Donald Trump's Group Wants to Invest in Hung Yen; Billions of USD in Foreign Capital Poured into Real Estate

Donald Trump's Group Wants to Invest in Hung Yen; Billions of USD in Foreign Capital Poured into Real Estate

Many old apartment buildings cracked and tilted after Typhoon Yagi; Hanoi includes flooding in the criteria for determining land prices; Basements of individual houses in Ho Chi Minh City have a maximum height of 2.2m; Dong Nai approves investors for urban areas worth over VND72,000 billion.

Here is a summary of the week's outstanding real estate information.

Donald Trump's group wants to invest in hotels and golf courses in Hung Yen province.

On September 16, Mr. Tran Quoc Van, Chairman of Hung Yen Provincial People's Committee, had a meeting and worked with senior representatives of The Trump Organization - a business owned by former US President Donald Trump.

Leaders of Hung Yen Provincial People's Committee received a delegation from The Trump Organization on September 16. Photo: Hung Yen Newspaper

The Trump Organization representative expressed his desire to cooperate and invest in Hung Yen province in the fields of hotel construction, golf courses and entertainment complexes. These are all strengths and international brands of the group.

At the same time, businesses from the land of the stars and stripes also asked the province to create conditions for them to participate in the new development phase of the province and contribute to promoting the development of diplomatic relations between Vietnam and the United States.

According to information from the meeting, the unit that proposed and promoted this investment deal is Hung Yen Investment and Development Joint Stock Company (Hung Yen Group). This enterprise is a subsidiary of Kinh Bac Urban Development Corporation. As of June 30, Kinh Bac Urban Area holds 95% of the voting shares of Hung Yen Group.

Hung Yen Group was established in 2021 with a charter capital of VND 1,800 billion. The enterprise is a developer of industrial real estate projects, urban areas and social housing chains. Currently, Mr. Dang Thanh Tam, Chairman of the Board of Directors of Kinh Bac Urban Area, is also the Chairman and legal representative of Hung Yen Group.

The Trump Organization, a privately held conglomerate, has invested in and owned a series of hotels, golf courses, commercial real estate and housing across the United States, as well as in many other countries around the world. In Asia, the Trump family's company has golf courses in Dubai (UAE), Indonesia, Oman and many real estates in Korea, the Philippines, and India.

Billions of dollars of foreign capital are pouring into Vietnam's real estate.

According to the General Statistics Office, as of August 31, newly registered FDI capital in the real estate sector reached 2.4 billion USD, 5 times higher than the same period last year and accounting for nearly 20% of total new capital.

Including newly registered and adjusted capital, registered FDI in real estate reached 2.55 billion USD, 3.7 times higher than the same period last year.

Foreign capital inflows into the market will help Vietnam's real estate market accelerate its recovery. Photo: Pexels

In addition, FDI capital implemented in Vietnam in the real estate sector also reached 1.27 billion USD, double that of the first 8 months of last year and accounting for 9% of total FDI capital implemented. The 4 segments that are assessed to benefit the most from foreign capital inflows this time are industrial real estate, retail, office and housing.

According to Cushman & Wakefield Vietnam, from the end of 2023 to the first half of 2024, the market has recorded about 16 real estate M&A deals. Foreign investors are still targeting projects with clean land funds, good quality, real value as well as complete legal documents, and a lot of development potential.

Not stopping there, the domestic real estate market is expected to attract billions of dollars more from foreigners who want to buy houses in Vietnam. With the new Housing Law allowing foreigners to extend their home ownership period up to 50 years, Ms. Le Thi Hang, General Director of Indochine Real Estate Company, said that this will be a lever, helping the market become more vibrant, especially in the high-end segment.

“Clear and transparent regulations on home ownership for foreigners will create the premise for forming an attractive investment environment, thereby attracting more FDI capital into real estate,” Ms. Hang shared with reporters of Investment Newspaper.

Ministry of Construction: Many old apartment buildings cracked and tilted after storm Yagi

In official dispatch 5297/BXD-QLN, the Ministry of Construction said that recently, many northern provinces and cities of Vietnam have been greatly affected by super typhoon Yagi (typhoon No. 3), causing floods in some localities and huge losses in human lives and property.

In some places, many old apartment buildings that are being renovated and rebuilt have cracks and tilts, making them unsafe for continued use. Due to the impact of the storm, some localities have had to evacuate residents from their apartment buildings to ensure safety.

