Vietnam's leading property developer expands its portfolio to include housing and services for the owners.
Vingroup has officially launched the VinCity public real estate brand.
VinCity's projects will be designed with a synchronized infrastructure and services, including education, health care, sport, culture, shopping and entertainment.
Vingroup is also planning to build 200,000 to 300,000 apartments named VinCity with prices from VND700 million ($31,800) in the next five years.
Representative of Vingroup told VET that Vingroup is aiming at the middle income customers in the future. “Therefore, we will build more projects with the VinCity brand,” he added. However, he did not reveal any investment figures on the VinCity’s projects.
In the first period, VinCity will be implemented in seven provinces and cities including Hanoi, Ho Chi Minh City, Hung Yen, Hai Phong, Thanh Hoa, Ha Tinh and Nha Trang.
In Hanoi and Ho Chi Minh City, projects of VinCity will be built in the suburbs to reduce the concentration of population and to avoid traffic jams. Mr. Le Khac Hiep, Deputy Chairman of Vingroup said that VinCity’s projects will bring modern apartments and services to the middle income customers.
Vingroup has provided products including high-end real estate with the Vinhomes brand, commercial real estate with the Vincom brand, resort real estate with the Vinpearl brand and now its middle range VinCity brand.
Vingroup is one of Vietnam's leading property developers with a network of consultant partners and leading global designers and quality real estate projects and services. It has recently secured an additional international syndicated loan of $300 million to finance its real estate developments and reorganize its debts, following its first international syndicated loan of $150 million in 2013.
Previously, Vingroup conducted a range of real estate projects in Ho Chi Minh City, such as Vinhomes Central Park in Ba Son in District 1 with a total investment of more than $1 billion. The project is expected to be completed and housing handed over to customers in 2017.
The most noticeable projects include Vinhomes Central Park, Golden River Vinhomes, Vinhomes Gardenia, Vinhomes Metropolis Lieu Giai and a range of Vincom Shophouse projects in major cities.
As at June 2016, Vingroup had 20 trade centers around the country. In the first six months this year it invested in four large trade centers: Vincom Plaza in Go Vap district, Ho Chi Minh City, Vincom Plaza in Buon Me Thuot city, Dak Lak province, and Vincom Plaza Le Van Viet in Ho Chi Minh City.
Vingroup has also opened ten shopping malls around the country and plans to open nearly 50 trade centers this year, selling international-standard products.