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Second house market surge begins in Viet Nam
The Saigon Thuong Tin Real Estate Company (Sacomreal) on July 1 launched the sale of 124 villa land lots of the resort project Casallwa’ Hills in south-central Binh Thuan Province.
Located in the coastal Ham Tan District, land prices start from VND3.5 million (US$195) per square meter, depending on location and acreage, according to the project’s exclusive sales agent.
This 200ha development, the largest seaside resort project to date, includes a resort area, hotels, a 30ha natural lake with a boat club, 50ha of primitive forest, camping areas, a 18-hole golf course and shopping spaces. The project will be designed by well-known American firm WATG and managed by the Marriott Group.
Project investor Sai Gon Ham Tan Tourist Joint Stock Company expects its attractions will find the interest of those who are looking for a home a way from home for holidays, or for investment opportunities.
Meanwhile, VinaCapital is expected next month to begin selling 30 ocean view villas in the initial phase of its Da Nang Resort project. Prices will range between US$320,000 and $625,000 for villas of two to four bedrooms on land lots with a minimum size of 527 sq.m.
Last year, several projects including Tuan Chau in Quang Ninh Province, Ho Tram Sanctuary in Ba Ria-Vung Tau, Sea Links in Phan Thiet, Long Thanh Golf in Dong Nai Province and Evasion Hideway in Con Dao island had made similar offers for more than 800 villas.
Real estate services provider CBRE believes there is a new wave in Viet Nam’s second home market. Its managing director Marc Townsend noted that almost half of last year’s foreign direct investment flow into Viet Nam, recorded at $64 billion, were for property development projects.
Meanwhile, Viet Nam’s stock market achieved significant increases in recent months and people who had earned profits from the market would invest in the second house market, he said.
Other favourable factors include increased local tourism, the Government’s tourism programme to attract more international visitors and the on-going airport and terminal improvement at tourist destinations of Da Nang, Phu Quoc and Cam Ranh.
The second house concept is not a primary home. It is typically located in a beach front resort or in the mountains in a managed community, and can be leased for additional income, or for future retirement.
"This second house market will mainly be for Vietnamese citizens as current regulations do not make it easy for foreigners to acquire a house here," Townsend said, noting that in Viet Nam non-resident foreign individuals and entities are not allowed to purchase any type of property. Resident foreign individuals and entities may buy residential apartments subject to certain restrictions.
Townsend also noted that apartments in the second house market in Viet Nam are more expensive than in regional markets. A square metre of a two- bedroom unit of 110sq.m at the Indochina Land Hyatt Regency Danang Residence is priced from $2,263. Similar prices start at $1,000 in Malaysia’s Penang, or $1,282 in Thailand’s Phuket.
vietnamnews
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