Billion-USD projects make 2019 promising for property market
The real estate market is expected to gain momentum in 2019 thanks to the heat from several billion-USD property projects that received investment certificates in previous years.
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One of the biggest projects is the construction of a mega smart city spanning 272 hectares in Hai Boi commune, Dong Anh district, Hanoi, with total investment of nearly US$4.2 billion. Its investors - Vietnamese BRG Group and Japanese-based trading company Sumitomo - aim to build it into the largest smart urban area in the Southeast Asia.
The investors proposed establishing five companies to execute five component projects, which are scheduled to start this year and be completed in 2030.
In the first phase, the Sumitomo-BRG joint venture will pour over US$1 billion into facilities on an area of over 73 hectares.
Once completed, the smart city is expected to bring great impacts on the real estate market in Hanoi.
In the northeast province of Quang Ninh, the Vision Transportation Group (VTG), Hai Dang JSC, and Sunny World Property Development Corp Businesses proposed three large-scale projects with total investment amounting to US$10-15 billion, in Van Don island, which is targeted to become a special economic zone.
Those include a high-speed railway route linking Mong Cai and Van Don, the Hon Net - Con Ong complex of seaport, industrial and urban areas, and the urban complex in the north of Cai Bau island.
The proposed Van Don - Mong Cai railway will have a length of 100km, connecting Mong Cai border gate with Van Don special economic zone, with the central station located at the North Cai Bau urban complex. It will be used for passengers and improve transportation.
Meanwhile, the Hon Net - Con Ong seaport project, worth US$1.2 billion, will span a total area of 500ha. The construction of the port system would be done in phases. In the first stage, a wharf with length at 350 – 400 meters will be developed to accommodate the 150,000 DWT (Deadweight Tonnage) vessels.
The urban complex in the north of Cai Bau island will include a residential area and shopping and service areas on 5,000 ha of land. It will be connected to Van Don Airport and the railway route and the Van Don Heritage road in the southern part of the island.
Meanwhile, Banyan Tree Holdings Limited received permission to double its investment in Laguna Lang Co resort complex in Thua Thien-Hue province in April 2018. Accordingly, the firm would increase its charter capital from US$175 million to US$300 million and its investment capital from US$875 million to US$2 billion to add casino business and other facilities.
The project has put into use the Angsana Lang Co hotel with 229 rooms and a golf course with total investment of US$230 million. Nearly US$300 million is being poured into a five-star hotel, 50 retail shops, and 249 villas.
