Northern tycoons hunt for hotels and high-rise buildings in Saigon

Having spent nearly a decade investing in real estate in Ho Chi Minh City following the Southern wave, Mr. Thanh, who lives in Dong Da district (Hanoi), is preparing a capital flow of 60 billion VND to buy a townhouse near the center to do business with his partner.

Mr. Thanh said that investors with the same goal have set up a fund of nearly 60 billion VND to pursue this business model and plan to increase it by 50% (estimated total investment capital of 90 billion VND) if there are costs.

The first phase is to hunt for 4-5 story townhouses on small but bustling roads that can be conveniently moved to the central area, to be renovated by Mr. Thanh.

Nam has only been in business for a few years, but the success of investing in street-front houses for offices combined with hotels in Ho Chi Minh City has helped Mr. Chan (originally from Hai Phong) aggressively hunt for land to develop his business.

According to the disclosure of the broker participating in transaction support for this investor, he has prepared a capital of more than a hundred billion VND to buy land in Tan Binh, Go Vap, Phu Nhuan areas to build multi-functional high-rise townhouses.

Northern investors are still pouring capital into many high-rise buildings in Saigon.

Also hunting for real estate in Saigon, an investor from Hung Yen has a hobby of buying wholesale officetel apartments (apartments with office functions combined with housing and hotels) in apartment buildings.

Over the past decade, the case of a group of Northern investors, specifically Hai Phong, being successful with the rental real estate model, specifically 2-3 star hotels in Ho Chi Minh City is the A&EM hotel brand.

Formerly the head of the training department for 3-4 star hotel chains in Ho Chi Minh City and many provinces and cities across the country, Mr. Trang Minh Ha commented on the trend of hunting for townhouses to build hotels and serviced apartments for rent in Ho Chi Minh City.

According to Mr. Ha, Saigon has many famous streets with rows of hotels and rental houses owned by tycoons in the North, especially Hai Phong.

Chairman of Sohovietnam Real Estate Consulting Company, Phan Xuan Can, said he had just successfully introduced a hotel project transfer deal worth 10 million USD in Ho Chi Minh City.

According to the broker, in the North, besides Hanoi customers, investors in other localities are also very interested in real estate in the South, especially Hai Phong and Quang Ninh.

After buying these assets, investors often have two trends.