November 30, 2019- Oxley Gem (Cambodia) Co., Ltd, (“Oxley Gem”) being the developer of The Peak Hotel mixed development Project (“Project”) located at Sam Dach Hun Sen Road, Tonle Bassac Commune, Chamkarmorn District, Phnom Penh City, has confirmed the appointment of China Railway Urban Construction Group Co., Ltd (“CRUCG”) to take over the existing construction of the project.
The government has approved more than $9 billion this year for capital investment in the construction sector, a nearly 80 per cent increase on last year, with most of the growth coming from projects in Sihanoukville, according to Minister of Land Management, Urban Planning and Construction Chea Sophara.
Condotel project Cocobay Danang – a tourism complex which features footballer Cristiano Ronaldo in its advertising – suffered a PR disaster last week as the developer reneged on its 12 per cent profit commitment, shedding doubt on the promises of other condotel schemes trying to attract second-home buyers with expectations of high profits. .
In light of the Cocobay Danang situation, in which contracts are not being honoured due to unrealistic expectations being placed on the condotel model, Mauro Gasparotti, director of Savills Hotels APAC, writes on his expectations of the condotel market in Vietnam, and what solutions could be found to ease the situation.
Tourism growth has led to the development of the Danang real estate market with a variety of products. In particular, high-end apartments with high liquidity and stable legal framework show the strongest appeal.
Hundreds of investors and prospective buyers flocked to the Novaland Expo which opened in HCM City yesterday.
The Olympia City project’s two largest buildings – a hotel and an office building – are currently 30 per cent complete, project manager Meng Chamroeun told The Post on Wednesday.
Local and French joint-venture Forest Harmony has broken ground on its $18 million “second-home” Luxury Holiday Villas project in Kampot province.
The HCMC Real Estate Association (HoREA) has proposed amending unreasonable regulations to close legal loopholes affecting the condotel segment in a bid to prevent losses for investors.
The property market in Vietnam has received increased FDI inflows during the past years. VIR talked with Savills Vietnam managing director Neil MacGregor about his assessments of these FDI flows and expectations for the property market in the year ahead.