VIETNAM'S RISING STAR

明日之星—越南

Japanese contractor Maeda Corporation throws its hat in Ho Chi Minh City’s residential ring with Waterina Suites.日本發展商前田建設以Waterina Suites豪宅項目，進駐胡志明市住宅市場。

Vietnam, as an investment destination, has been emerging for several years, most notably in the months immediately after the government amended foreign ownership laws to be more welcoming to overseas buyers. The jury remains out on the efficacy of those policies (introduced in 2015) but a real-life trade war between the US and China, as well as Vietnam's steady uptake in previously China-dominated manufacturing, has kept the country's property markets trending upwards. Now long-time Vietnam investor Maeda Corporation is tapping into its underserved luxury residential sector with Waterina Suites.

City Super

According to Colliers International Vietnam's first quarter research, Vietnam's GDP grew an impressive 7.38% in the first quarter of 2018—the highest rate for the same period spanning a decade. Incentivising government policy has boosted the forestry, agriculture and fisheries sectors, with manufacturing, construction and services also performing well. Ho Chi Minh City in particular has been one of the country's star markets so far this year.

“The success of Ho Chi Minh City's market is partially due to the growth of agricultural, fishery and forestry sectors which increased by 5.83% … Industrial and construction increased by 7.25% and the customer service industry sector increased by 7.98%. There are nine industries [that] accounted for 55.11% in GRDP,” said Colliers. “These are the industries boosting the economy in Ho Chi Minh City.”

這幾年越南樓市暢旺，特別是數年前當局修改海外買家業權法規，吸引更多海外投資。有關政策（於2015年實施）的成效仍有待觀察，但目前的中美貿易戰，以及工業生產逐漸從中國移向越南，確實令當地樓市欣欣向榮。一直投資在越南的前田建設，看準其供不應求的豪宅市場，推出Waterina Suites應市。

超級城市

根據越南高力國際首季度研究顯示，越南2018首季國內生產總值有多達7.38%的增幅，是10年來同期增長最高。政府的激勵政策，促進林木及漁農業的發展，而製造、建造及服務業亦表現理想，胡志明市成為了今年全國最佳市場之一。

高力表示：「胡志明市場有出色的表現，部份原因是林木及漁農業的增長，升幅達5.83% ⋯⋯工業及建造業上升7.25%，服務業升7.98%。九類行業佔地區生產總值55.11%，帶動胡志明市的經濟增長。」

Ironically, Vietnam is likely to benefit from a protracted Sino-us trade war, now a reality. With rising costs in China already driving manufacturing to Indonesia, Bangladesh, Cambodia and Vietnam, and China turning its attention to services, IT, and ultra-high tech sectors, Vietnam is picking up the slack and creating labour demand and employment growth. Nestlé, Microsoft, Nokia, Sumitomo, Nike, LG and adidas are just a handful of global brands that have shifted all or some of their operations to Vietnam. Vietnam has a rapidly expanding middle class, and according to Knight Frank's annual Wealth Report, the fastest rising number of ultra-wealthy residents in the world, with a growth rate of 170% through 2026—ahead of both India and China, and a Southeast Asian best.

But challenges remain. Vietnam's aggressive economic growth initiatives have given rise to concerns about sovereignty. In June, protests erupted over special (proposed) 99-year land leases for Chinese firms and the potential for encroachment on domestic policy. Authorities smothered the protests quickly, which in turn has been taken as a sign of increasing Internet security that restricts organising. Despite those potential issues, investors are unlikely to steer away from Vietnam when working there could help avoid American tariffs. “As a competitor of China for the title of the ‘world's factory', it is expected that an increasing number of factories will move to Vietnam, as ‘Made in Vietnam' products can avoid the heavy tariffs when [they are] imported to the United States, especially agricultural and industrial goods,” theorised Kingston Lai, managing director of Ashton Hawks in a statement. That's good for Vietnam's GDP, Vietnamese purchasing power, and the property market by extension. 越南大有可能因持續的中美貿易戰而受惠，現在已成事實。內地不少工廠因成本上升，逐漸遷移到印尼、孟加拉、柬甫寨及越南，內地則集中發展服務、資訊科技及高端科技產業。雀巢、Microsoft、Nokia、sumitomo、nike、lg及adidas等品牌經已把全部或部分生產線移到越南，令當地中產人口逐漸增加，據萊坊年度《財富報告》顯示，到2026年，越南的極富裕人口將增長170%，是全世界增長速度最快的國家，超越印度和中國，成為東南亞之冠。

不過，越南依然面對不少挑戰。越南的經濟增長措施十分進取，卻令人關注到主權問題。六月份，越南與中國多家公司簽訂特別（擬定）的99年期租約，但因涉及對國內政策有不公之嫌，引發連串示威。有關當局迅速平息事件，但被指實際目的是為了鞏固互聯網安全以控制群眾集會。儘管有潛在隱憂，投資者並沒將資金轉投到其他地方，因為在越南工作可避過美國關稅。Ashton Hawks執行董事賴遠方解釋：「越南跟中國競逐『世界工廠』地位，預期遷移至越南的工廠數量會逐漸 增加，而『越南製造』貨品亦可在進口美國時避開高昂關稅，特別是農產品及工業品。」這有利於越南的國內生產總值及消費者的購買力，同時帶動房地產需求。

