Real estate contractors and investors in Vietnam are worried that 2018 will be a difficult year for the local condotel market due to oversupply. According to the Ho Chi Minh City Real Estate Association (HoREA), 23,000 condotels were built in Vietnam in 2017.
Vietnam’s “Condotel” market is a hot topic among real estate developers, property owners, travel agencies and government officials as increasing numbers of international tourists visit Vietnam. By definition, “Condotels” are condominiums that are operated as hotels, with owners allowed to make their units available for short-term rentals.
Singapore property developer Mapletree is scheduled to open the new Oakwood Residence Saigon in Ho Chi Minh City in April 2018. Located in HCMC’s District 7. Saigon South Place, Oakwood Residence Saigon will have 237 full furnished serviced apartments, ranging from studios to three-bedroom apartments for both short and long-term staying guests.
Gia Lai Electricity and JGC Engineering Company has signed an agreement for the Japanese company to design and build a 50-megawatt solar power plant in Gia Lai province. The agreement is estimated to be worth over $47 million USD.
Vietnam is accelerating the construction of solar power plants to make up for an anticipated power shortfall due to the recent cancellation of two nuclear power projects that had been expected to generate power by 2030.