“According to statistics, the whole country has about 2,500 old apartment buildings built before 1994, mainly concentrated in Hanoi and Ho Chi Minh City. Among them, many apartment buildings, according to inspection results, are in need of renovation and reconstruction,” the Ministry of Construction stated.

To ensure the safety of life and property of people living in old apartment buildings before the 2024 storm season, and at the same time promote projects to renovate and rebuild apartment buildings in the area, the Ministry of Construction requests the People's Committees of provinces and cities to urgently perform the assigned tasks prescribed in the Housing Law 2023, Decree No. 98/2024/ND-CP.

Accordingly, the Ministry of Construction requested localities to immediately implement solutions to relocate people from old, dangerous, degraded apartment buildings that must be demolished according to regulations, and arrange temporary accommodation for households that must be relocated.

In addition, the locality needs to urgently organize the establishment and approval of a 1/500 scale plan for areas with apartment buildings that need to be renovated and rebuilt, so that investors have a basis to participate in developing investment plans, compensation, support and resettlement plans when registering to be project investors...

Hanoi includes flooding in criteria for determining land prices

Decision 55/2024 of the Hanoi People's Committee has stipulated 8 factors affecting the price of non-agricultural land in the area. These factors as well as the criteria forming each factor will determine the value of each land plot, land plot; the level of similarity as well as adjustment between real estates when pricing.

Images of flooded streets have become familiar to the people of the capital every time a storm comes. Photo: TL

One of the notable factors in this regulation is the conditions of water supply and drainage and electricity supply. When deciding on land prices, the valuation unit must consider the stable or unstable water and electricity supply and the flooding situation when there is heavy rain.

In addition, the remaining 7 factors include:

The first is the location of the land plot or land area. The price of the land plot or land area will be determined based on the distance in order of priority to the administrative center, commercial center, education and training center, park, entertainment area, market, medical facility.

Second is traffic conditions. This factor needs to consider criteria including the type of adjacent road (asphalt, concrete, dirt and other road structures); width of adjacent road (including sidewalks); number of adjacent road surfaces.

In case of estimating the transfer price of land and individual houses, the land valuation organization shall conduct a survey, collect and evaluate additional criteria on the internal road cross-section (if any) adjacent to the land plot.

Third is the area, size, and shape of the land plot or land area.

Fourth is construction planning, which is based on land use coefficient, construction density, number of floors, basements,

For hotel business, the land valuation organization conducts surveys, collects and evaluates additional criteria such as number of rooms and hotel service standards (ranked by number of stars).

Fifth is the current state of the environment and security, including dust, noise, air and water pollution; proximity to cemeteries, waste treatment areas, etc.

Sixth is the land use term. If the land has a term, the valuation must take into account the remaining land use term of that real estate.

Seventh, other factors affecting land prices are consistent with actual conditions, cultural traditions, and local customs and practices such as scenic spots; temples, pagodas, shrines; and traditional craft villages.

Hanoi: Thanh Oai district continues to open land auctions, will it set a new peak?

Vietnam Auction Joint Stock Company has announced the auction of 58 plots of land in Man Ca, Man Cong, Ma Man areas in Van Quan village, Do Dong commune, Thanh Oai district. These are lots with symbols from 140 to 197, belonging to the ONT-7 and ONT-8 series.

The area of ​​the plots ranges from 76 to 189 square meters, with the starting price for each plot being 5.3 million VND/square meter. The deposit for each plot is 81 to 201 million VND. The auction will be conducted in the form of a direct secret ballot in one round.

Images of land plots in Van Quan village, Do Dong commune, Thanh Oai district. Photo: Tam Phuc Real Estate

The deadline for submitting registration documents to participate in the auction is October 2. The auction will then be held on the morning of October 5 at Thanh Oai District Gymnasium.

Compared to the 68 auctioned plots in Thanh Than village, Thanh Cao commune - where the 100 million VND/m2 plot has just had its deposit cancelled, the starting price in Van Quan village is about 2 times lower. However, due to the relatively large area of ​​the plots, the deposit levels of the two villages are almost the same.

According to Mr. TN, a person who has “combat experience” in both “fire pans” in Hoai Duc and Thanh Oai districts, in the coming time, the teams specializing in auctioning land will be more cautious. Currently, land prices in the districts on the outskirts of Hanoi are at a very high level. If they continue to boldly pay higher prices to win the auction, liquidity will be seriously affected.

