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Tony Milton MRICS

BSc (Hons) Est Man

Fast Facts

Date : Sunday, 04 October 2009
Category : Realty - HCMC General

CHRONOLOGICAL ORDER : Scroll to bottom for latest info


120408-Saigon Diamond Co. has been allotted 1,867 square meters of land in a prime location in downtown HCMC to develop a commercial building. The city government has issued a decision revoking land from users in the location, surrounded by Le Loi, Nam Ky Khoi Nghia, Le Thanh Ton and Nguyen Trung Truc streets in District 1, to allocate it to the investor. The project will include a shopping cen¬ter, and offices and apartments for rent. In a related development, the city has allowed beer and beverage producer Sabeco to use 2,009 square meters of land at 4 Thi Sach Street and 3 Thai Van Lung Street in District 1 to develop office buildings. SGT

0508-In the next 5 years the Construction Investment Company No8 would build about 1,000 apartments for me¬dium and low-income buyers. Land plot transactions have been slow since Tet even in hot areas such as Phu Loi - Binh Dien in District 8, East Thu Thiem in District 2, and Thoi An in District 12. Prices have fallen at least 12% on average for apartments, from VND8 million to VND12 million (US$500- 750) per square metre. April’s price for high-grade apart¬ments fell by 10% against March. Most property speculators said apartment prices had dropped by 30-40% since March. Successful transac¬tions in March fell dramatically, 82%, and will probably continue to fall. The market for high-grade and medium-grade apartments had slumped, but the demand for medium-priced apart¬ments remained high. VNN

080508-HCM City's iconic Ben Thanh Market has a commer¬cial value report¬edly of 800 to 1,000 taels of gold to buy a 5sq.m shop within its precincts ie USD$175,000-$220,000 / sqm. VNN

140508-A 826.6sqm house on Cach Mang Thang Tam in District 3 is for sale for USD$15.5m ie USD$18,752/sqm or 14,000 taels. VIRTimeOut

290508-Thu Duc district officials have asked the city to raise the official price to VND1-1.5 million / sqm - $94 - from the current VND250,000-300,000 - $16-19 - to better reflect market prices to help the development of low cost housing for some 100,000 IP workers, or 40% of the city’s total, and 50,000 students, or 25% of its total. VNN

030608-Thailand's Charoen Pokp¬hand Group is struggling to find locations to invest $2.75 billion in Ho Chi Minh City. “However, the city's leadership and Department of Planning and Investment said the city's ideal loca¬tions were unavailable now. Some 19 of the 20 golden locations are owned by investors. The last one will be auctioned in the near future. But when we met a number of the city's real estate companies, they said ideal locations are always available, but we have to leave a big sum of deposits and rents per square metre of $20,000-$23,000 which is too high." VIR

100608-The HCMC government has approved a proposal by the Department of Finance for what are the record high compensation rates for a property project in the city. The rates will apply to house owners in the Eden area which will be developed by the local firm Vincom into a high class commercial and residential complex, and an under¬ground parking lot. The rate for families on Dong Khoi and Nguyen Hue streets is VND370 million / US$21,764 per square meter, VND280.6 mil¬lion / $16,506 for those on Le Thanh Ton street, VND143.9 million / $8,465 for those living on the ground floor of a house, a condominium building on Nguyen Hue Boulevard and another on Dong Khoi Street, and a range of VND51.9 million / $3,053 and VND118 million / $6,941 for others. SGT

120608-So far this year HCMC has attracted more than $2.3 billon from 179 projects – up 341% - and most of them focus on real estate and service sector. SGTW

070708-Thai-backed Charoen Pokphand Group are delaying planned property projects because of the high inflation, high bank lending rates and scarcity of US dollars. Bank lending rates have jumped to 21% and long ¬term land rents for a square metre are $20,000-$23,000 in the CBD which is too high. VIR

080708-The local firm Vincom will spend around VND 1.5 trillion / $90m paying compensation and providing financial support for 210 families and 21 other entities affected by its property development project in the Eden area in downtown HCMC ie @$390k each. SGT

200708-Taeil S&D, a subsidiary of South Ko¬rea's Shindo Industrial Development, has expressed intention to invest in 3 areas in the new urban center of Thu Thiem in HCM City with total capital of US$900 million. The company will develop 6,500 apartments in Binh Khanh Ward of District 2 and sell to HCM City authorities for resettlement of residents in Thu Thiem. Other developments are 8 office, com¬mercial and apartment buildings. SGTW

