The HCM City property sector has continued to attract a lot of foreign investment, especially via mergers & acquisitions.

Nguyen Hoai Nam, general director of Malaysia’s Berjaya Viet Nam, told Dau tu (Invesment) newspaper that his company had sold its two projects in the city to another investor.

The Viet Nam Financial Centre (VFC) in District 10 and the Viet Nam International University Township (VIUT) in Hoc Mon District have register capital of US$930 million and $3.5 billion.

“We cannot disclose detail information because the two sides are on the discussion and all might finish soon,” he said.

The 7ha VFC, licensed in 2008, would have a five-star hotel, apartment and shopping mall.

The 925ha VIUT was also licensed in 2008. It needs to build a university on 100ha, while the remaining can be used for commercial, amusement, and residential facilities.

Nam said both projects face challenges and have thus been delayed.

“Following the sale, work will soon begin.”

Singapore-based Keppel Land announced that it is buying 40 per cent of the $1.2 billion Empire City in the Thu Thiem New Urban Area.

The 14.6ha project received a licence in 2015 for building an 86-floor tower with luxury apartments, office space and a retail area.

Besides property, science and technology services and tourism are attracting the most interest from foreign investors. — VNS