“The team that won the auction for the 100 million VND/m2 plot of land in Thanh Cao commune last time misjudged the market price. This group alone had to forfeit deposits on about 2-3 plots. The group itself came from another province and they did not own the residential land plots around the auction area. Therefore, it can be said that the team suffered losses in Thanh Oai district,” said Mr. TN.

In a recent development, the Thanh Oai District Land Fund Development Center said that although the payment deadline has passed, only 13/68 plots of land in Ngo Ba area, Thanh Cao commune have paid in full. Thus, the remaining 55 plots have officially forfeited their deposits. These are all plots with high winning prices, ranging from 80 - 100 million VND/m².

With the above results, the amount collected from the auction was only about 60 billion VND, much lower than the expected level of more than 400 billion VND.

Basements of individual houses in Ho Chi Minh City are maximum 2.2m high and are not allowed to be lived in.

According to the latest guidelines from the Ho Chi Minh City Department of Construction, individual houses are allowed to build a maximum of one basement to accommodate technical floors and parking lots, and not for residential purposes.

In addition, the clear height of the basement in a private house must not be less than 2m in case there is no car parking and must not be less than 2.2m when there is car parking.

In case of individual houses with other combined functions and the need to build 2 or more basements, a detailed plan or a master plan must be made.

For high-rise residential groups such as apartments, service and public buildings and headquarters, buildings in export processing zones, industrial parks, high-tech zones and other construction works..., regulations allow the construction of basements according to construction standards and regulations.

The number of basements and the location of the basements of the above-mentioned projects are specifically determined in the detailed planning project, construction permit drawings, basic design, planning regulations and construction standards.

Dong Nai province approves investors for urban area worth over 72,000 billion VND

Recently, Dong Nai province has approved a consortium of 5 investors to implement the Hiep Hoa urban area project in Bien Hoa city. This consortium includes Lan Anh – Phu Quoc Co., Ltd.; Mat Troi Group Corporation; Ha Long Sun Co., Ltd.; Mat Troi Real Estate Group Corporation and Phu Quoc Beautiful Sea Investment Co., Ltd.

The urban area has a total area of ​​293 hectares and a total investment of more than 72,000 billion VND. Of which, the capital contributed by the consortium of investors is 10,800 billion VND, the remaining 61,400 billion VND is mobilized by investors.

Map of Hiep Hoa urban area project.

The project will be invested in 6 phases, implemented within 12 years, from the date of investment policy approval. The project's operating period is 50 years according to the provisions of the Investment Law.

Hiep Hoa urban area will be built with a variety of housing types, combined with a commercial service center for tourism, public services, etc. The project is oriented towards sustainable tourism development, in harmony with the natural landscape.

Notably, this urban area is located in the most prime location in Dong Nai province, with 4 sides bordering the Dong Nai River (Hiep Hoa Islet). Therefore, the province is investing in a number of bridges connecting to this area.

Ba Ria - Vung Tau province is about to have another industrial park worth nearly 2,000 billion VND

Recently, Deputy Prime Minister Tran Hong Ha approved the investment project to expand the My Xuan B1 – Conac industrial park with a scale of 110 hectares.

Accordingly, the industrial park is located in My Xuan ward, Phu My town with a total capital of VND 1,989 billion, of which the investor's capital contribution is VND 386.216 billion. Idico Petroleum Construction Investment Joint Stock Company is the project investor.

My Xuan B1 – Conac Industrial Park was granted an investment certificate in 2012, with 163 hectares of industrial land for lease. With a high occupancy rate, the investor Idico proposed to expand this industrial park.

According to the initial proposal, the industrial park was expanded in two phases. Phase one expanded 251 hectares. Of which, the first area has an area of ​​about 111 hectares located in My Xuan ward, Phu My town. This area is planned as industrial land. The second area is about 140 hectares located in Hac Dich ward, Phu My town, planned as reserve land for development.

Phase two expands an additional 380 hectares, the expansion is located in Hac Dich ward, Phu My town. The land is planned as reserve land for development.

However, the leaders of Ba Ria – Vung Tau province only agreed to expand the first area of ​​phase one, with a land area of ​​about 111 hectares. This is also the expansion project that has just been approved in principle by Deputy Prime Minister Tran Hong Ha.

Source: https://baodautu.vn/batdongsan/tap-doan-cua-ong-donald-trump-muon-dau-tu-tai-hung-yen-hang-ty-usd-von-ngoai-do-vao-bat-dong-san-d225359.html