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One Destination partners with Singapore investor and institutional fund to build ESG real estate complex
On November 8, The One Destination officially announced an investment agreement with Singapore's Terne Holdings, a multi-sector investment group, and BTS Bernina Private Equity Fund, an Asia-focused regulated mutual fund.
According to the development plan, The One Destination aims to build Vietnam's first ESG-standard real estate complex on the last prime land available in Dalat's city center. Designed by renowned Japanese architect Kengo Kuma, Haus Da Lat is expected to become a heritage symbol for the 130-year-old city, positioning Vietnam on the global ESG real estate map.
Under the agreement, the joint venture between BTS and Terne Holdings will hold a 30 per cent stake in The One Destination.
The One Destination is the developer behind the Haus Da Lat project and a leader in ESG real estate development in Vietnam, actively engaged in numerous projects nationally and with a substantial land reserve. The Haus Da Lat project spans five hectares in a prime area by Xuan Huong Lake, one of Vietnam's most picturesque natural lakes and a symbol of Dalat.
The decision by international partners to choose Dalat as their first investment location in Vietnam highlights the city's unique appeal. They emphasize that in a tropical country like Vietnam, Dalat – a highland city with cool year-round temperatures, tranquil lakes, vast pine forests, stunning waterfalls, and vibrant flower fields – is a “natural heritage” deserving of real estate projects that reflect its value.
“We were captivated by Dalat at first sight and are proud to be among the domestic investors in the city,” said a representative from BTS.
On June 20, 2024, the Ministry of Transport issued Decision No. 758/QD-BGTVT to upgrade Lien Khuong Airport to international status, sparking economic and tourism growth in Dalat and the wider Lam Dong province. In the first half of 2024, Lam Dong welcomed 5 million tourists, marking an increase of over 12 per cent.
By the end of 2024, the province expects to receive 10 million visitors, including 550,000 international tourists. According to the 2030 plan, Lien Khuong Airport will expand to nearly 487 hectares, with a capacity to accommodate five million passengers annually and flights from various international destinations.
ESG real estate is gaining momentum in many countries and is anticipated to become a significant global trend. This focus is why the investors are partnering with The One Destination to initiate ESG real estate projects in Vietnam, starting in Dalat and expanding nationwide.
With Vietnam's dynamic economy ranking among Asia's top performers, an average GDP growth rate of 6-7 per cent annually, and a middle class expected to reach 40 per cent of the population by 2030, the real estate market is primed for an ESG-driven expansion. expansion. Leading developers like The One Destination are well-positioned to drive this trend, with Haus Da Lat highly valued for its ESG-compliant design, sustainable materials, construction practices, and focus on human-centred living, in alignment with ESG goals for long-term term generational value.
Caroline Lee, chairwoman of Terne Holdings said, “Together with The One Destination and BTS, we will create a heritage landmark for Dalat, Vietnam. We are proud to be among the bustling foreign investors working alongside Vietnam's real estate developers to build and preserve Da Lat amid the city's rapid development.”
Terne Holdings also noted that the Haus Da Lat investment aligns with its ongoing ESG strategy, built on practical, measurable actions supporting 12 of the United Nations' Sustainable Development Goals.
“A great project is often reserved for the last available space, and Haus Da Lat will be Vietnam's first ESG-standard landmark, a heritage for Dalat,” a representative from The One Destination commented. Five leading international brands are expected to collaborate on creating a new icon for Dalat.
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