Vietnam Emerges as Luxury Property Market along with Southeast Asia
There have been improvements in the Southeast Asian region as a real estate destination, but Vietnam has emerged among these markets as a prime luxury destination. According to Bloomberg, Vietnam's Ho Chi Minh District 1 has emerged as a grand real estate destination, thanks to the innovative thinking of real estate developer Novaland Group.
Grand Manhattan is a fine example of Vietnam's sudden resurgence as a luxury real estate destination. The structure is a 39-story development which will eventually house apartments, restaurants, and a hotel, along with some of the most expensive properties the country ever had. It is located in the aforementioned district, sometimes known as 'Saigon's Wall Street.'
The developers, Novaland Group, is the creation of former vet medicine reseller Bui Thanh Nhon. It has since become one of the biggest property companies in the country. It has also made Nhon one of Vietnam's richest, netting him an amount of $800 million, the information listed in the latest copy of the Bloomberg Billionaires Index.
But Vietnam isn't the only country in the spotlight. According to Mansion Global, joining Vietnam in becoming one of the hottest real estate destinations are Thailand and Cambodia, whose real estate markets have been on the rise in recent years. Aside from that, the region is 'red hot' in the fields of development and investment.
Even Pricewaterhouse-Coopers recognized the flow of capital into the region, calling the process "an embarrassment of riches." Singapore got the nod as one of the highest Asian cities to invest in. Thailand, meanwhile, got the nod from mostly Chinese buyers, with particular cities making it an interesting destination.
The cities--Bangkok, Chiang Mai, and Phuket--are also popular tourist destinations, making an investment in properties located here a wise investment. There are other places, like Sihanoukville in Cambodia, which some analysts have pegged as among the next places in Southeast Asia where investors are expected to buy properties in.
The next best thing, perhaps, is a healthy competition among companies, which is happening between Novaland and Singapore-based CapitaLand Ltd. The latter has interests in creating luxurious projects in Ho Chi Minh City as well as Vietnam's capital Hanoi.
However, the land available remains scarce. That is one of the reasons why investors are trying to get whatever properties they can, whenever they can.