REAL ESTATE IN VIETNAM ATTRACTS OIL GIANTS
Korea has always been keen and remains till now number one in the real estate market in Vietnam but of late countries like Saudi Arabia, Qatar and Bahrain have joined in. Prince Alsaud of The Kingdom Hotel Investment group fired the first salvo when it targeted Vegas tourism project of Magnum Investments Company in central Da Nang. The aim is to invest $65 million to construct a 150-room hotel together with 15 villas on 15.4ha of land. Under the name of Raffles Resort, it is scheduled to be in operation from 20011. The Prince has also confirmed this in a press release after finalizing the Da Nang tourism project deal. They are also shopping in Thailand, Philippines and China for hotels, resorts and luxury apartments.
World Travel and Tourism Council is of the opinion that Vietnam is one of the fastest growing Asian country and ranks sixth in terms of tourism. Little wonder then for this grab for high-class hotels.
Logistics sector is also attracting investors from the Middle East. The Dubai Ports World Group after merging with UK’s P&O Ports group has entered upon a port project in HCM city with an investment of about $2.30 million. The Sama Dubai group is negotiating about the building of Cua Dai Bridge in Quang Nam province with plans to take part in Binh Quoi Thanh Da urban area project in HCM city. A real estate service company reports that about 20 investors from Dubai, Qatar and Bahrain have lined up seeking investment opportunities in Vietnam. These are giant investing groups who after having implemented huge projects on their homeland are now eyeing Asia with the focus on Vietnam.
However oil giants are picking and choosing their destination as they are carefully surveying negotiating about the locales with Vietnamese authorities. However obstacles are coming up but until finalization, details are unavailable. Malaysian investors like Gamuda Land, Berjaya and Sertia as well as those from Japan and Singapore have come up with the same set of problems. Meanwhile Koreans are forging ahead.
Some of the big players on the field of real estate are Posco E & C involved in $212 million Bac An residential area project, Kumho with $230 million at stake in Asiana Plaza Saigon project, West West Lake Co. Ltd with $314 million invested in residential area project and Booyoung with $171 million for an apartment project in Ha Tay province.
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