140808-HCMC authorities have approved the highest compensation for hous¬ing land along Ta Quang Buu Street in Ward 2 in HCMC's District 8 at VND20 million / $1,195 per square meter to upgrade and expand the street. SGT

220808-HCMC temporarily suspended the issuance of new golf course licences. According to the report of Department of Planning and Investment, the city cur¬rently has licensed 6 golf courses in districts 2, 9, Tan Binh, Binh Chanh and Cu Chi. However, only one course in District 9 is cur¬rently operating. VNN

040908-HCMC has zoned land at 3a-3b Ton Duc Thang Street in HCMC's District 1 for developing office build¬ings, hotels and commercial centers and land at 7-9 Ton Duc Thang Street as offices for rent and commercial facilities. SGT

020908-Prime real estate sites in downtown Ho Chi Minh City are still hotly sought¬ after despite a slump in the property market. Land clearance costs are also surging to meet real prices in the market. Vincom Joint Stock Company is concerned about a ballooning bill of VND1,500 billion ($90.9 million) to be paid to own¬ers displaced for the con¬struction of the company's trade centre, offices and high-end apartments project in District 1. The trade centre will cost Vincom between VND40 million ($2,460) to VND370 million ($22,424) per square metre in displacement costs, kicking on the total investment to $250 million. A 1,400 sqm plot on Hai Ba Trung street sold for about $36.8 mil¬lion ie $26,285/sqm and a 1,000 sqm villa went for $5 million ie $1,000/sqm. VIR

290908-The HCMC government has approved a land lease of over 400 square meters at 106 Nguyen Van Troi Street in Phu Nhuan District to construct a high-rise office building. The starting rent for the lot is over VND33.6 billion over a period of 32 years / $2m ie $5,000/sqm. SGT

071008-The PM has ap¬proved a plan to mobilise in¬vestments of nearly US$15 billion from both domestic and foreign sources to build urban rail systems in Ha Noi and HCM City by 2020. HCM City plans to build several urban lines, both be¬neath and above the surface, at a cost of $7.5 billion. The HCM City network will have routes linking Ben Thanh Market and Suoi Tien Park; An Sating bus station and Thu Thiem new urban area; High¬way 13 and Tan Kien; Ben Cat Bridge and Nguyen Van Linh Boulevard; Sai Gon Bridge and Can Giu6c bus station; and Ba Queo crossroads and Phu Lam. VNN

111008-Experts at the Inter¬national Real Estate Federation (FIABCI) Asia Pacific conference in HCM City are optimistic about the development of the real estate mar¬ket in Viet Nam. HCM City now has 150,000 sqm in 15 shopping centres and departments stores, but does not have enough "purpose built" re¬tail facilities. Around 50,000 expatriates currently live in HCM City but only 3,000 serviced apartments are available. There are currently fewer than 7,000 hotel rooms in 3-5 star hotels. The Government targets by 2020 to turn HCM City into a metropo¬lis of 10 million residents. The Government also plans to increase the average hous¬ing area from the current 11.5 sqm to 17 sqm per person. VNN

211008-A recent report by the People's Committee admits there are still around 100 lo-cations in the city that are flood-prone, exactly the same as in 2000, though flood-pre-vention measures were car¬ried out in recent years. The report blames illegal encroachments of rivers and canals and heavy rains for the flooding. The experts preferred to look at the bigger picture and blame it on haphazard urbanisation and economic growth. Encroachment along the city's rivers and canals has limited the flow of water, causing water levels to rise higher every year. While the sea level in neighbouring Ba Ria - Vung Tau Province has re-mained unchanged since 1990, the city's rivers and canals have risen an aver¬age of 1.5 cm a year. The experts said cement¬ing of land surfaces and emissions from vehicles and factories were making the city's microclimate warmer as well as bringing more rain. VNN

071208-HCMC authorities have proposed raising land prices throughout the city by 10% to more than 100% next year. District 2 will see the highest spike of over 100% while land on some main streets in commercial District 1 is estimated at over VND80 million / $4,713 per square meter. SGT

121208-Ho Chi Minh City's recent price increase on the regulated land value chart, used to work out property compensation and land use rights will take effect in January 2009. Accordingly, land compensation on 1,899 out of the 2,740 streets will be adjusted. Downtown Dong Khoi, Nguyen Hue and Le Loi streets will have the highest land valuations at VND81 million ($4,800) / sqm - 20% higher than the current valuation of VND67.5 mil¬lion ($4,000) / sqm, while Thieng Lieng residential area in Can Gio district will be valued at the low¬est rate, VND110,000 ($6.50) / sqm. Land prices in District 2, which contains Thu Thiem New Town and the pricey Thao Dien quarter, will see the largest increase of nearly 100%. The lowest increase in land values, less than 10% will be in Go Vap, Tan Phu, Binh Thanh, Binh Chanh, Cu Chi and Nha Be dis¬tricts. VIR