銳不可當

胡志明市在為成為製造業中心作好準備，致力建設城市配套，包括一個嶄新設計的機場及六條幹線的鐵路系統。首季外國直接投資額達200億美元，豪宅需求亦相應增加。其實，胡志明市定期推出豪宅項目，只是近年發生的事。據高力數據顯示，第一季30,000個新住宅供應當中，中小型單位佔61%，豪宅佔23%，未來大部分豪宅會坐落在新興、富時尚都會氣息的第二郡（District 2），其發展潛力不容忽視，當地有國際學校、Thao Dien美食區、豪華酒店、超市、購物中心及電影院。第二郡距離第一郡的中央商務區和第九郡的工業園區僅數分鐘路程，第一郡的地標包括濱城市場、歌劇院、聖母院、中央郵政局、歷史遺址及五星級酒店。第二區設有佔地650公頃的Thu Thiem，一個猶如香港西九文化中心的地方，高力表示：「不久將來，第二區將會有更多新發展項目。」

In the coming years, most luxury supply is likely to come in the emerging, cosmopolitan District 2.未來大部分豪宅會坐落在新興、富時尚都會氣息的第二郡。

Strong Second

HCMC is preparing for its future as a manufacturing hub with a shiny new airport and six-line metro system. With FDI exceeding US$20 billion in the first quarter, demand for luxury property should increase too. It has only been in the last few years that luxury housing has regularly hit the market in HCMC, with the majority of housing in the mid-market range: 61% of Q1's 30,000 new units were mid-range versus 23% in luxury according to Colliers. In the coming years, most luxury supply is likely to come in the emerging, cosmopolitan District 2. Defined by its international schools, Thao Dien restaurant scene, luxury hotels, supermarkets, malls and cinemas, District 2 is the one to watch. Just a few minutes from the current CBD at District 1—the location of landmarks such as Ben Thanh Market, the Opera House, Notre Dame, the Central Post Office, heritage sites and five-star hotels—and the industrial park of District 9, District 2 is also home to the 650-hectare Thu Thiem, a West Kowloon for HCMC. “For the foreseeable future, District 2 … [will] be a destination for many new major projects,” said Colliers.

One of those new projects is Tokyobased Maeda Corporation and Thien Duc Company's Waterina Suites. Designed by starchitect Kengo Kuma (LVMH Group's Osaka headquarters, Taikoo Li Sanlitun in Beijing), Waterina Suites' curvilinear structure and terraced façade reflects the Saigon River it overlooks and recalls the rice fields of the Vietnamese highlands. Waterina's 98 suites across 25 storeys are comprised of one- to three-bedroom duplexes and penthouses ranging from approximately 930 to 2,500 square feet.

Built to Japanese construction standards, Waterina Suites' facilities and amenities include a swimming pool overlooking the river, spa and fitness centre, business centre, bar, library and residents' restaurant. Given the tower's location and the ongoing relocation of MNCS looking to take advantage of Vietnam's young population and generous tax environment, Waterina Suites is a strong investment. Prices begin at HK$4.1 million, and Ashton Hawks is forecasting up to 7% rental yields.

“Waterina Suites is like no other, it is the perfect choice for the ultra-affluent. We designed this magnificent condominium to provide our residents with an exceptional experience especially for Japanese expats living in the city,” said Tetsuo Kida, general director of Maeda Thien Duc in a statement. “With the significant increase in demand for luxury properties in Ho Chi Minh City, our future plan is to continue constructing distinctive properties with the highest Japanese standards in Vietnam.”

Waterina Suites is scheduled for completion at the end of 2019. For more details refer to waterinasuites.vn or ashtonhawks.com. 其中一個項目是由東京的前田建築和Thien Duc Company合作發展的waterina Suites，由建築師隈研吾（曾負責設計LVMH集團大阪總部、北京三里屯太古里）設計，Waterina Suites的流線型建築及梯台式外觀設計，宛如外望的西貢河，亦似越南高地的稻米梯田。項目共有25層，提供98個一至三房複式及頂層複式單位，面積由930至2,500平方呎。

Waterina Suites以日本建築為標準，設施包括可飽覽河景的游泳池、水療及健身中心、商務中心、酒吧、圖書館和住客餐廳。大樓坐落在優質地段，加上越南的年青人口和稅務優惠吸引跨國企業陸續遷入， Waterina Suites將可展現甚佳的投資潛力。售價由410萬港元起，Ashton Hawks預計租金回報達7%。

Maeda Thien Duc總監tetsuo Kida表示：「Waterina Suites是個獨一無二的項目，是極富裕人士的投資首選。我們竭力為住客，特別是僑居當地的日本人設計華麗居停，提供無可比擬的體驗。胡志明市的豪宅需求增長迅速，我們計劃繼續在越南興建符合最高日本建築水平的住宅。」

Waterina Suites預計於2019年底落成。詳情可瀏覽waterinasuites.vn或ashtonhawks. com。