This is the second time Vinhomes Central Park has been introduced to foreign customers and the first time specifically to South Korean customers.
Last week, Vinhomes 1 Real Estate Trading LLC, in collaboration with CBRE Vietnam, held an event to introduce the Vinhomes Central Park project to South Korean customers.
Along with other foreign customers, many experts have predicted that South Korean customers will increase foreign capital flows to Vietnam’s real estate market.
Opportunity to own homes
This is the second time Vinhomes Central Park has been introduced to foreign homebuyers, following on from another successful event that took place in July, and the first time an event has been held specifically aimed at South Korean homebuyers, who were introduced to the project’s Landmark 1, Landmark 2, Landmark 4, Landmark 5, and Landmark 81- the tallest building in Vietnam.
Questions relating to ownership and legal procedures after the amended Law on Housing allowing foreigners to buy homes in Vietnam took effect in July were of most interest to South Korean homebuyers at the event. Such questions have also been of concern to other potential foreign homebuyers that have spoken with CBRE about Vinhomes Central Park after it was first introduced to foreigners in July.
Mr. Han Jee Sook, a South Korea customer, said that not only does it have an impressive design but Vinhomes Central Park also has a prime location in the center of Ho Chi Minh City. “The prestige of the investor is one of the most important factors when buying a house,” he said. “After living in Vietnam for a long time I believe in the projects of Vingroup. I’m interested in Vinhomes Central Park because it is near my workplace and, moreover, it has schools for my children.”
It is clear to see that the amended Law on Housing has created the conditions for not only Mr. Han but also many other South Korean families to own a house and live and work permanently in Vietnam, rather than renting and perhaps having to move many times.
South Korean community in Vietnam: Demand continues to rise
Vinhomes Central Park is the first complex project developed by Vingroup in Ho Chi Minh City this year. The project’s advantages include a prime location and convenient transport. With road and, in the near future, railway transport readily available, together with an international hospital, schools, sport centers, parks and a green riverside park on 14 ha, and modern shopping centers, Vinhomes Central Park is a modern and dynamic “small city”. Its location and facilities meet the increasing requirements of customers from South Korea.
Mr. Marc Townsend, Managing Director of CBRE Vietnam, believes that the demand to buy a house in Vietnam, especially among South Korea customers, is on the increase thanks to the amended Law on Housing and the Law on Real Estate Business. “With just a valid visa, buyers can fully own a pleasant apartment in Vietnam,” he said.
According to the Embassy of South Korea in Vietnam, South Korean residents have lived and worked in the country since 1992, when relations between the two were established. Since then the South Korean community has grown quickly. There are now more than 100,000 South Korean citizens living and working in the country, of which most live in Ho Chi Minh City. Vietnam has the fourth-largest South Korean community in the world, following the US, Japan and China.
It is expected that the real estate demand among South Koreans will rise rapidly in the future. Vinhomes and CBRE believe the project’s products more than meet the requirements of these customers.