A perspective view of the The Manor Central Park in Hanoi. Photo: Internet
Foreign investors remained the protagonists on the mergers and acquisitions (M&A) stage in the Vietnamese real estate market in the third quarter of this year, being the buyers of the three major deals recorded, according to Jones Lang LaSalle (JLL) Vietnam.
The M&A market could see huge demand coming from foreign investors, who are still eagerly looking for “clean and clear” development sites for development.
The most notable transaction in the July-September quarter was the $51.9 million acquisition of a prime site in Cau Kho ward, District 1, HCMC, by CapitaLand (Vietnam) Holdings. This is the first time a foreign developer manages to gain access to a development site in District 1.
Following this, CapitaLand holds a 100% stake in the 0.5-hectare site, which will offer apartments for sale and serviced residences.
In the second deal worth $13.8 million, fund manager VinaCapital
Group acquired the International Centre Building project in Hanoi from Keppel Land Ltd.
Meanwhile, Ho Chi Minh City-based Bitexco
sold a part of the The Manor Central Park project to Japan’s Mitsubishi
at an undisclosed value.
“Despite existing difficulties in finding good quality stock in the market, the investment sector is expected to be strong in the next quarter, thanks to the large growth momentum in Vietnam in recent quarters amid the lower activity in the region,” said JLL Vietnam.