CapitaLand has more than met the expectations of homebuyers and authorities alike during its 20 years in Vietnam.
Despite the challenging situation facing Vietnam’s real estate market, CapitaLand Group (Singapore) has continued to invest in and complete projects in the country on schedule. It has experience from operating in other markets throughout Asia and implements a sound strategy in Vietnam.
In a meeting with Vietnam Economic Times, Mr Lim Hua Tiong, General Manager, South Office, CapitaLand Vietnam, said that the cycle of the real estate market in Vietnam is the same as in other markets. After slowing down and reaching the bottom, the market must then go up because demand for housing is always there. Vietnam’s real estate market has reached the bottom and is now recovering. “Those who want a house to live in will buy now,” he said. “And those who want to invest in property will also decide to. In such circumstances, CapitaLand, as a long-term developer in Vietnam, continues to be a good companion to homebuyers.”
Mr Lim believes homebuyers prefer CapitaLand’s projects because the company can meet buyers’ expectations. Purchasing a house (or an apartment) is the biggest decision a person will make in their life. Homebuyers consider three main factors when doing so: developer reputation, project quality, and delivery time as committed. CapitaLand’s projects met all three criteria.
On reputation, CapitaLand is one of the largest real estate companies in Asia and listed in Singapore. Regarding quality, it builds houses following international standards under supervision standards from Singapore. CapitaLand Vietnam also has a team to check quality before handing over to homebuyers, who carefully check quality as if they own the house themselves. About delivery, CapitaLand’s first project, The Vista, was completed and handed over to homebuyers in September 2011, exactly per the schedule. Likewise at Mulberry Lane, in September 2013, while PARCSpring was handed over to homebuyers in April and May this year.
The reputation of CapitaLand is not only recognised among homebuyers but also by different authorities and professional associations, thanks to its environmentally-sustainable development. Mulberry Lane in Hanoi has been granted two awards for its green value: the Green Mark Certification from the Building Construction Authorities of Singapore (BCA), and the Eco-friendly Building Award from the Association of Vietnam Architects and the Architect magazine. Mulberry Lane is the first residential project in Hanoi to receive a BCA award.
Strategically located in the Mo Lao New Urban Area in Ha Dong district, Mulberry Lane distinguishes itself from other residential projects in the city with its modern architectural design, eco-friendly landscaping, quality green materials, natural ventilation systems, and energy saving technology in a comprehensive range of facilities. Residents are able to enjoy landscaped gardens with lush greenery and a wide range of recreational facilities. CapitaLand also boasts recycling initiatives at Mulberry Lane, supplying quality recycling bins to encourage the separation of waste at the source and by using recycled industrial materials.
Apart from developing buildings, CapitaLand also tries develop its people. The company continues to contribute to the Vietnamese economy by hiring and nurturing a strong local team. The proportion of expatriate staff has fallen to just 5 per cent, from 35 per cent when CapitaLand commenced operations in Vietnam in 2006. Today, 70 per cent of department heads are Vietnamese, up from 25 per cent in 2006. CapitaLand also exchanges knowledge and skills with local partners and helps underprivileged children and the environment through corporate social responsibility efforts.
This year CapitaLand celebrates the 20th anniversary of its entry into Vietnam. CapitaLand Vietnam is one of the top foreign developers in the country, with a strong presence in residential projects and serviced residences. Looking ahead, Vietnam continues to offer good opportunities given its demographics and trend towards urbanisation. As a long-term developer in Vietnam, CapitaLand is confident of the country’s economic fundamentals and the development of its real estate market. It continues to look for opportunities to grow its business in Vietnam.
After two years of market slowdown, CapitaLand has identified opportunities for good investments this year with more land to build up its pipeline in the mid-to high-end segment. CapitaLand is committed to being a long-term real estate developer in Vietnam and remains positive about the long-term prospects of the country’s real estate market.
- CapitaLand Vietnam