A view of HCM City. Numerous property projects have recently changed hands in the southern city. — Photo ndh.vn

HCM CITY (Biz Hub) ─ Numerous property projects have recently changed hands in this southern city, although the transactions were not widely publicised.

Sources of Dau tu Bat dong san (Property Investment) online revealed that the Novaland Group had acquired land at No. 39 Ben Van Don, a favourable position in District 4, from Quoc Cuong Gia Lai Company.

Novaland will build an apartment, trade and office complex here and name the project as ‘The Tresor'.

Late last week, Quoc Cuong Gia Lai chairwoman Nguyen Thi Nhu Loan told the website that there were chances that Phu My Hung Company would join hands with her company to develop a 93ha Phuoc Kieng Nha Be residential area in the city.

Phu My Hung is assisting her company with infrastructure construction consultancy and may contribute 51 per cent in investment capital to implement the project.

Sources also revealed that the Hung Thinh Group has recently used more than VND600 billion (US$28.57 million) to buy a project in Tan Binh District while investing in a residential park in conjunction with the Binh Trieu Construction and Engineering JSC.

Dat Xanh Group announced that it has acquired a 7.5ha property project in District 9 after purchasing the ‘Water Garden' project in Thu Duc District from the Pacific Property and Infrastructure Development JSC.

Dat Xanh chairman Luong Tri Thin said his company has acquired four projects this year and would seek more acquisitions over the next few months to serve its development strategy for the next five years.

The Him Lam Group is also said to have spent VND1.05 trillion ($50 million) on the acquisition of a project in Thu Duc District from Hoang Anh Gia Lai Company and a project in District 2 from an unnamed investor.

Nguyen Van Duc, deputy director of the Dat Lanh Real Estate Company, said developers with the financial capacity to buy inactive projects have helped prop up a sluggish property market.

"We ourselves were struggling once while carrying out the 8x Thai An project in District 12 and not being able to sell apartments there, but sales have improved with the co-operation of Hung Thinh," Duc said, adding that the ongoing acquisitions were positive moves that would benefit buyers and sellers.

Hung Thinh Group chairman Nguyen Dinh Trung said: "The more busy property projects change hands, the more stable the market and the economy will be."

"These activities can be translated as the redistribution of projects from weak and unprofessional companies to stronger and more professional companies and will help reduce increasing inventories in the market," Trung noted.

He added that he has worked with numerous State-run enterprises that wanted to divest from property projects in the last few months. — VNS