Consul General Leow Siu Lin said Vietnam is one of the leading markets of Singapore.
Singaporean property investors are operating successfully in the country. Particularly, seven Vietnam-Singapore Industrial Parks (VSIPs) have lure more than 8 billion USD in investment capital in 2015 and created more than 155,000 jobs, she added.
Director of the Singapore Trade Development Board Koh Chong Yu said Singapore-based multinational companies in Singapore are interested in investing in Vietnamese real estate.
Kusto Home, for example, is developing and managing the Diamond Island project in HCM City, Leow Siu Lin noted.
Chairman of Kusto Home Murat Utemisov said his company has studied Vietnam’s property market since 2005 and considered Vietnam is a dynamic market.
Besides, many Singaporean investors like Keppel Land, Mapletree, Sembcorp, and CapitaLand have been operating successfully in the Southeast Asian country.
Keppel Land is one of the earliest investors in the country’s property market. At present, Keppel Land has poured its capital in Hanoi, HCM City , Dong Nai and Vung Tau provinces with 19 licensed projects in office buildings, hi-end residential areas, and urban complexes. It is also investing in various sectors in Vietnam.
Keppel Land managing Director Ang Wee Gee said that Vietnam is one of its current and future key markets.
Meanwhile, CapitaLand is one of the leading investors in housing development. It entered the Southeast Asian country in the 1990s, and is implementing projects in six major cities of Hanoi, HCM City, Hai Phong, Da Nang, Binh Duong, and Nha Trang. So far CapitaLand has built 7,850 high-quality flats in Hanoi and HCM City.
Singapore is expected to continue boosting investment in Vietnamese real estate, according to experts.
According to the report of the Foreign Investment Agency under the Ministry of Planning and Investment, as of July 20, 2016, Vietnam had 3,040 valid investment projects from ASEAN capitalised at 64.47 billion USD. Singapore led the list with 1,663 projects worth 38.1 billion USD, making up nearly 80% of projects and 60% of total investment capital.
Singapore’s investment in real estates accounted for more than 30% of total foreign direct investment of ASEAN in Vietnam. Singaporean firms mainly invested in housing, offices for lease, retail surfaces, tourism and entertainment real estates.
According to the Institute of Estate Agents, five out of 10 major Singaporean businesses invested in real estates in Vietnam. However, some new companies have poured their investment in Vietnam. For example, Singapore’s financial groups SynGience and Lucky Land, and Vietnam’s Minh Nguyen Long company have signed a contract to invest 400 billion VND into HCM City’s Depot Metro Tham Luong project to build 660 flats.
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