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Posts Tagged ‘boom’

Skyscraper boom adds to HCM City traffic problem

In Uncategorized on July 16, 2010 at 4:46 pm

Skyscraper boom adds to HCM City traffic problem

QĐND – Friday, July 16, 2010, 21:22 (GMT+7)

The mushrooming of high-rise buildings in HCM City’s central districts is causing severe traffic problems, experts warn.

In the last five years 63 housing complexes were developed in the city centre. Since 2007, around 85 office buildings, hotels, and shopping malls with a total area of nearly 1.1 million square metres have been licensed.

Around 40 high-rises were built in the city just this year, half of them in District 1, 3, 4, 5 and 11.

Many shopping malls like Diamond Plaza, Parkson, Kumho Asiana Plaza, and Vincom are in close proximity to each other in the city centre, which causes roads in the area to get clogged, especially during rush hour.

Most high-rise buildings, which also house places of recreation, have come up on streets that were already congested – like Cao Thang, Vo Van Tan, Nguyen Dinh Chieu and Nam Ky Khoi Nghia Streets, all of which are in District 1 or 3 or both.

Many streets leading to the downtown area, such as Cong Hoa, Truong Chinh, Cach Mang Thang Tam, Vo Thi Sau, Dien Bien Phu, and Xo Viet Nghe Tinh Streets are extremely congested during rush hour.

The Department of Transport says it is necessary to assess the impact of high-rise buildings on traffic in an area since the city’s roads are still poor and need upgrading.
Traffic infrastructure needs to keep pace with the construction of high-rise downtown buildings, it says.

Dr Khuat Viet Hung, deputy chief of the Institute of Transport Management and Planning, said it is vital to develop public transport before building high-rise buildings in the central districts to ease traffic.

Dr Nguyen Xuan Vinh, a lecturer at Ton Duc Thang University, said the best way to ease traffic congestion in the city centre is by minimising construction of high-rise buildings in the area and on streets leading there.

HCM City, which has nearly eight million residents, is one of the most densely populated cities in the country.

Source: VNA

Source: QDND

Vietnam sees new boom in vacation homes

In Uncategorized on June 28, 2010 at 4:51 pm

Vietnam sees new boom in vacation homes

QĐND – Monday, June 28, 2010, 22:6 (GMT+7)

Investing in vacation villas and garden-view houses in resorts and tourist sites is a new Vietnamese real estate trend, but it is not easy for companies to gain quick profits.

Le Duc Hien, deputy director of ViglaceraLand, said most vacation villa projects in Hanoi and neighbouring areas were in the process of construction, but many had attracted the attention of visitors thanks to their welcoming environment.

Le Duc Hai, director of the INT Group, said people were becoming increasingly interested in finding housing in more natural environments and vacation villas were more popular.

Getaway homes sometimes worth three to four times the value of urban houses. Despite the high costs, demand is set to outstrip supply in the near future.

Marc Townsend, general director of CBRE Vietnam, said investors had recently re-launched a series of real estate projects in tourism such as resorts, villas, seaside resorts which all indicated positive signs for the Vietnamese real estate market.

Customers interested in these kinds of investments are willing to spend large sums on high value, fully-furnished homes, with the additional benefit of being able to rent them out when not in use.

Le Canh Duong, deputy director of the Investment Promotion Agency in Da NangCity said in recent years, foreign investment capital had poured into real estate and tourist infrastructure, accounting for 80 percent of the city’s investment capital.

Duong said most on tourist real estate projects featured multi-purpose complexes including luxury hotels, vacation villas and apartments for rent.

According to Savills Vietnam, Da Nang is now home to seven vacation complexes including the Hyatt Regency, Furama Villas, Silvershore and Le Meridien. Prices range from 485,000 USD to 2.5 million USD per unit. Prices of sea-view villas are often much higher.

Nguyen Canh Son, from the Furama Villas, said vacation villas were a common type of product and developing a commercial strategy was not particularly difficult.

According to experienced investors in tourist real estate, the life cycle of such projects is much longer than apartment, office buildings or commercial centre developments.

Tourist property value depends heavily on planning and management capacity or project development and on the ability to lure consumers after construction is completed. A tourist real estate project may last decades. Therefore, it is difficult to implement the concept of “surfing” for this market segment.

According to Le Duc Hai, when investing in this market segment, investors should remember a number of issues such as the timing of investment, quality of planning and financial ability of investors. If they choose a completed project, low profits are likely, while new projects and a lack of information about first-time investors may lead to problems.

In addition, investors should also pay attention to the quality of project planning, and investment, design and management consulting. If the project was good but suffered from poor management, that would lead to a rapid decrease in value, Hai warned.

The recent land fever in Ba Vi, to the west of Hanoi, was a typical example of real estate speculation. People rushed to purchase farm land and build villas in the hope of earning high profits as Ba Vi has been earmarked as a future administrative centre. However, with the development of Ba Vi at least five years away, property prices have already dropped, leaving hasty land speculators holding on to overvalued plots.

According to Nguyen Tran Nam, deputy minister of Construction, investment should be for the long-term. If traders don’t take into account long-term planning, losses will be unavoidable.

Source: VNA

Source: QDND

Local sellers cash in as gold prices boom

In Uncategorized on October 13, 2008 at 12:08 pm

Ha Noi — Domestic gold prices increased strongly here yesterday, rising by VND50,000 to between VND17.90 million and VND18.10 million a tael yesterday as the world share situation became more chaotic.

Sai Gon Jewellery Co (SJC) listed prices at VND18.04-18.14 million per tael in Ha Noi and HCM City yesterday.

Phu Nhuan Jewellery Co (PNJ) of Ha Noi listed selling/buying prices for PNJ-DAB brand gold at VND18.05 million to VND18.25 million, up VND250,000 per tael on Thursday’s price.

The gap between selling and buying prices at Ha Noi gold shops yesterday morning stood between VND150,000 and VND180,000 per tael (one tael is equivalent to 1.2 ounces).

Nguyen Huu Dang, head of the business department of the Ha Noi-based Bao Tin Minh Chau Jewellery Co, said his shop was full of sellers because of the big profits. However, Dang forecast that next week gold prices would go down.

Local finance specialists said that the recent cutting of interest rates by commercial banks would give businesses more access to loans.

They said cash was now the most attractive commodity and this encouraged investors to sell gold.

Nguyen The Hung, chief representative of MKS Finance, gold prices were affected by many factors and that they had fluctuated greatly every three to five years.

Yesterday, the global spot-gold price rose to $915.20 an ounce in New York, up from Thursday’s $912.40. —