Since the start of 2010, Vietnam’s property market has steadily improved on par with the continued expansion of the economy, as the trajectory of the domestic real estate market is linked to that of the economy.
With brighter economic outlooks onshore and off, Vietnam’s commercial and residential property sectors have experienced positive momentum, a trend that is forecasted to continue through the New Year.
Peter Ryder, CEO of Indochina Capital said: “We have seen an uptick in residential sales across the portfolio, and expect total sales volumes to reach approximately $40 million for the year. For our operating assets, we have recorded stronger occupancy and rental performance throughout the portfolio, which includes commercial retail, office, resort and serviced apartment properties, with new leases being signed, existing tenants expanding their footprint and higher occupancies at our operating resorts.”
Peter also said that throughout the year, the firm has achieved several major accomplishments and construction has been advancing rapidly on large-scale development projects such as Indochina Plaza Hanoi and Hyatt Regency Danang Resort and Spa, the opening of newest resort development such Six Senses Con Dao, the closing of its third real estate fund with $180.3 million, and the corporate partnership with ORIX Corporation, which is expected to boost growth in Indochina Land’s real estate division.
IndochinaLandhas successfully sold approximately $40 million worth of residential real estate products this year. In the third and fourth quarters alone, the firm has sold approximately $21.5 million nationwide.
Development of Indochina Land’s first project in Hanoi, Indochina Plaza Hanoi (IPH), has experienced tremendous progress over 2010 with over $65 million in sales since launching in November 2009 and equally impressive construction advancement with the superstructure of the residential towers expected to top out in the first quarter of 2011.
IPH features twin residential towers comprised of 390 luxury condominiums set in a dynamic mixed-use urban lifestyle development, connecting complementary residential, commercial and retail components in one Grade A urban community.
Hyatt Regency Danang Resort and Spa
Moving on to the central coast, the renowned Hyatt Regency Danang Residences has continued its outstanding performance, leading the development of the central coast with $72.5 million in sales, nearly completing the superstructures for all 66 buildings, and the launch of the final phase planned for 2011.
Hyatt Regency Danang Resort and Spa offers Vietnam’s first branded residences and is located on a stunning 20 hectare beachfront site, voted by Forbes Magazine as one of the world’s ten most beautiful beaches. This exclusive beachfront resort and residential complex under development by Indochina Land is comprised of 182 luxury condominiums, 27 luxury three-bedroom villas for sale, and a 200 room five-star resort that will all be managed by Hyatt Hotels and Resorts™.
As of December 2010, the construction team has fully completed the superstructure for 62 of the 66 buildings located on the site.
Following a hugely successful launch in 2009 that gained positive awareness nationwide, sales have continued at an accelerated pace throughout 2010, outperforming all competing projects along Danang’s pristine coastline and generating over 40 sales for a total value of $20.3 million.
The Estates at Montgomerie Links
In addition to the Hyatt Regency Danang Resort and Spa, The Estates at Montgomerie Links are set to become an outstanding development with a newly designed villa type which is ideally positioned to capitalise on the strong demand in Danang’s second home market. Construction of this exclusive villa community is expected to commence in early 2011.
The Estates at Montgomerie Links are set to become one of Asia’s most desirable golf and country club retreats, featuring 66 internationally designed pool villas.
Six Senses Con Dao
Six Senses Con Dao embodies Six Senses’ theme of “Redefining Experiences” and is set to be one of the most exclusive resorts in Southeast Asia. We are pleased to announce the much anticipated opening of the resort on December 20, 2010 and believe this project will carry on Indochina Land’s strong reputation as a world class resort developer, which started with the opening of The Nam Hai in December 2006.
Located just 45 minutes by plane from Ho Chi Minh City, the new Six Senses Con Dao Resort consists of 35 hotel villas and 15 luxury residential villas for sale.
Saigon South Residences (SSR) occupies a 3.3 hectare site primed for the development of an exclusive high-rise mixed use complex. Currently, SSR is in the development design stages with the master plan nearly complete, featuring three 30 story towers, two of which have adjoined towers with 1,000-1,200 middle-high grade apartments.
SSR will be Indochina Land’s first investment in its third real estate fund, Indochina Land Holdings 3, and its second development in Ho Chi Minh City following the successful sales program at River Garden.