16th June 2022
First Launching in Hong Kong - Zenity, the Rare Riverside Project by CapitaLand in Ho Chi Minh City's District 1
Ho Chi Minh City, Vietnam – The Latest Investment Hotspot Supported by International Industry Giants
Rare Riverside Project Presented by CapitaLand in District 1 CBD
Exclusive Foreign Quota First Launching in Hong Kong
(Hong Kong – 16th June 2022) Owing to the overwhelming global support, the world-esteemed developer CapitaLand is launching Zenity, the rare riverside project situated in District 1 CBD with Asia Bankers Club, offering all of their exclusive foreign quotas in their launching event that will be held on 25th – 26th June, with prices starting from HKD$3.5m.
(From Left) Mr. Kingston Lai, CEO of Asia Bankers Club, Golden Emperor and Ashton Hawks,
Ms. Jaselyn Wan, Head, Residential Operations of CapitaLand Development (Vietnam),
Mr. Jordan Mai, Director, Sales & Marketing of CapitaLand Development (Vietnam)
Challenging the Status of “The World’s Factory” | Sharp Surge in FDI Influx
In the last couple of years during the pandemic, many international corporates have moved their manufacturing bases to Vietnam in an attempt to diversify their risks, the Foreign Direct Investment (FDI) of Vietnam has increased exponentially, recording an impressive USD$10.8 billion net FDI amount in just the first four months of 2022, which is equivalent to an 88.3% year-on-year growth. Within Vietnam, the processing and manufacturing industry has gained the crown with the largest amount of investment summing up to USD$6.2 billion, which translates to 57.2% of the grand total of FDI received. The second place goes to the real estate industry, with USD$2.8 billion invested which is 26.1% of the total investment.
Multinational giants like Apple, Samsung, LG and Microsoft have been continuously expanding their manufacturing bases in Vietnam that have led to the rise of the middle-class population, while Vietnam has also become the city with the highest growth in the number of UHNWI. In 2021, there are 1,234 people with a net worth of USD$30 million or more, and there are 72,135 with assets accumulating to over a hundred million USD, it is estimated that the number of UHNWI is increasing at an annual rate of 26%, meaning that there will be a millionaire in every 850 people in Vietnam in just 4 years.
Mr Ronald Tay, the spokesman of CapitaLand Development (Vietnam), comments, “The next 5-year Plan of HCMC has an average growth target of 8% in Gross Regional Product (GRDP) from 2020 to 2025, with a projected per capita income of USD$8,500 to USD$9,000 per year in 2025. The increase in the middle-class population has led to an increase in the demand for high-quality residential properties. This is evident in how all the units in D1MENSION, a subsidiary of the group, were sold out within a short period of time after the sale. Among the units sold, Asia Bankers Club, Golden Emperor and Ashton Hawks have sold a lot of units in Hong Kong. In addition, the group held a priority preview of Zenity in Ho Chi Minh City earlier, attracting more than 400 interested buyers to participate. It is expected that the property will be sold out again quickly after the official launch.”
Mr Kingston Lai, the CEO of Asia Bankers Club, adds,” In recent years, the supply of new housing in HCMC has been lacking, and some areas have even experienced a shortage of land. Last year, a piece of land in Thu Thiem, a new development area in District 2, attracted fierce competition at auction and was finally sold at a sky-high price of US$100,000 per square meter. In the past, only District 1 would have recorded a land price of more than USD$100,000 per square metre. It shows that the high land price is spreading across the other districts while the prices in District 1 are foreseen to see new heights.”
The Scarce Supply of New Residential Project in District 1 City Centre
With the climb of land prices, property prices are deemed to follow – coupled with the limited supply of new housing, they have all contributed to the skyrocketing property prices in HCMC. Mr Ivan Yam, Managing Director & Partner of Golden Emperor says, “As of the third quarter of 2021, the supply of strata housing in Ho Chi Minh City plunged 70% year-on-year to 3,000 units, the lowest level in the past five years, driving up the city’s property prices by 8.2%. In fact, property prices in general areas of HCMC have doubled in the past 3 to 5 years, from an average of US$1,000 per square metre to over US$2,000 per square metre. Property prices in the Financial District have risen even more dramatically, with new properties selling for as much as US$7,000 per square metre.”
Exclusive Foreign Quota Launches | Buy Now Pay Later for Completed Units
Zenity, developed by the listed developer CapitaLand, is located in the riverside area of District 1, Ho Chi Minh City. It is instantly accessible to many major landmarks in HCMC. It is a 5-minute walk to Nguyen Hue Walking Street, Ben Thanh Market, Saigon Centre and Main Shopping Areas. It is also a 10-minute drive away from the new business district Thu Thiem and a 15-minute drive away from District 7, a Korean residential community with many international schools. Mr Frederick Ho, Director & Partner of Ashton Hawks comments, “Zenity is located in District 1, which is rarely available in HCMC, it is also a fully furnished completed project with abundant residential amenities such as fitness room, barbecue area, poolside bar, co-working space and party room etc. There are some very flexible payment schemes available in which Investors can buy-to-let now or buy first and pay later which altogether makes the project even more attractive. The project offers 198 units, ranging from 742 square feet to 1,969 square feet, with 2-bedroom, 3-bedroom, duplex, and top-floor penthouse units, with an estimated average rental yield of 5% p.a.*. Owing to the foreign quota, only 59 units are available, all of which are exclusively launched in Hong Kong, and overseas residents are entitled to a 50-year extended leasehold with prices starting from HKD$3.5m.”
Asia Bankers Club will exclusively launch Zenity in Hong Kong, during an Investment Seminar held at 27/F, Park Lane Hotel on 25th & 26th June 2022.
*Rental yield is projected and not guaranteed
CapitaLand Group (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered in Singapore, CapitaLand’s portfolio spans across diversified real estate classes which include integrated developments, retail, office, lodging, residential, business parks, industrial, logistics and data centres. With a presence across more than 260 cities in over 40 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.
About Asia Bankers Club
The Asia Bankers Club is a private investment club for banking and finance professionals in Asia. With a vast member base, the Asia Bankers Club organises events for its members and provides physical assets options for investments, such as properties, fine wines, art, timepieces, and collectables. Our members are from top tier investment, private and consumer banks, asset management companies, private equity firms, hedge funds, and sovereign wealth funds primarily located in key financial centres.