Genesis Global Capital picks up 30% to sell or lease apartments to foreigners.
Singapore’s Genesis Global Capital and the Phuc Khang Corp. have signed an agreement to develop Diamond Lotus - a green residential building developed by Phuc Khang in Ho Chi Minh City’s District 8.
Genesis Global Capital will acquire 30 per cent of the project to sell and lease to foreigners living in Vietnam in a deal worth $300 million over a period of six years, according to Phuc Khang Corp. Chairman Tran Tam.
The Singaporean fund has invested in Germany, the US, and Brazil and is now looking to Vietnam, which it sees as a developing country with a high population and considerable demand for housing, according to Mr. Ng Chuan Kai, Director of Genesis Global Capital. Legal changes have also come that grant foreigners home ownership rights.
Vietnam is continuing to integrate further into the global economy and is attracting many international investors to conduct business, live, and travel in the country. The TPP will also result in a spike in housing demand among Overseas Vietnamese (Viet Kieu) professionals and businesspeople in the country, Mr. Kai said.
Diamond Lotus, which cost nearly VND1.27 trillion ($56.6 million), is located on 1.68 ha on Le Quang Kim Street, with three apartment buildings and a 500 sq m rooftop garden.
It was the first project to be designed, built, and operated under green LEED standards - a leading certification for green buildings.