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Developers set sights abroad
Property developers are eyeing investment abroad, including in the US. The Thu Duc Housing Development Joint Stock Company has picked up a 50 per cent stake for US$6 million in a joint venture with two local companies, California Newland Ventures LLC and Nature Coast Horries of Central Florida LLC, that will build houses in California, Mississippi, and other states over the next 20 years.
Much money has also been flowing into the Laos property market. Long Thanh Co, Ltd has invested $1 billion, the largest amount by a foreign investor in that country.
It will build a golf course, a five-star hotel, villas, a shopping mall, a hospital, and a school in a 557ha area in the capital, Vientiane.
Sai Gon Investment Corporation began construction of the Lao Hung hotel in Sam Nua District, Hua Phan Province, in July. It is the province's first international standard hotel.
Last month Ha Do Corporation signed a contract with the Vientiane People's Committee for building the Noong Tha new residential area in Chanthabuly District at a cost of $250 million.
Work will begin in November.
Simultaneously, demand for foreign houses has been rising in Viet Nam, mostly among businesspeople with interests abroad, families who have children studying abroad, and even investors looking for new assets.
Lien Minh Nguyen Joint Stock Company, which is marketing the Sai Gon Village housing project in California for the developer, the US-based Bridgecreek Group announced the sale of 150 apartments that were completed in the second quarter.
John Nhat Nguyen, the company's executive director, said it will offer advice to families and companies hoping to buy property in the US.
vietnamnews
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