Businesses from Singapore are seeking opportunities and accelerating investment in Vietnam’s real estate market.
CapitaLand Holdings of Singapore says it plans to increase its investment in real estate in Vietnam from more than US$400 million to over US$2 billion in the next five years. Meanwhile, Keppel Land is pouring its investment into the Saigon Centre trade complex and Saigon Sports City residential area projects in Ho Chi Minh City and southeastern Dong Nai province.
Secretary General of the Vietnam Real Estate Association Phan Thanh Mai says that real estate remains a field that attracts Singaporean businesses’ attention. In the context where Vietnam’s projects are in need of capital, it is an opportunity for investors to seek capital and experience from Singaporean partners, he says.
Savills Vietnam Deputy Managing Director Neil MacGregor recently said that despite global financial crisis, Vietnam is ranked as one of the leading destinations for Singaporean investors in Southeast Asia, surpassing Malaysia and India.
According to a survey conducted by the ASEAN Economic Advisory Council in 2010, up to 49 percent of 120 businesses operating in Singapore chose Vietnam to be their investment destination in the next three years.
At present, Singapore is implementing 50 real estate investment projects totalling more than US$7.6 billion in Vietnam.