A view of Ho Chi Minh City (Photo: baodautu.vn)

HCM City (VNA) – Ho Chi Minh City’s real estate sector attracted 984.4 million USD in foreign direct investment (FDI) during January-November, triple the figure from the same time in 2016.

The surge in FDI capital was led by large projects, including Mizuki Park residential area in Binh Chanh district with total investment of 351 million USD with Japanese partners Nish Nippon and Hankyu. Japanese investors also put 100 million USD into another real estate project in the city while Singapore-based Keppel Corporation is spending more on property projects in District 2 and District 7.

Another housing project with initial investment of 290 million USD is being developed by Japanese Mitsubishi Group in collaboration with Bitexco group. A joint venture valued at 1 billion USD between Kajima Corporation, also from Japan, and Indochina Capital is slated for investment in the city in the next 10 years.

According to CBRE Vietnam’s Managing Director Marc Townsend, foreign investors are increasingly interested in property in Ho Chi Minh City.

They are hunting investment opportunities in housing projects with well-developed transport infrastructure or those which have been put into operation as they can bring back stable income, he stated.

Rapid urbanisation, a stable economy, deep integration, a growing middle-class population and a transparent business market have made Ho Chi Minh City attractive to foreigners, CBRE said.

Foreign investors can easily access property market information, legal frameworks and procedures for project licensing.

Ho Chi Minh City was ranked third in a survey of 50 cities worldwide for property rental growth. The survey, conducted by real estate firm Savills, also placed the southern hub fifth in terms of investment prospects, and second for development prospects.-VNA