM City , Dong Nai and Vung Tau provinces with 19 licensed projects in office buildings, hi-end residential areas, and urban complexes.
While Keppel Land is investing in various sectors in Vietnam , CapitaLand is considered the leading investor in housing development.
Entering the Southeast Asian country in the 1990s, CapitaLand is developing its projects in Hanoi, HCM City , Hai Phong, Da Nang , Binh Duong, and Nha Trang.
So far, the company has built 7,850 high-quality flats in Hanoi and HCM City .
Both CEOs of Keppel Land and CapitaLand Ang Wee Gee and Chen Lian Pang, respectively, said Vietnam was a key market for their groups.
Singapore ’s financial groups SynGience and Lucky Land , and Vietnam ’s Minh Nguyen Long company have signed a contract to invest 400 billion VND (18 million USD) into HCM City’s Depot Metro Tham Luong project to build 660 flats.
Singapore is expected to continue boosting investment in Vietnamese real estate.
According to the Foreign Investment Agency, as of July 20, 2016, Vietnam had 3,040 valid investment projects from ASEAN capitalised at 64.47 billion USD.
Singapore topped the list with 1,663 projects worth 38.1 billion USD, making up 59.1 percent of the bloc’s total registered capital in Vietnam.-VNA
