VietNamNet Bridge – The HCM City in the first quarter of 2013 witnessed 4
high-rise building project transfer deals worth $600 million, according to CBRE,
a real estate service provider. In Hanoi, some 70 projects are waiting to be
transferred, but the number of successful deals remains limited.
HCM City and the multi-million dollar transfer deals
Sohovietnam, a merger acquisition (MA) consultancy firm, has reported that
some 50 projects are waiting to be transferred via the firm. The HCM City market
was really warm in the first quarter of 2013 with a lot of high-rise buildings
in the central area changed hands.
The biggest transfer deal was the one where Asiana Airlines of South Korean
Kumho group bought 50 percent of the stakes of the Kumho Asiana Plaza complex of
offices – shopping mall – hotel from Kumho EC. The deal had the value of $93.9
million.
Also in the first quarter of 2013, VinaCapital sold Legend Hotel in district 1
to Lotte Hotel Resort at $62.5 million to implement its plan on withdrawing
capital from the real estate sector.
Gemadept, a shipping firm, is planning to sell some assets to get money to
gather strength on its core business fields. One of the assets is Gemadept
Tower, an A-class office building with the total area of 16,000 square meters in
district 1.
Hanoi: big guys also sell projects to stop loss
Also according to Sohovietnam, the number of projects whose investors want to
transfer has reached 70. However, only 10 percent of the projects are located in
the central area which may attract buyers, while the majority of others are
located in the suburb districts of Cau Giay, Tu Liem, Hoang Mai, Thanh Tri, Hoai
Duc and Me Linh.
A lot of real estate developers have offered to sell their real estate projects.
Licogi 16, for example, has stated that it will sell any projects in 2013, if
possible. It is now the developer of many projects including the 12.5 hectare
Hiep Thanh project in district 12, Nam An in Binh Tan, Long Tan and Dien Phuoc
in Nhon Trach, Sky Park and Hoang Mai in Hanoi.
Chair of the Board of Directors of the Ha Do Group said at the 2013
shareholders’ meeting that the company may sell several projects in 2013 to earn
VND1.4 trillion.
Vinaconex 7 is seeking the suitable partners who want to buy the building
belonging to the housing project in My Dinh area, whose company is the investor.
The transfer deal is estimated at VND150 billion.
Vinaconex is also gearing up to transfer projects to take back the investment
capital in 2013. The projects to be put on sale include the Golden Silk, the
industrial zone development project in Hung Yen province and the project on
upgrading the old residential blocs in Quang Ninh province.
Prior to that, the Vietnam Construction and Import-Export Corporation (Vinaconex)
has successfully transferred its contributed capital, worth 50 percent of the
chartered capital in the An Khanh New Urban Area Company Joint Venture.
Most recently, Sudico on April 8 announced that it would sell a part of the Nam
An Khanh new urban area project.
Regarding the values of the projects, analysts say the prices have decreased
sharply in comparison with the last year. In general, the prices are now 20
percent lower than the last year and 30 percent lower than the highest peak. In
some cases, the price has tumbled dramatically by 50 percent.
VnMedia