Huge potential for developing resort property market post-COVID-19 pandemic
With many property experts considering Vietnam a tourist paradise, resort real estate can serve as a gold mine for investors, although there are many hurdles to overcome with the taste of consumers becoming gradually more rigorous whilst supply is currently overwhelming the market.
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Following the real estate market recovery in 2014, resort tourism has begun to take the lead in terms of capital inflow with billions of US$ flowing annually into tourism destinations such as Nha Trang, Da Nang, Phu Quoc, Quang Ninh, and Quy Nhon, with new resort models utilizing accommodation like condotels and beach villas.
According to CBRE Vietnam, a provider of commercial real estate services, impressive growth numbers are ahead for the Vietnamese hotel industry despite a slowdown in growth rate to only 10.8% in 2019 compared to 2018’s figure of 20%. In addition, when compared to other countries regionally and throughout Asia, the nation enjoys impressive growth figures.
Whilst discussing the future of the resort real estate market, Robert McIntosh, CEO of CBRE Hotels in Asia – Pacific, outlined a few key trends.
As the Vietnamese tourism industry develops, resort real estate investors will have to diversify in order to maintain growth while also considering potential tourism destinations that have yet to develop, such as Nam Hoi An, Binh Thuan, and Ba Ria-Vung Tau, as well as diversifying product types whilst professionalizing operational management.
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Along with expanding into new geographic locations, developers are also active in terms of developing new tourism real estate products, the most prominent being the model of coastal shophouses and shop villas located in the Phu Quoc and Ha Long markets.
Another prominent trend is for financiers to invest in a wellness resort. This fresh niche in the market has huge potential to enjoy stronger development nationwide, largely due to the middle-class population being anticipated to grow the fastest in Southeast Asia over the course of the next five years. Furthermore, tourists from North Asian countries are increasingly favoring products that combine elements of tourism and health.
Given the potential that exists within the resort real estate market, long-term investors are poised to continue pouring money into the sector. In relation to new projects, potential investors must set out their own directions and strive to catch up with the latest market trends.
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In keeping with the trend of combining entertainment and resort tourism, Vingroup will continue to introduce the Grand World Phu Quoc project under the model of a "sleepless city", an area that is a fusion of healthcare experience and entertainment, an increasingly favored theme among international and domestic tourists.
In the Van Don market in the northern province of Quang Ninh, CEO Group is also in the process of implementing the Sonasea Van Don Harbor City resort tourism complex which covers an area of 358.3 hectares. The site currently has investors developing luxury accommodation products, including resort villas, international hotels, and the Sonasea Island Retreat resort area, along with auxiliary tourism products such as shopping centers, marinas, yacht clubs, indoor and outdoor play areas, and international convention centers under the "All in One" model.
Meanwhile, Novaland Group has started to launch an investment plan with the goal of building the NovaWorld Ho Tram resort complex in Ba Ria - Vung Tau. Indeed, June will see the group introduce model houses as part of the second phase of the NovaWorld Phan Thiet project in Binh Thuan which will cover a scale of 1,000ha.
At present, Phu Long is moving towards health-care convalescence by joining Saigon Investico Sovico as an investor to introduce the L'Alyana Senses World project which covers an area of 219ha on Ong Lang beach. As pioneers in the sector, the operation of the site will see the application of artificial intelligence as a means of serving high-end healthcare, whilst simultaneously offering relaxation and entertainment experiences for guests.
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The first project of the L'Alyana Senses World complex to be introduced to the market is Furama Resort & Spa Phu Quoc which features 223 rooms and 85 pool villas on an area covering 7.2ha and situated close to the sea.
A report from Savills Asia Pacific and JLL also indicate that tourism and resort real estate have started to suffer from the negative impact of the novel coronavirus. However, in the long term this market can still recover quickly as the country is successfully able to contain the disease, therefore serving to attract tourists as well as a greater flow of investment capital from other countries.
Experts affirmed their belief that the present time is a good buying window for investors due to the strong financial potential that exists and because there is an abundant supply within the current resort market at attractive selling prices.
According to Nguyen Van Dinh, General Secretary of the Vietnam Association of Property Brokers, the greater prominence of new tourism and resort models will see the market continue to develop ahead moving forward.
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(Source: VOV)