070109-HCMC inspectors will audit the HCMC Housing Development Fund due to its poor performance. The fund used one-third of the VND300 billion / $17.66m city funding to carry out housing projects while depositing the rest in a bank during the past years. SGT

110109-The property market slump and a severe global downturn may prove to be the right tonic to fix the ills of the country's social housing since prices are getting to levels that are deemed affordable for 1st time house-buyers. HCMC recently allowed the building of houses from 30-60sqm for sale in an effort to stimulate social housing development. According to department of construction statistics, Ho Chi Minh City has languished in its efforts to build 30,000 units with¬in 5 years. To date, only 30% of that plan has been fulfilled. With 3 EPZs & 11 IPs the city is still facing a dearth of accommodation for 218,000 workers and 30,000 relocated government employees. VIR

020209-The HCM City Real Estate Association has petitioned the State Bank of Viet Nam to extend the terms of the debts owed by its members to banks. It wants banks to lend to property developers at be¬low 10% interest so that they can resume their projects, many of which have stalled, and to waive penal interest on overdue loans. As of November 2008, in HCM City alone, banks' out¬standing loans to the prop¬erty sector was VND61.2 trillion / US$3.5 billion. VNN

050209-According to the HCMC Construc¬tion Association vice chairman, “The number of construction proj¬ects this year is expected to decrease by 40% compared to last year due mostly to the lack of funds and slow dis¬bursement of capital, especially for State projects, will hamstring the industry nationwide.” The association is now down to only 150 members. SGT

090209-HCMC's Department of Finance has suggested the Gov¬ernment to redeem over 260,000sqm of public land currently being used by 9 centrally-governed offices in the city. SGT

120209-The Ministry of Finance will revoke 38 State-owned properties in the HCMC which are wrongly used covering 26.1 hectares and allocated to 9 centrally governed organisations, including 8 State Owned companies and 1 university's subsidiary. The properties have been left unused, badly degraded, and leased out for profit. The area revoked is only part of 79 hectares that has been leased out. VNN

160209-The HCMC government has ap¬proved the upward adjustment of land compensation prices for the 2nd Phase of a Hanoi Highway widening project in District 2. The maximum rate is VND25m/$1,472/sqm. SGT

200209-The HCMC Dept of Planning and Investment has proposed 6 lots of Golden Land in prime locations be put up for tender. The 6 valuable lots cover over 790 hectares and that some 107 domestic and foreign investors had shown interest in developing these properties. One of them covers 9,700sqm in District 1 and is sur¬rounded by Nguyen Du, Dong Khoi and Ly Tu Trong streets. There have been 66 investors wanting to develop it. The others are in the Dan Sinh Mar¬ket area in District 1 (11,500sqm), at the comer of Nam Ky Khoi Nghia and Huynh Thuc Khang in District 1 (4,500sqm), at 462-464 Nguyen Thi Minh Khai in District 3, on Binh Quoi-Thanh Da peninsula in Binh Thanh District (427 hectares) and Long Truong area in District 9 (361 hectares). Binh Quoi-Thanh Da site has attracted about 17 investors and Long Truong site 12 investors. SGT

120409-HCMC has proposed the Ministry of Finance seek approval from the Prime Minister to get about VND22 trillion / $1.23bn from the sale of Government bonds for key infrastructure projects in the city. Thu Thiem new urban area and Hiep Phuoc residential and port project will require VND10 trillion / $572m and VND2 trillion / $114m respectively. SGT

140409-Land-use prices are expected to plunge in HCM City, particularly in the suburbs, as it becomes compulsory for people buying housing project land to build houses. Property developers have been encouraging land buyers to build houses since the beginning of this month, but it will become mandatory from September. VNN

030809-District 1 authori¬ties begun tearing down 2 old condo buildings to facilitate condo-commercial center-office complex projects. The projects had been delayed 5 years due to disputes in site clearance and compensation. Meanwhile, local government and people were afraid the old buildings at 289 Tran Hung Dao and 74 Ho Hao Hon would collapse. Around 38 house¬holds refused to move although compensation rates were in¬creased to VND19-152m / $1,067-$8,532/sqm. To push up the project, Duc Khai JSC paid VND21m / $1,179 more for each sqm of the house block next to the building. Statistics from the Construction Department show that HCMC needs to upgrade or rebuild 67 old condo buildings. Compensation is still the biggest challenge for the projects. VNN

