On 11/07/2018, An Phong Engineering & Construction Company Ltd, together with the developer of Palm Heights (a joint-venture between Tien Phuoc, Keppel Land and Tran Thai) have conducted the topping out ceremony of the project. Palm Heights features three 35-story towers with 816 luxurious apartments set amidst a wide range of recreation facilities.

Nam Rach Chiec Limited Company is the investment owner of the resettlement project involving 1,844 new apartments in District 2’s An Phu – Binh Phu Ward. The hand-over, aimed at providing accommodation to local resettlers who used to occupy the premise of Thu Thiem New Urban Zone, includes 512 apartments belonging to two 18-floor Lot-N blocks. Construction was initiated on the same day with the New Urban Zone (November 28th, 2008) and finalized on May 31st, 2011.

According to the signed agreement, Nam Rach Chiec Limited Company is liable to build 1,844 relocation apartments to clear the pathway for upcoming Thu Thiem New Urban Zone. The applicable mode of execution is something called “socialization funding scheme,” in which project budget is not allocated directly from state fund but withdrawn from corporate financing plans. The government will discharge loans to financiers by granting them land acres in other areas. This is the first resettlement project to have cooperation between state authorities and foreign-invested corporations.

“It is our honor to be a part of this new innovative partnership between public and private sectors,” says Mr. Nguyen Thanh Lap, Chairman of Consulting Committee, Nam Rach Chiec Company, during the event, “Nam Rach Chiec Limited Company is built upon the foundation of capability, experience, reliance, and partnership mutual power, and we always desire to play an essential part in the invigoration of Vietnam city life. We have finished building 512 relocation apartments and will continue to develop the whole package amounting to 1,844 suites to cater the needs of resettlers in An Phu – Binh Khanh Ward.”

The Lot-N 512 apartments feature enhanced construction painstakingness and eminence, compared to previous projects of the same manner. Suites are categorised into two types: one-bedroom suite (46.9 m2) and two-bedroom suites (60.9 m2). All eligible resettlers have received their new homes by means of lucky draw method. Mortgage plans are flexible: lump-sum payment or 10-year installments. 

“With over 2 decades of market presence in Vietnam, we share the honor as a trend-setter and standard establisher in this country,” says Mr. Linson Lim, Keppel Land International Limited Vietnam’s Regional President, who is heading Vietnam, Thailand, and the Philippines markets, “We have involved in a number of high-quality construction projects aimed at creating an innovative and fulfilling work-life balance environments for local communities.” 

Following the ceremony, the responsible resettlement agency takes their charge to help new owners of Lot-N apartments move in immediately. District 2 Public Service Company Ltd. will be in charge as a superintendent partner.

 

Palm Heights under Phase 2 of Palm City comprises three 35-storey towers with 816 luxurious apartments set amidst a lush green resort-style compound along the Giong Ong To and Muong Kinh rivers, offering a wide range of recreation facilities. Residents of Palm Heights can expect to move in to their new home in April 2019.

 

In her remarks, Ms. Bui Thi Phuong Hien, General Director of South Rach Chiec City LLC, said: “Today’s topping out ceremony marks a significant milestone for Palm Heights one year after its public launch. We are confident in An Phong’s demonstrated capability and experience which have allowed it to progress ahead of schedule for the civil work component. Once completed, Palm Heights’ residents will be able to indulge in modern living and enjoy urban conveniences, all within a lush green environment offering myriad high class facilities.”

Thu Thiem New Urban Zone will become the new bustling downtown for the city, a regional and international iconic landmark within the overall planning of Saigon. This new center features sustainability, cutting-edge facilities, natural landscapes, enhanced living standards, and prime professional environment. The urban zone comprises of a new financial, commercial, service center, multifunctional residential areas, recreational venues, and cultural sites to ensure long-haul sustainable development for Saigon.

On June 30th, 2015, HCMC Municipal People’s Committee granted an investment certificate to Empire City Joint Venture Limited Company, which is a green light given to the building of Observatory Tower Complex Project (aka Empire City) within the core zone of Thu Thiem New Urban Zone.

Empire City is the joint venture of three investors, including two Vietnamese Tien Phuoc JSC, Tran Thai JSC and the British Denver Power Ltd, a subsidiary of Gaw Capital Partners. The venture is based upon the principle of equal equity ownership (50-50).

According to the approved planning task, the purpose of the project is to accomplish the whole technical infrastructure on a land area of 14.56 ha, along the Mai Chi Tho Boulevard and alongside the Saigon River, and also develop and operate a complex of hi-end commercial center, 5-stars hotel, international standards residential and serviced apartments, offices, underground parking… with a total gross floor area of 730,000 sqm, in which, there is an 86-storeys building – a focal landmark of Thu Thiem New Urban Area. The registered capital of the project is around VND26,000 billion which is equivalent to USD1.2 billion. The project will be developed from the fourth quarter of 2015 and expect to be completed in 2022 through 4 phases.

According to Mr. Vo Sy Nhan – General Director of the Project Company: “The Empire City LLC is trying the best effort to complete all the necessary investment procedures to promptly commence the groundbreaking in the fourth quarter of 2015. Concurrently, the Project Company will arrange capital resources from foreign financial institutions with the best interest rates and will utilize mostly Vietnamese workforce and also the experience from foreign partners to develop and operate this grand project. The Empire City project will definitely create a fantastic living – working – entertainment environment in Thu Thiem New Urban Area as well as in Ho Chi Minh City.”

