Rushing to ask for the permission to build marinas
The investor of the Diamond Island high grade apartment project in district 2 in HCM City – Binh Thien An Real Estate Development Corporation – has spent big money to build a marina with 30 parking spaces. Meanwhile, SSG Group, the owner of the Saigon Pearl project in Binh Thanh district, has also stated that it is considering setting up a club and a marina, capitalized at 400 billion dong, which would be large enough for 130 canoes and yachts to park.
“We will kick of the construction of the new items right after the HCM City Department of Transport grants a license to us,” said Nguyen Thi Tuong Giang, Deputy General Director of SSG.
Tai Nguyen Company, the investor of Kenton Residences project in Nha Be district has got the license to build a marina. A representative of Tai Nguyen said that the marina would be capable for 20-30 yachts.
The owner of Oceanami Luxury Home & Resort in Ba Ria-Vung Tau province has also announced that there would be a marina at the project, and that the project would be a combination of tourism real estate and the business activities relating to the marina.
Real estate developers do not hesitate to spend hundreds of billions of dong more to build marina, hoping that the new item would make the projects more valuable, and that they would earn more profits from the luxury services.
Binh Thien An has said that it plans to build a marina to serve the Marina Club, an item of the project. Meanwhile, the remaining 15 spaces would be offered to sell at 500,000 dollars at maximum, suitable for long yachts (25-27 meters), or about 10 billion dong.
Especially, Binh Thien An has bought a yacht, valued at 2 million dollars, from the UK.
A way to polish real estate projects?
The development of marinas at riverside real estate projects has become a hot topic among real estate developers recently. Analysts believe that this is a wise decision by the developers, who target to upper class clients. Meanwhile, marinas could also “beautify” and upgrade their projects.
However, it seems that the marina projects just remain on paper. Real estate developers may well understand that it is not the right time to develop marinas, when the number of yachts in Vietnam remains so modest that the number can be counted on the fingertips.
Preliminary statistics show that there are only six yachts in Vietnam, which means that real estate developers should not hope to make profits with the marinas.
A question has been raised that if people would be ready enough to spend ten billion dong just to lease a parking space. Therefore, analysts have every reason to have doubts that marina is just a PR strategy of real estate developers.
Director of a well known real estate firm in HCM City, who asked to be anonymous, also said that the demand would be very weak, and marinas, if they are built, would be left idle. Meanwhile, the leasing fee is estimated at 10 billion dong, an overly high level, if noting that it is even higher than a villa in Phu My project in district 7.
Nguyen Nga
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