080809-Vietcomreal is offering 5 major property projects in HCMC for sale : -
1 - The Vietamas Apartment project at 458 Cach Mang Thang Tam in Tan Binh with 400 high-end apartments.
2 - The Vietcomreal Riverside in Thao Dien area in District 2 of a 20¬storey apartment block with 210 apartments in the 1st Phase.
3 - Vietcas Tower 504 at 504 Nguyen Tat Thanh District 4 comprises of 2 blocks of apartments with 3 lower storeys as trading and service centres and 15 high-end storeys totalling 150 apart¬ments
4 - The 22-storey Vietcomreal Tower Trading¬ Apartment-Office block at 175 Pham Hung District 8 with 440 apartments
5 - The Vietcas Tower 9 project at 9 Nguyen Khoai District 4. VIR

250809-The Construction Ministry has submitted to the PM the adjusted general zoning map for HCMC to 2025 aiming to turn the city into an industrial, service and science technology hub of Southeast Asia by that time. The project will develop the city into a multi center city and prevent urban expansion from destroying forest areas in Can Gio, Cu Chi and Binh Chanh districts. The city will need about 100,000 hectares of land to house a population of 12.5 million people by that time. SGT

280809-HCMC next month will auction the prime land plot, well ¬suited for a commercial-service cen¬ter and office building at 7,400sqm on Hung Vuong in District 5 at a starting price of over VND704bn / $41.5m ie $5,613/sqm. Domestic buyers whose minimum financial capacity amounts to 30% of the starting price can register for the auction. SGT

290809-HCMC will auction a house and use right of a land plot at 100 Hung Vu¬ong Street in District 5 late next month. The plot covers over 7,400sqm with a price starting at VND700bn / $39.3m ie $5,309/sqm.

280909-The number of building projects has increased strongly in HCMC despite the gloomy real estate market. The city's Construction Department has evaluated 85 projects this year with total investment of over VND45tr / $2.53bn. SGT

051009-HCMC government failed to auction the 7,400sqm plot of land at 100 Hung Vuong in Dist 5 as only one enterprise joined the bid last Wednesday. The starting price was over VND700bn / $39.3m ie $5,309/sqm. SGT

071009-Hanoi has issued a price list setting the floor costs for each square meter of new buildings and constructions that will be the base for calculating registration fees and income tax earned from real estate transactions. Accordingly, the lowest prices for floor areas of 1 fl to over 20 fl buildings are from VND1.122m-VND6.44m / $63-$361 while the correspond-ing rates of villas and temporary houses are VND4.240-5.73m / $238-$322 & VND284,000-1.4m / $16-$79 re¬spectively. SGT

071009-Some 7 Korean investors includ¬ing Samsung, Daewoo, Ska, Kumho and Keangnam will cooperate with Transport Investment and Construc¬tion Consultant Co (TRICC) to jointly develop the urban metro line No. 5 in Hanoi, linking Nam Ho Tay, Ngoc Khanh and Lang-Hoa Lac. This metro line is 33.5 kilometers long, includes 22 train stations and requires total investment of US$1.2 billion. SGT

081009-A fund set up by HCMC to assist residents whose lands have been acquired for public works cannot cope with the demands placed on it since too many families are demanding help. Around 40,000 families displaced by infrastructure projects are demanding assistance worth VND135bn / $7.6m but the Fund said it only has VND15bn / $840k. VNN

201009-The residential floor area for people in HCMC has increased by 2.3% against 2008 to 13.6sqm / capita. The city with a population of 6.95m has 90m sqm of residen¬tial floor and is expected to raise the rate to 14sqm / capita in 2010. SGT

201009-HCMC plan to auction 6 prime land plots in HCMC's District 1 and Binh Thanh. SGT

021109-Realty projects have accounted for nearly 70% of foreign capital inflow to HCMC this year with the total value of over US$500m. Foreign investors have pledged to invest over US$770m in the city to date. SGT

051209-Land compen¬sation rates will be based on the market price beginning in Janu¬ary, with the most expensive land on Dong Khoi, Nguyen Hue and Le Loi at VND81m / $4,143sqm. VNN

