(Construction) - “The PropertyGuru Vietnam Property Awards 2023 has attracted the participation of many developers and projects which keep up with international trends and standards and feature diverse ecosystems and improve the quality of life for residents.”
That is the opinion of Mr. Thien Duong, chairperson of the independent judging panel of the PropertyGuru Vietnam Property Awards.
The 9th PropertyGuru Vietnam Property Awards have been launched by PropertyGuru Group, Asia's leading property technology company. This is part of the PropertyGuru Asia Property Awards series, which has an 18-year history and covers more than a dozen key property markets across Asia such as Singapore, Malaysia, Thailand, Indonesia, Australia, China, Japan (Greater Niseko), and India.
To learn more about the awards, trends, and standards of real estate projects in Vietnam in relation to the region, the reporter of Construction Electronic Newspaper had a conversation with Mr. Thien Duong, chairperson of the independent judging panel of the PropertyGuru Vietnam Property Awards and general director of GroupGSA (Vietnam), a company which has specialised in architecture, interior design, and urban landscaping for more than 40 years.
|Mr. Thien Duong - Chairperson of The Judging Panel of the PropertyGuru Vietnam Property Awards and General Director of GroupGSA (Vietnam).|
A good platform for Vietnamese real estate developers to keep pace with the world
Reporter: The Vietnamese real estate industry does not have many prestigious awards. However, PropertyGuru Asia Property Awards set foot in Vietnam in 2015 and have been held in the country since. What are the attributes of the Awards that maintain their prestige and help in their development?
Mr. Thien Duong: The reason the PropertyGuru Vietnam Property Awards has been a long-term companion to the real estate market is in the transparency, professionalism, and constant improvement of the programme’s organisation and judging. Every year, the award criteria are discussed and adjusted by the judging panel to keep up with market trends as well as the changing interests of real estate customers over time, as suited to every locality.
The independent judging panel include leading experts in the fields of real estate, architecture and interior design who participate in site inspections. This is a very unique point and a defining feature of the PropertyGuru Vietnam Property Awards. We go to the project site to study its details and score the project according to the set criteria of the awards before we make final judgments.
This awards programme is also very different because it is supervised by HLB, the global advisory and accounting network. HLB undertakes the supervision of the judging process of the PropertyGuru Vietnam Property Awards and other markets of the PropertyGuru Asia Property Awards—making the selection process fair, transparent, and credible.
In addition, the exclusive gala dinner and awards presentation ceremony in Ho Chi Minh City is a prominent event on the real estate calendar. This is a monumental event, gathering public figures and the greatest contributors to the Vietnam real estate industry and giving opportunities to network among and learn from domestic and international real estate developers and businesses. This year's event will be taking place at the Autograph Collection Hotel, Vinpearl Landmark 81, Ho Chi Minh City.
Reporter: How would you rate the quality of real estate developers in Vietnam today, compared to other countries in the region? To win the Vietnam PropertyGuru Awards, what criteria do they need to meet?
Mr. Thien Duong: The market has experienced a difficult year, and real estate is in shorter supply than usual. However, I am very excited to see that many projects have started to catch up with international standards and trends, have diverse ecosystems, and are close to nature, bringing higher living standards to people.
These are the features that Vietnamese developers are focusing on and aiming for. They are taking a new step in sustainable development, that is, both building and ensuring the inclusion of elements that conserve the ecological environment.
Vietnamese developers have learned from Malaysia, Singapore ... and the world. Aside from attracting real estate buyers, following these trends will also change the urban landscape, promote a sustainable living environment, and set higher standards of property development and design.
|The Winners of the 8th PropertyGuru Vietnam Property Awards 2022.|
To win the categories of the PropertyGuru Vietnam Property Awards 2023, real estate developers should pass many rigorous evaluation rounds on the reputation, prestige, and social responsibility of the enterprises; the quality, construction progress, and handover of their projects; and the level of success in sales. The judging panel will also consider creative and breakthrough factors expressed through the design concepts, interior functions, construction materials, green spaces, environmental friendliness, and more.
Major achievements, certifications, and recognition from the community, along with the commitment of developers to sustainable development and respect for the natural ecosystem, are also among the criteria to evaluate awardees.
Reporter: What brands, businesses, and projects seemed interesting and impressive to you?
Mr. Thien Duong: I am very proud and delighted to have seen many representatives from Vietnam that shone in the international arena. In the highly competitive competition known as the PropertyGuru Asia Property Awards (Grand Final)-which features the participation of many competitors from Hong Kong, Singapore, Mainland China, and other markets across Asia-projects and developers from Vietnam rose to the top positions.
For example, in 2022, the main winners of the PropertyGuru Vietnam Property Awards advanced to compete at the PropertyGuru Asia Property Awards (Grand Final) and won four categories, in which Keppel Land won the title of Best Mixed Use Developer (Asia). The Sycamore project of CapitaLand Development (Vietnam) won two awards: Best Housing/Landed Development (Asia) and Best Eco Friendly Housing/Landed Development (Asia). In addition, Gamuda Land's Artisan Park was honoured as Best Retail Development (Asia).
A reversal signal and quick recovery
Reporter: Vietnam's real estate is in a low-lying cycle at the moment. Can the Vietnamese real estate market attract foreign inverstors when M&A deals are on the rise?
Mr. Thien Duong: The market reversal signal may appear from the first and second quarters of 2024. The market's recovery may even happen sooner if the government implements policies to support the market.
It is expected that by the end of 2023, a number of amendments to the Land Law, Housing Law, and Real Estate Business Law will be passed, along with government efforts to remove obstacles and difficulties in the market. I believe the real estate market will take off and show better signs of recovery at the beginning of 2024.
In addition, many positive policies have been issued such as Decree 08 and Circular 16 to remove difficulties for the bond and real estate markets and Circular 02 to restructure debt terms, creating better financial conditions for developers.
On the other hand, Decree 35 allows the People's Committee in the provinces to decide on the subdivision and sale of land plots. Moreover, in terms of finance and funding for business, the State Bank has lowered the ceiling deposit interest rate four times since the beginning of the year. Many banks have reduced deposit interest rates by 0.5% to 2%. This is a positive signal in the lending market for real estate development as well as for buyers who seek more options of financial support.
From the first six months of 2022, Vietnam's GDP increased by 3.72% in the first half of 2023. The number of international visitors in the first six months of the year also reached 5.6 million, 9.3 times higher than the same period last year. The data showed positive signals that help the real estate market to recover somewhat.
In my personal forecast, the real estate market will recover within the next 5 years; develop along with new project trends; and increase standards of living. Now is the right time for foreign inverstors to participate in the Vietnamese market. As for domestic developers, they can restructure and prepare their resources to take advantage of opportunities when the market recovers better.
Reporter: Sincere thanks for sharing your thoughts. We wish you good health and great success!
By Ninh Nhi