Although the property market has been in a slump for years, some biginvestors have continued to seek attractive projects, the Englishlanguage news website VietNamNet Bridge reported.
The CEO Group,for example, is going to kick off construction of Sonasea Villas &Resort, capitalized at 4.5 trillion VND on Phu Quoc Island. Thissurprised many people.
To date, the CEO Group has developed realestate projects mostly in Hanoi, including the CEO Tower, Sunny GardenCity urban area and Chi Dong new urban area.
According to someproperty developers, it is nearly impossible for a northern business toobtain a project on Phu Quoc Island because the land there, as valuableas gold, has been fully occupied.
President of CEO Group Doan VanBinh said he had luckily met Phu Quoc Investment and Developmentcompany which was seeking investors to replace overseas Vietnamese whohad withdrawn because of financial problems. So he decided to take overthe two resort and golf course projects.
The details of the dealhad been kept secret for a long time until the CEO Group announced thestart of the project implementation.
CEO’s deal is one of many deals made in silence. Analysts said the real estate market has remained active underground.
AnaMandara and An Lam Ninh Van Bay Resorts in Khanh Hoa province havereportedly changed hands though it’s unclear when the deal was wrappedup exactly.
The real estate community only recently discoveredthat Him Lam Group has taken over a 35-hectare project which oncebelonged to Hoang Anh Gia Lai Group.
The information about the deal worth 1 trillion VND was released at a group’s shareholders’ meeting only recently.
Him Lam Group is believed to be the “big guy” behind many other transactions. However, the deals remain secret.
“Thedeals made public are just the ‘tip of the iceberg’. Meanwhile, manyother deals are made secretly,” said Phan Xuan Can, Chair ofSohoVietnam, a real estate brokerage firm.
Can said at least three deals have been successful in recent months with his consultancy.
However,the information about the deals has not been made public. These includea deal under which a Vietnamese firm successfully sold a 35-storeybuilding project on Pham Hung Road in Cau Giay district.
Reporters have confirmed that a new signboard hangs on the building, which indicates that FLC has taken over the project.
Cansaid that in most cases, both sellers and buyers do not want to exposeinformation to the public, unless they have to, because of complicatedprocedures.
It is still questionable who is buying real estate projects when the market is still stagnant.
Gemadept Tower, Legend Saigon and Movenpick Saigon have all been transferred to foreign investors recently.
However,Can said it is a misunderstanding that only foreign investors arecapable of taking over huge projects. In fact, there are more domesticinvestors than foreign ones.
Besides familiar names likeNovaland, Him Lam and Dat Xanh, there are also new names like the CEOGroup, FLC Group and Lai Chau Construction Private Enterprise involvedin major real estate deals.-VNA
The CEO Group,for example, is going to kick off construction of Sonasea Villas &Resort, capitalized at 4.5 trillion VND on Phu Quoc Island. Thissurprised many people.
To date, the CEO Group has developed realestate projects mostly in Hanoi, including the CEO Tower, Sunny GardenCity urban area and Chi Dong new urban area.
According to someproperty developers, it is nearly impossible for a northern business toobtain a project on Phu Quoc Island because the land there, as valuableas gold, has been fully occupied.
President of CEO Group Doan VanBinh said he had luckily met Phu Quoc Investment and Developmentcompany which was seeking investors to replace overseas Vietnamese whohad withdrawn because of financial problems. So he decided to take overthe two resort and golf course projects.
The details of the dealhad been kept secret for a long time until the CEO Group announced thestart of the project implementation.
CEO’s deal is one of many deals made in silence. Analysts said the real estate market has remained active underground.
AnaMandara and An Lam Ninh Van Bay Resorts in Khanh Hoa province havereportedly changed hands though it’s unclear when the deal was wrappedup exactly.
The real estate community only recently discoveredthat Him Lam Group has taken over a 35-hectare project which oncebelonged to Hoang Anh Gia Lai Group.
The information about the deal worth 1 trillion VND was released at a group’s shareholders’ meeting only recently.
Him Lam Group is believed to be the “big guy” behind many other transactions. However, the deals remain secret.
“Thedeals made public are just the ‘tip of the iceberg’. Meanwhile, manyother deals are made secretly,” said Phan Xuan Can, Chair ofSohoVietnam, a real estate brokerage firm.
Can said at least three deals have been successful in recent months with his consultancy.
However,the information about the deals has not been made public. These includea deal under which a Vietnamese firm successfully sold a 35-storeybuilding project on Pham Hung Road in Cau Giay district.
Reporters have confirmed that a new signboard hangs on the building, which indicates that FLC has taken over the project.
Cansaid that in most cases, both sellers and buyers do not want to exposeinformation to the public, unless they have to, because of complicatedprocedures.
It is still questionable who is buying real estate projects when the market is still stagnant.
Gemadept Tower, Legend Saigon and Movenpick Saigon have all been transferred to foreign investors recently.
However,Can said it is a misunderstanding that only foreign investors arecapable of taking over huge projects. In fact, there are more domesticinvestors than foreign ones.
Besides familiar names likeNovaland, Him Lam and Dat Xanh, there are also new names like the CEOGroup, FLC Group and Lai Chau Construction Private Enterprise involvedin major real estate deals.-VNA
