Experts are talking about a new tendency in real estate investment – ecological real estate.
Projects booming
Reports released by real estate service providers CBRE, Savills and Vietress in late 2009 all predict that markets in resort areas will develop well. Especially, ecological apartments which will be a new trend and will rapidly develop not only in coastal areas but in lowland and alongside waterways as well.
The Tien Giang People’s Committee has approved the detailed programme on the development of the Thoi Son ecological resort late last year in My Tho City.
Under the development plan, the ecological tourism village will cover an area of 77.5 hectares, where different kinds of entertainment services will be provided to attract tourists.
Dong Nai is also one of the provinces which has many ecological real estate projects, such as Giang Dien Villas, Tan Van isle project. Dong Nai’s neighbor, Vung Tau City, promises to introduce many attractive projects in 2010, such as Sant Simeon, Ho Tram, Con Dao resort with the total investment capital of tens or hundreds of millions of dollars which target high income tourists.
Hoang Quan Real Estate Company late last year launched 76 ecological villas in Vung Tau City, a move that aimed to explore market demand for the new product line.
HCM City is also competing with other provinces to develop ecological real estate. In particular, the Diamond project in District 2 has received special attention from real estate developers and the public.
Tay Ninh province plans to have a project in an ecological industrial zone in Trang Bang District to be developed by Bourbon An Hoa Company. The investor said that the project will cover an area of 1,020 hectares, including 760 hectares for an industrial zone, 184 hectares for depot system and 76 hectares for creating an ecological urban area.
The concept
To date,the Ministry of Construction has also not set any standards for ecological real estate products.
According to Nguyen Xuan Chau, Lecturer of the HCM City Economics University, ecological real estate is a new idea which targets people who like a high quality living environment – green, clean and quiet. However, in fact, many real estate projects, though introduced as ecological are far from it.
Chau said that these kinds of products cannot be developed on a massive scale, but they can only be developed in some special beautiful and green locations.
Chau said that as there is no exact concept about ecological real estate, many investors have provided false information about their products simply in order to charge buyers high prices.