» » VinaCapital sees strong property demand from Vietnam middle class

VNRE - Vietnam-focused asset manager and real estate group VinaCapital said demand for residential property continued to be strongest from the country's rising middle class.

In an update, the group said that during the last six months a total of 481 sales contracts and reservations were recorded at projects in Danang, Nha Trang and Ho Chi Minh City, representing total contracts and reservations worth over $58 million.

All VinaCapital-managed residential real estate assets are now marketed under the Vinaliving brand, which the group said was Vietnam's first tailored living and lifestyle brand.

David Henry, MD of VinaCapital's real estate division, said, 'We are very pleased with the performance of our current projects, and are confident that the five Vinaliving projects launched in the second half of 2010 will see continued success in 2011.

'Demand continues to be strongest in the mid-range market addressing Vietnam's rising middle class. Vietnam's GDP growth rate, anticipated at almost 7% in 2010, is due to the strength of the domestic economy, with rising incomes driving the growth of the real estate market.'

The real estate assets are owned by VinaLand Limited and the VinaCapital Vietnam Opportunity Fund, two AIM-traded closed-end funds managed by VinaCapital Investment Management.

Source: StockMarketWire.com

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