Investment from Singapore into Vietnamese real estate is increasing with the presence of seasoned investors, according to the Dau Tu (Investment) newspaper.

Illustrative image (Source: VNA)

The Consul General of Singapore in Ho Chi Minh City, Ms Leow Siu Lin, said Viet Nam is one of the leading markets of Singapore . Many Singaporean property firms are successful in Viet Nam, she added.

She cited the fact that 7 Viet Nam-Singapore industrial parks attracted over 8 billion USD in investment capital in 2015 and created more than 155,000 job opportunities for local residents.

Mr 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 Viet Nam’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 Viet Nam such as Keppel Land , Mapletree, Sembcorp, and CapitaLand.

Keppel Land is one of the earliest investors in Viet Nam’s real estate market. It has poured investment into Ha Noi , 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 Viet Nam , CapitaLand is considered the leading investor in housing development.

Entering Viet Nam in the 1990s, CapitaLand is developing its projects in Ha Noi, HCM City , Hai Phong, Da Nang , Binh Duong, and Nha Trang.

So far, the company has built 7,850 high-quality flats in Ha Noi and HCM City .

Both CEOs of Keppel Land and CapitaLand Ang Wee Gee and Chen Lian Pang, respectively, said Viet Nam was a key market for their groups.

Singapore ’s financial groups SynGience and Lucky Land , and Viet Nam ’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, Viet Nam had 3,040 valid investment projects from ASEAN capitalised at 64.47 billion USD.

Singapore, with 1,663 projects totalling 38.1 billion USD, currently tops the list of the sources of foreign investments to Viet Nam.

(Source: VNA/ Da Nang Today)