Ho Chi Minh City : Real Estate Highlights - Q2 2013

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Last quarter, we reported that there was still good demand from international investors for prime in-come producing properties with 2 or 3 sales pending. Two sales have now been confirmed with the ac-quisition of Vincom Center A to Vietnam Infrastructure and Property Development Group Corporation (VIPD) for a reported VND9,823 billion (US$470 million). The other transaction was Centrepoint Office Building in Phu Nhuan District to Mapletree from a Japanese investment fund. The building has now transacted 2 times since completion in 2009.

It has been reported that a consortium led by an affiliate of private equity investment firm Warburg Pincus has invested US$200 million for a 20% equity stake in Vincom retail. This indicates a level of opti-mism in the future of the Vietnamese retail landscape that has not been witnessed since 2008, when Vietnam was ranked number 1 in A.T. Kearney's Annual List of Most Attractive Emerging Market Retail Destinations.

We note the June launch by respected international publication Forbes Magazine to publish a Vietnam-ese edition and the recent public announcement from iconic car manufacturer Rolls Royce stating they will cooperate with Regal Motors Cars Corporation to open an official showroom in Hanoi in Q4/2013. This follows another prestigious British automobile brand Bentley, who have stated their intention to also open a showroom in Vietnam. This clearly illustrates that the burgeoning upper class population of the country is clearly on the radar and we would expect more leading global brands to follow suit and try and tap into this market in the short to medium term.

Source : Knight Frank

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