Property developer Keppel Land sailed through the harsh blow that hit Vietnam’s real estate market in 2011. The firm, though not completely unaffected, has fared better than most companies in the country.
Confident that the resilient market can recover soon, Linson Lim, President of Keppel Land Vietnam, said the company will focus on long-term strategies as well as develop a social housing project under a public-private partnership, which is a new model for the market.
Lim agreed that the global downturn and credit tightening measures have had its impact on the market.
“But property developers should not take a short-term view. Financially strong and responsible property developers will take a longer term view of the country.”
Keppel Land also sees Vietnam as a country with favourable demographics, a high urbanisation rate, a growing middle class and a young population.
He said that as the country develops, buyers will be more cautious in their property choices, thus developers who can deliver quality projects on time will fare better.
“We see that the government has taken positive measures to address the economic challenges. We are tracking the consumer price index and we’ve found that it has improved month-on-month,” he added.
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