A villa worth US$500,000 in The Manor.

VietNamNet Bridge - Mentioning Phu My Hung, Villa Riviera, The Manor and Ciputra, one will immediately think of the most luxurious residential areas for businessmen. Along with economic development, investment in residential areas for the rich is becoming more common.

Recently the Tan Tao group has contributed capital to set up a joint stock company in the southern province of Long An to build a small city named Saigon-Mekong E.City with entertainment and trade centres on 1,200ha of land.

The project is located along the Vam Co Dong River, around 20km from HCM City. This small city will have villas up to 5,000sq.m. Some of them will be connected to Vam Co Dong River, which will allow the owners to have yachts. Many luxurious apartments will also be built there.

In the north, Kinh Bac City and Taiwan’s Foxconn group will establish a joint venture to build high-class apartment blocks on 120ha in the northern province of Bac Ninh, in the model of Phu My Hung residential area.

They plan to build a bridge and an express linking Hanoi and Bac Ninh at a cost of around $200 million. People who live in this residential area will be exempted from toll. The area will have a golf course, a hospital and schools.

With the success of projects like The Manor, The Garden in HCM City and Hanoi, Bitexco Land is building a five-star hotel inside the campus of the National Convention Centre and the most luxurious residential area in Hanoi.

In parallel with the boom of the stock market, raising capital for real estate projects seems to have become easier. Financial manager of Bitexco Land, a Filipino man, mentioned high profit from successful projects and the possibility of the company listing stock abroad. Bitexco has become a strategic partner of the Vietnam Industrial and Commercial Bank (Incombank) to take advantage of the bank’s capital for its ambitious projects.

The Tan Tao group and its subsidiaries plan to list their shares on the stock market. Dang Thanh Tam said that Kinh Bac City would perform initial public offering in July 2007. Going to the bourse is also an option for the Thuy Duong Co, Ltd, the investor of the twin tower and high-class trade centre named TD Plaza in Hai Phong city, to mobilise capital for its big projects.

Rich owners

The Villa Riviera on 6ha of land on the bank of the Saigon River is invested in by Singapore’s Keppel Land. To own an apartment of 300 to 550sq.m, one has to pay $400,000 to $1 million and this was the price two years ago.

The comfortable life of residents in the Villa Riviera is shown through tennis courts, gymnasiums, swimming pools surrounded by coconut trees on the bank of the Saigon River. Each villa has a driveway and a garage for two cars.

The Phu My Hung residential area is famous for owners who are successful businessmen, intellectuals, and rich overseas Vietnamese in HCM City. At the age of 74, Dao Duy Chu, the owner of a villa in My Phu 2, is still a good golfer.

People who own apartments at The Manor Hanoi must have at least VND2 billion ($125,000) and a monthly income of at least VND10 million ($600). One of the largest villas in the area, over 700sq.m, has been sold to an overseas Vietnamese for over $1 million.

Rich customers are described by Ciputra’s General Director David Arnsdorff as follows: “They are only interested in the position and the direction of the house, not the price. Many of them register to buy houses with good positions in upcoming projects. Among customers who are interested in Ciputra’s projects are many from Hai Phong, Ha Tay and Quang Ninh."

(Source: Dothi.net)

Please send us your comments and feedback: