Vietnam’s tallest building Keangnam Landmark 72 finds new owner

South Korea’s mid-sized financial group AON Holdings will take control of Keangnam Landmark 72 building in Hanoi.

This information has been revealed by CBRE in its press meeting to release the Real Estate Market Outlook Report for 2016. The acquisition has also been confirmed by South Korean media.


Keangnam Hanoi Landmark 72, known as the Vietnam’s tallest building,
has finally found its new owner – AON Holdings.

The Korea Economic Daily reports, on Dec 16, 2015, Samjong KPMG, which is the principal underwriter for selling the debts of Keangnam Landmark 72, chose AON Holdings as the preferred bidder for the deal.

Reportedly, among the total debts of $510 million incurred in Landmark 72 in 2012, AON Holdings have paid nearly 450 billion won ($373.4 million) to take over the debt and then become the building’s new owner.

Earlier, Hana Financial Investment and Goldman Sachs were also interested in buying Landmark 72 but were outbid by AON Holdings.

In May 2015, a Vietnamese court had announced a valuation of $770 million for Keangnam Landmark 72 after a series of scandals involving the parent company Keangnam Enterprises, according to Korea Economic Daily.

Keangnam Hanoi Landmark Tower is located in the Southwest of Hanoi. With 72 floors and a total area of 610,000 sqm with many offices for rent, apartments for rent, the building is considered a highlight of the capital city’s sky. The former owner Keangnam Enterprises is said to invest over $1 to build the building, of which around $500 million was borrowed from banks.

Maintenence Works: Plumbing Jam – common nuisance

Maintenence Works: Plumbing Jam – common nuisance

Maintenence Works: Plumbing Jam - common nuisance

This is Son from Customer Care Team of Viettrahousing.

With a large amount of Japanese customers in Hanoi, the maintenance for apartments is the usually works especially new check in ones.

The story below is the interesting experience of Care Team when reparing plumb water

The first case from apartment in Vincom Ba Trieu Center. As we know, the quality of apartment in Vincom is very good from facilities to water, WC system… The single man have lived here for almost two years, during the time use facilities, the dirty is built up, in addition our customer – Mr.KiBa have a favorite is making cake, the flour also combine with dirties makes the plumb jam, water flow slowly, and over outside with terrible smell.

The plumber have use long steel wire and water pressure make stuffs in the plumb go away.

After an hour working, everything is done and clean, Mr.Kiba is very pleasure and appriciated.

Others are easier with problem is dirty or hair,…

Also we don’t forget remind our customer careful in using water area like kitchen, lavabo to avoid the above nuisance

Other tips when have same problem

  1. Use hot water, flow continuously in some mins ( for trouble from oil dirty )
  2. Close water valve, put full of water and take it away with high pressure

The Problem in house when live in a long time is unavoidable, Our Care Team always support customer as soon as possible to bring the comfortable and convenient for living.

5 key new policies for foreigners in Vietnam this year

5 key new policies for foreigners in Vietnam this year

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With more open policies, property in Hanoi is attracting a lot of customers coming from overseas, foreigner is so quickly has satisfied apartments without many procedures. The amendments to the Law on Housing, which took effect July 1, allow foreigners with valid visas and international organizations operating in Vietnam to buy up to 30 percent of an apartment building or 250 houses in a ward -a subdistrict – level administrative area.

Here are some major policies related to foreigners and overseas Vietnamese that have been introduced by the Vietnamese government this year.

1. Visa exemption for foreign visitors

In an explicit gesture to resuscitate the ailing tourism sector, Prime Minister Nguyen Tan Dung signed off on visa waivers for five more nationalities, a move highly welcomed by industry insiders.
Under a decision dated June 17, Vietnam has offered visa exemptions for single-entry visits of up to 15 days for visitors from Germany, France, the UK, Italy, and Spain starting July 1.
The country now also waives visas for single-entry visits for Danish, Finnish, Japanese, Norwegian, Russian, South Korean, Belarusian, and Swedish nationals, until 2019.

2. Visa exemption for Viet kieu and family

A government decree, which was issued on September 24 and took effect on November 15, has allowed overseas Vietnamese, or Viet kieu, their foreign spouses and children to visit Vietnam without having to apply for a visa.
Foreign family members of Vietnamese citizens also benefit from the policy.
They are only required to have a passport that is valid for at least one year and present related identification documents to visa agencies in their areas.
A visa-waiver certificate will then be issued, with validity of up to five years.
Foreigners in Vietnam can apply for the certificate at the Immigration Department at the Ministry of Public Security.

3. Expanded foreign property ownership

The amendments to the Law on Housing, which took effect July 1, relaxed the rules on foreign ownership of property.
The changes allow foreigners with valid visas and international organizations operating in Vietnam to buy up to 30 percent of an apartment building or 250 houses in a ward — a subdistrict-level administrative area.
The old law restricted ownership to foreigners married to Vietnamese and those foreigners deemed to have made significant contributions to the nation’s development..
Many foreigners have welcomed the new law. More than 400 transactions from foreign buyers have reportedly been posted since July.

4. Duty-free shopping on Vietnam-bound flights

Since November 1, airline passengers have been able to purchase duty-free goods on Vietnam-bound flights, according to a Prime Minister’s decision.
Previously, businesses were only allowed to sell duty-free goods at international airports in Vietnam and onboard flights that depart from the country.
With the new rule, passengers only have to present their passport and boarding pass, whereas the flight attendants will take full record of their information such as their names and the numbers of their passport, flight and seat.

5. New foreign ownership caps

A decree, which took effect on September 1, allows foreign investors to buy up to 100 percent of stocks at many listed companies.
The decree came at a time when many companies had already reached their limits, including IT giant FPT and dairy producer Vinamilk.
Previously, foreigners were allowed to own up to 49 percent of stakes in Vietnamese firms, and 30 percent in banks.
Although the new rule retains the foreign ownership cap for banks, limits are removed in most other sectors.
Thanh Nien News

New law prevents housing developers

New law prevents housing developers

PURSUANT TO A NEW REGULATION OF THE AMENDED LAW ON HOUSING, HOUSING DEVELOPERS WILL HAVE THEIR PROPERTY OR BANK ACCOUNTS FROZEN IF THEY DELAY TRANSFERRING MAINTENANCE FEES OF APARTMENT BUILDINGS TO RESIDENTS’ COMMITTEES.

Owner of an apartment has to pay an extra 2% of the total sale price for maintenance activities inside the building. Under the amended Law on Housing approved last year, maintenance fees collected by housing developers must be transferred to the residents’ committees no later than 7 days after the committees are formed.

According to statistics of Ministry of Construction, however, only 20% of developers in 200 apartment projects around Hanoi had passed on the fees to residents’ committees.


Only 20% of developers in 200 apartment projects around Hanoi
had passed on the fees to residents’ committees. 

Dang Trong Hieu – Head of the residents’ committee in apartment project Sky City in Hanoi’s Dong Da District said they had not received maintenance funds of VND30 billion from the developer, although the building has been put into operation for 5 years. Residents of Sky City have been worried as they did not have money to maintain the building.

Residents living in block N05 of Trung Hoa-Nhan Chinh urban area also face the same issue. Developer has delayed transferring nearly VND70 billion in maintenance funds to residents’ committee.

Meanwhile, in project Rainbow Van Quan in Ha Dong District, its developer BIC Vietnam JSC has refused to hand over the maintenance fund to residents’ committee. The firm said members of the residents’ committee were not qualified to maintain the building properly. Instead, BIC Vietnam JSC wanted to refund these maintenance fees to owners of apartments.

Under the amended Housing Law, taking effect since this July, residents’ committee should be voted by the residents to manage, operate and maintain apartment buildings.

According to economist Vu Dinh Anh, stronger measures are needed when housing developers were unable to return the maintenance fund.

However, in cases where the developer went missing or bankrupt, it became impossible. Government should find out ways to stop housing developers from delaying transfers of maintenance fees.

Nguyen Quoc Hiep – Head of the Vietnam Construction Management and Maintenance Association said that bank accounts that held the fees should include one person representing the developers and two members of residents’ committees to prevent risks, especially in cases where committee members sold their apartments or no longer lived there. He added that this move would also help ensure the effective use of the maintenance fund for apartment buildings.

The little known about renaming of a four stars hotel in Hanoi

The little known about renaming of a four stars hotel in Hanoi

From Candeo Hanoi to Candle Hanoi, what has happened?…

The little known about renaming of a four stars hotel in Hanoi

Hanoi Candle was started construction in 2007, with total investment up to $ 40 million and started its operation in April 6/2013

Between April 2014, hotel complex and apartments in Doi Can Street Hanoi Candle were mounted 4-star beach, contribute a high quality lodging in Ba Dinh area

However, in previous months, the people of Hanoi consortium known with a different name, is Candeo Hanoi. What happen?…

Candle Hanoi Complex owned by Nhan Nghia, a private group started with a candle factory. From this platform, Nhan Nghia currently are investors, responsible for management and operation of many other projects such as the central event Cung Xuan, factory candle Vivian Vu’s, a complex of hotels Phoenix Dinh, Alex restaurant, office building service CDC …

The Candle Hanoi complex construction was started in 2007 with a total investment of up to $ 40 million and started its operation in April 6/2013.

At that time, while still not knowing what to choose any name for the project, investors have the opportunity to reach out to a Japanese hotel manager with brand Candeo, and handshake between the two sides make combinations was put on the name Candeo Hotels Hanoi

The first hotel in the hotel chain Candeo was founded in 2005 by Mr. Teruaki Hozumi, a leading architect of Japan. To date, Candeo already manages about 10 hotels with approximately 1,387 rooms spanning across major cities in Japan such as: Kikuyo, Ozu, Shizuoka Shimada, Sano, Chido, Handa, Kameyama, Fukuyama, Ueno-Park

However, that kind of relationship Nhan Nghia – Candeo has not been indifferent to such expectations. After a time to receive and manage the consortium, Candeo quietly withdrew

Against this backdrop, Nhan Nghia have to rename the complex, and the “tradition” of a company that makes candles, the board decided to change “Candeo Hanoi” to “Candle Hanoi” (from “candle” in English He meant the candle)

This exciting solution received the support of many people in tourism: “Candle Hanoi” seems to be a name rather warm and romantic, while changing the signs were easy, if only to correct some alphabet

Along with the new name, Nhan Nghia also recruiting a new executive director who has rich experience in the hospitality industry from the south to the management. The chosen one was Le Quan, a person have more than twenty years experience in this industry

Candeo had walked away, but still Candle Hanoi for special attention to Japanese customers in their strategy. The location near the Japanese Embassy in Hanoi, this positioning is quite reasonable.

Le Quan said of Candle Hanoi items as restaurant, swimming pool, gym area, bars … are designed in Japanese style, which he believes that is ” satisfying the guests Japan to Vietnam to visit, work or live permanently in Hanoi “

Real estate market signs recovery by the rising of liquidity

Real estate market signs recovery by the rising of liquidity

According to Vietnam Real Estate Association (VNREA), the domestic real estate market has been on the path to recovery and promises. The increasing liquidity is considered a good sign of a vibrant market in the last quarter of this year.

VNREA’s statistics showed the rising liquidity and falling inventories thanks to large numbers of successful transactions done during September.

Reportedly, as of the end of September, real estate stockpiles fell to around VND59.4 trillion, declining by over half of the figure recorded in Q3 – 2013. In particular, real estate stockpile currently includes 8,542 houses (VND14.6 trillion), 11,380 apartments (VND17.4 trillion) and 7 million sqm of land (VND22 trillion).

Real estate market signs recovery by the rising of liquidity

The two major cities Ha Noi and Ho Chi Minh continued to lead the market. The capital city saw 5,300 successful deals in the 3 first quarters of this year, representing an increase of 70% year-on-year. Meanwhile, sales performance of the southern market also doubled the figure of the same period last year.

Another sign of market recovery is the increasing number of newly-established property firms, said VNREA. Accordingly, the number of newly-established realty start-ups saw a massive rise of 78% year-on-year, along with significant drop in the numbers of firms dissolved.

In addition, the anticipated rise in the inflow of foreign direct investment was also expected to boost the property market development.

VNREA also added, the supply of luxury apartments would rise in the remaining months of 2015, especially in major cities. The segment accounted for around one-third of the total supply of apartments offered for sale this year. Nearly 4,300 luxury apartments would be put on sale in Hanoi.

Regarding sales performance, high-end apartments made up 22% of the total, rising 18% over last year.

The association said there was slight increase in housing prices, driven by market recovery and rising need, especially from foreigners for premium apartments.

Questions raised after apartment fire in Hanoi

Residents living in the CT4 Building, Xa La, Ha Dong district, Hanoi experienced an unmemorable night of October 11th, when a fire engulfed the blocks and set hundreds of motorbikes and one car on fire.

Fortunately, only one policeman was injured in the fire. However, it was remarkable for what is says about the state of fire safety in perhaps many apartment buildings in Hanoi.

Nguyen Van Son, Deputy Director of the Hanoi Department of Police Firefighting and Prevention said: “Although this apartment block has been put in use for years, it had never undergone any fire safety test.”

Questions raised after apartment fire in Hanoi
The fire in CT4 Building, Xa La, Ha Dong district on the night of October 11th
revealed shortcomings in Hanoi’s fire safety systmem

Reportedly, in July, Son’s department decided to fine the Private Construction Number 1 Dien Bien, the building developer VND133 million for violating four regulations: failing to implement the recommendations of Hanoi firefighting authorities regarding fire safety, not submitting documents on fire safety after the construction permit was changed (the site was originally to be a shopping center), opening a building before its passed fire safety tests and improper construction compared to the approved fire-safety design.

Developer’s representative told local media that it was waiting for the outcome of the investigation into the fire before considering its responsibilities for the fire.

The representative said whether the investigation shows it was a fault in the electricity supply or the developer’s fault, they are willing to support the residents to resolve damages.

In addition, the fire also pointed out issues regarding to firefighting equipment in Hanoi. Specifically, the fire brigade brought ladder trucks to the scene but firefighters of Hanoi only has two tallest ladders with 56 meters in height. It is impossible to reach over the 18th floor. In fact, people living on the upper floors of CT4 Building had to come down to the 18th floor before being evacuated from the fire.

The fire has raised concern among fire brigades and building residents about Hanoi’s ability to deal with fires in tall buildings of the city.

Nearly 30,000 apartments to attack Hanoi real estate market

By the end of 2015, 12 projects with about 3,900 apartments will be offered for sale in Hanoi. It is expected that there will be about 30,000 units hitting the market next year.

This morning, real estate consulting firm Savills Vietnam has just published its Hanoi real estate market report in Q3-2015. According to the firm, the apartment segment gained quite good results during the previous quarter.

Specifically, as of late September, total supply of apartments in Hanoi reached approximately 134,500 units from 203 sold-out projects and 96 available ones. In particular, total primary supply hit 15,000 units, up 11.9% quarter-on-quarter and 50% year-on-year. Also, 13 newly-launched projects and 22 additionally-launched ones provided 8,700 more units, rising 43% over the previous quarter.

Nearly 30,000 apartments to attack Hanoi real estate market
Hanoi market will have a total apartment supply of nearly 30,000 units by 2016

According to Savills, over 6,650 apartments were sold in Q3, an increase of 44% quarter-on-quarter. Besides, absorption rate hit 45%, up 11 percentage point. Most high-class projects developed by reputable developers were well received by home buyers.

Reportedly, asking prices on primary market rose 6.1% over Q2 as the majority of the newly-launched projects are in Grade B. In fact, the primary prices are normally raised in the next round of sales, depending on market conditions and the progress of construction. Meanwhile, asking prices on secondary market also went down 2.3% quarter-on-quarter.

Ms. Do Thu Hang – Head of Research and Consultancy from Savills said: “Since late 2014, we have seen the upward in apartment price. But during Q3, price began to be flat. In the coming time, because of the new supplies, price is expected to remain stable.

The representative of Savills also said, from now until the end of 2015, there will be 12 new projects with about 3,900 apartments entering Hanoi market. It is expected that by 2016, the city will see a total supply of about 30,000 apartments from 43 projects across 15 districts.