Daily Real Estate Briefing: Dai Quang Minh’s Strong Profit, Billion-Dollar Projects and New Market Developments

Vietnam’s real estate market recorded several notable developments. Dai Quang Minh Real Estate reported consolidated after-tax profit of VND 1.043 trillion in the first half of the year, more than six times the figure recorded in the same period, while its total liabilities exceeded VND 51.5 trillion. In Hanoi, applications are expected to be accepted for 164 social housing units at the NHS Trung Van and NHS Phuong Canh projects, with prices starting at VND 16.6 million per square meter. However, not everyone is eligible to register for purchase. In Ho Chi Minh City, authorities have proposed support for buyers of homes and land acquired through handwritten documents between after July 1, 2014 and before August 1, 2024, at a level equivalent to land compensation when the property is recovered. Meanwhile, the city’s new framework for apartment management fees ranges from VND 600 to VND 13,700 per square meter per month in wards and communes, and reaches VND 24,700 per square meter per month in Con Dao Special Zone. Individuals leasing out real estate with annual revenue below VND 1 billion must still notify tax authorities of their revenue.

Among large-scale projects, Vinhomes plans to raise the total investment capital for the Hanoi International Sports Urban Area to VND 1,225.011 trillion, an increase of VND 299.36 trillion, or more than 32% compared with the previous plan. A company within the Vingroup ecosystem is also leading a consortium proposing the development of the downstream Cai Mep Ha port complex in Ho Chi Minh City, including container berths, a logistics center and an industrial zone, with the proposed investment scale stated at USD 7.9 billion. On Phu Quoc, more than 16,500 square meters of land in the Bai Truong area is expected to be recovered for the Nam Bai Truong tourism and residential project. Three plots belong to a household whose permanent address is in Ho Chi Minh City. The Cocobay Danang project, once promoted by Cristiano Ronaldo and associated with a 12% annual profit commitment, has been added to the list of projects eligible for a special mechanism to resolve outstanding difficulties.

Internationally, Malaysia is preparing for what is described as the largest real estate IPO in its history, after IOI Properties offered a real estate investment trust to raise more than USD 515 million, paving the way for a stock market listing at the end of November. Abu Dhabi continues to attract international capital, with nearly VND 1.2 quadrillion reportedly invested in its real estate market by wealthy individuals from 121 countries. By contrast, Australia is facing its sharpest housing downturn in 40 years as high interest rates and frozen liquidity weigh on prices. In Vietnam, REITs continue to face legal obstacles and a shortage of quality assets, even as data infrastructure creates new momentum for the real estate sector through the growth of AI and cloud computing. The Government has also asked the Ministry of Construction to submit a November report on real estate supply, liquidity, prices, transactions and inventories.

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