Ground-breaking ceremony in the witness of Mr. & Mrs. Gieske, Prof. Doctor from Hopskins Hospital (US).

The ground-breaking ceremony is well attended by many leading figures from Municipal People’s Committee, HCMC Department of Health, and many others from relevant authorities, media agencies, professors, and medical Ph.D holders from Vietnam and overseas.

AIH is Vietnam’s first hospital built on par with American standards, most spectacularly JCI, or Joint Commision International, an American certification for medical institutions erected outside American borders. The 150-bed AIH concentrates on core expertises such as GI-Liver, Vascular Surgery, Gynecology & Obstetrics, Pediatrics, and Urology. In addition, AIH is committed to R&D efforts and international cooperation with other well-known hospitals in the US.

“We decided to invest on American International Hospital because we have an aspiration,” says Ms. Nguyen Thi My Linh, Branch Director at My My Trading & Services Company, “that AIH will become national benchmark or a one-stop medical institution being in existence to satisfy domestic demand for exceptional healthcare services.”

Situated in District 2 of Saigon, one of the fastest-moving districts, the hospital is expected to come into operation within the next 18 months, estimatedly in March 2018. 

Deriving inspiration from a large green park serving as project centerpiece, the amenity-rich Senturia An Phu features 21 exclusive conveniences, most notably a long-stretching strip of swimming pools contouring townhouses and villas, all designed to boast a nature-friendly and vibrant lifestyle. 

Vietnam Property Awards 2018 is one of the most prestigious and well-acclaimed real-estate awards across Asia. This year’s event spanned 43 categories including Construction Excellence, Architectural Design, Community Projects, and Customer Care. Eligible entries are those already executed or are going to be implemented in 2018 and 2019.

“Senturia An Phu is now in preparatory phase and it is readily available for commercial launch in 2018.” says Ms. My Hanh, following the ceremony, “This internationally acclaimed award is a deserving recognition of Tien Phuoc’s expertise, endeavor, as well as commitment in introducing exceptionally designed townhouses and villas to the market.”

Two honorable Vietnam Property Awards bestowed two years in a row were obvious indications of Tien Phuoc’s steadfast commitment in uncompromised quality and credibility while striving to deliver the most innovative and creative real estate products. Last year, the company was bestowed another title for Senturia Vuon Lai, also within the context of Vietnam Property Awards.

Senturia Vuon Lai was officially launched for sales on September 18th, 2016. Initial responses were remarkably positive, indicating market enthusiasm and high demand rates from many different areas of Saigon as well as Hanoi.

According to Christopher Kummer, President of the Swiss Institute of Mergers, Acquisitions and Alliances (IMAA), Vietnam merger & acquisition market is leaping forward at phenomenal growth rates, compared to European decline of 1.3%, and lukewarmness situation in Asian markets such as China or Japan.

Kummer provides insightful statistics regarding Vietnam M&A market. Since 2013, Vietnam has risen by 3 million US dollars in terms of industry deals, partially thanks to the bustling activities of small-scaled transactions. However, deals are currently constrained amongst local companies who seek to grow their businesses up to a certain point where they can earn some profits. Most notably, Vietnam is now ranked the 15th most developed M&A market in the world.

John Ditty, M&A Director at KPMG Vietnam, said this industry in Vietnam has evolved tremendously with deals becoming not only greater in scale but also more sophisticated in terms of nature. Both sellers and acquisitors are now able to identify their objectives while making M&A deci sions. Most remarkably, some industries such as real estate and retailing in Vietnam have become a global supply chain after the country admission to regional and world trade agreements.

Nguyen Thi My Phuong, General Director at Tien Phuoc Real Estate Joint Stock Company, speculated that merger & acquisition activities will remain vigorous in real estate industry because Vietnamese property firms are now able to outspread their M&A foothold to overseas playgrounds. 

However, there remain some concerns for Vietnam regarding legislative matters. For instance, according to Decree 60, it is now legitimate for foreign investors to wholly own a locally based business. Moreover, international firms enjoy greater advantages to gain profitable acquisition now that the law stipulates accelerated equitization and divestment. Japanese and Thai investors are eyeing some local industries such as pharmaceutical, agriculture, real estate, yet they are concerned about Vietnamese investment law. Overall market sentiment is positive when most investors propose the market is recovering well, though some uncertainties in the investment law are posing unwanted obstacles. Vietnamese M&A market will continue to thrive so long as the capital market recuperates. New favorable investment policies are expected to be passed for the time to come concerning pharmaceutical industry, when the government encourages investment flows from foreign-owned enterprises. This will open up new windows of opportunities for Vietnamese businesses because they will be able to learn from international know-how and technology.

On July 7-8, 2017, Tilia Residences Towers officially unveiled its first sale launch at Empire City sales gallery. The event attracted nearly 1,400 visitors.

October 10th, 2017, Tien Phuoc’s 25th anniversary was organised with a grand gala pivoting the theme of ‘Harnessing internal strength – Spreading prosperity.’ This is also the last in a series of events marking the 25th anniversary of the corporation. Many of them are held to promote teamwork spirit and boost staff morale as well as expressing appreciation towards senior workers who had contributed their senority to the growth of Tien Phuoc.