Australian realty firm explores investment prospects in Vietnam

News - Australia’s Empire Property Investors is seeking opportunities to invest in local property projects and enter the real estate services market as part of a plan to spread its wings outside Australia.

Jack Tran, director of Empire Property Investors, made known the company’s intention at a seminar on the firm’s business opportunities in Vietnam and Australia held in HCMC on Thursday.

With 24 years’ experience in the realty sector, Empire Property Investors will expand property investment, development and management services to Southeast Asian countries in the next three years, with Vietnam being the first destination, Tran said.

He informed the company would prioritize investment in three major fields: housing, hotel-resort and commercial center. The company is eyeing the housing and hotel segments in HCMC initially to gauge the market.

The firm is now conducting market research, and will seek partners to develop projects in Vietnam if possible, said Tran.

Regarding the housing market, CB Richard Ellis Vietnam’s (CBRE) market survey for the fourth quarter last year shows that the low-cost apartment segment saw prices stabilizing though the economy was still facing many challenges.

Marc Townsend, managing director of CBRE, said there are fewer speculators and investors in the low-cost apartment segment. The major demand of this segment is sourced from buyers for residential use, so transactions are reflecting the actual demand of house buyers.

According to CBRE, investors have finally realized the actual demand of the market, as over a half of the apartments going onto the market in the last quarter belonged to the low-cost segment.