Over the past two years, real estate sales and mergers have seen domestic investors win big deals.
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At the end of September, the Novaland Group together with North-South 79 Company won the right to develop the Da Phuoc seaside urban project in Da Nang after Daewon’s former Korean investor quit, ending nearly a decade ago. freeze. Currently, the project is re-start, the new name is scheduled to be The Sunrise Bay.
In 2008, Da Phuoc international urban area invested by Daewon Cantavil Co., Ltd with total capital of $250 million. In particular, the cost of equipment and materials is $ 50 million. Novaland together with North-South 79 Company acquired shares of Daewon to develop this project.
This project has another name, D – City of 210 hectares, located on the west of Thuan Phuoc bridge in Hai Chau district, is expected to become the first land reclamation in Da Nang.
Commencement at the end of March 2008, expected construction of the infrastructure project will be completed in 15 months, the main items are put into use from 24 to 36 months and the construction investment will complete within 10 years.
This international urban area is a mixed-use project including resorts, eighty eight-hole golf courses, high-rise hotels and apartments with observatory along the bay for viewing. Da Nang from above, 33-story apartment with 8,500 apartments, international schools and sea club.
However, in fact, the progress of the project stagnated for many years, only in the leveling and has been adjusted, reduced to 182 hectares. After nearly a decade of stagnation, Daewon withdrew from the project.
Currently, Novaland is adjusting to meet the needs of the market. The project will also include hotels, trade centers, schools, golf courses and houses. Novaland will prioritize the construction of villas, townhouses and resort functions, rather than focusing on high-rise housing. The construction period is from now to 2019.
Another acquisition of Novaland is a 30 ha project in the Nam Rach Gia residential area of VinaCapital. In Phan Thiet, Rang Dong Group has just completed the transfer of the billionaire’s five-star resort complex to be the Ocean Dunes super project. Rangers’ hands, Ocean Dunes has witnessed the impressive transformation. After a month open market exploration, the project sold more than 300 villa land.
Ocean Dunes is a complex of villas, townhouses and hotels of up to 62 hectares with a total investment of up to VND2,600 billion. Upon completion, the project will supply to the market 1,515 townhouses, villas overlooking the sea and about 5,000 luxury apartments.
The land of this project has gone through three generations. First, it is used to build the Vinh Thuy Hotel. Then this hotel to US billionaire Larry Hillblom. After 20 years of operation, the hotel transferred ownership of Vina Real Estate Development Group and was renamed Du Parc Hotel.
By the end of 2014, this hotel was incorporated into the Sea Links City resort complex, under the management of Rang Dong. This hotel was once again renamed Ocean Dunes Resort. And this land was used by the owner to develop the Ocean Dunes project.
Talking with reporters, representatives of the Novaland Group said that now Vietnamese enterprises have been able to dominate the market. Moreover, I am Vietnamese should understand the Vietnamese market.
Marc Townsend, General Director of CBRE Vietnam, said that Vietnam real estate business has now started to own, winning the mergers and acquisitions with foreign partners. Vietnamese real estate firms can say they are competitive with multinational companies. This is also one of the biggest changes in the past 10 years of the real estate industry in Vietnam.
Le Hoang Chau, Chairman of the HCMC Real Estate Association, said that the real estate market is quite active with mergers and acquisitions. In Ho Chi Minh City, this activity is strongly developed and is mainly driven by large domestic firms. Through mergers and acquisitions, businesses have managed their inventories, bad debts.
“At present, domestic enterprises are active in the acquisition and merger of the real estate market. Vietnamese enterprises are also dominating the real estate market in Vietnam, “said Chau.
You are reading the article “A Wave Of Reverse Acquisition Of Vietnamese Real Estate Giant” in the section “Real Estate News” on the website: https://realestatevietnam.com.vn/
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