071209-The 2010 land price list is almost unchanged from this year : the lowest price is VND1.2m / $65 while the high¬est is VND81m / $4,383sqm. SGT

081209-There are 4m motorbikes and 400,000 automobiles including 3,200 buses and 11,000 taxis in HCMC but only 4 inter-provincial bus stations and 9 taxi parking lots. The Dept of Transport has drawn up a list of roads where pavements will be used as temporary parking lots. The number of registered vehicles in the city in¬creases by 12% each year with about 120 new cars and 1,200 new motor¬bikes every day while parking space in the city, especially in downtown districts, is insufficient. SGT-VNN

120310-HJCMC has re¬voked 40 foreign invested property projects with registered capital of US$1.7bn. The city is considering to license 7 realty projects with combined capital registered at US$3.7bn. SGT

170310-HCM City authorities have revoked the licences of 40 foreign direct investment real estate projects worth US$1.77bn. Officials said the licences had been revoked because the projects were progressing too slowly. In 2009, the city attracted 13 foreign-invested projects in 14 sectors, accounting for 66.39% of all development projects in the southern hub. There are currently 143 licensed development projects worth $9.61 billion in progress in the city. Of those, $3.61 billion has disbursed, accounting for 38%. City authorities are currently considering whether to grant licences to 7 real estate projects valued at $3.7bn. VNN

150710-The city centre does not have a single parking lot although HCMC has around 427,000 private cars with 80 more reg¬istered daily. Assuming an automobile re¬quires 12sqm for park¬ing, the city needs to have at least 5.12m sqm (more than 500ha) for parking. The city has around 11,000 taxis but their operators only have a cumulative 2.5ha of park¬ing. VNN

090810-The HCMC Statistics Bureau has released a report, saying up till mid-July HCMC had 197 projects with some US$1.1 billion invested by foreign companies. The property sector leads the list with US$722 million, or 65.8%. SGT

170910-Building houses for poor and low income people will be a priority in HCM City's housing development programme for the 2011-15 period with a vi¬sion until 2030. For the next five years, the city would focus on building both social houses - which are sold at subsidised prices - and affordable houses at market prices. HCM City has targeted to build nearly 17,000 additional apartments for the poor and people with low income by 2015. Of this, 10,000 apartments will be built and sold to people with low income and 6,896 apartments for poor people, including Gov¬ernment officials, manual workers, students and others. The city will also build and re¬pair 65 downgraded apartment buildings with 7,242 apartments. It will implement 14 additional projects with 6,562 apartments for Government officials. The total construction area for building apartments for low-in¬come people has been fixed at 1.4m sqm 600,000sqm has been allotted for students. From 2006-10, a total area of 1,358,000sqm was used to build houses or apartments for unskilled manual workers, and 5 projects to build dormito¬ries on areas of 612,000sq.m for university students are being been developed and will be fin¬ished by next year, accommodat¬ing 67,000 students. HCM City also plans to develop 132 resettlement projects. These projects will turn out 22,472 apartments and 11,095 plots of land. The city will also build more hospitals, schools, and markets in resettlement areas. VNN

190910-HCMC has plans to build 10,000 condos for low-income earners and 7,000 others for needy residents from now to 2015. The city aims to increase housing space per capita from 12sqm to 17sqm in 2015 and 35.7sqm in 2030. SGT

270910-Between 2004 and August 2010, the HCM City Land Fund Development Centre paid compensation and collected 53 land lots totaling 375ha. Seven land lots covering 62ha were auctioned for VND1.34tr / $70m and another 75ha were handed over for public works. From 2002 to date, the city withdrew decisions on 91 projects covering 1,395ha because of undue delay. VNN

251010-HCMC saw over VND16.4tr / $841m in public property trading and transfers in the first 9 months. There were over 10,700 public land lots and houses sold in the city ie USD$78,600 each. SGT

051210-The HCMC Department of Natural Resources and Environment has completed the land price frame for 2011 with the highest rate set at VND81m / $4,154sqm. SGT

121210-The HCMC People's Council has approved the 2010 land price list with the upper limit set at VND81m / $4,154sqm. The lowest rate is VND1.2m / $62sqm. SGT

110111-Around 570 out of the 1,022 tenements in HCMC that were built prior to 1975, most in downtown and inner city districts, are unsafe for living and badly in need of repair. According to the Department of Construction, as of the end of last year, the city has renovated, repaired, demolished or evacuated 62 old tenements, of which 25 were rebuilt supplying 3,384 apartments. VNN

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