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For people of Ho Chi Minh City, Ba Ria - Vung Tau has long been a favorite tourist destination on every holiday or weekend. It is not only attractive by beautiful beaches but also a short distance, only about 2 hours by car. In particular, in recent years, this local tourism was upgraded by a series of high-class resorts in Ho Tram, Long Hai.
In addition, the transport infrastructure connecting Ho Chi Minh City and Ba Ria - Vung Tau has also become more convenient. Thanks to all these advantages, real estate in general and the resort real estate segment in particular are thriving. This place has also become an attractive "playground" for businesses and individual investors.
Compared to the real estate markets adjacent to Ho Chi Minh City such as Long An, Binh Duong and Dong Nai, Ba Ria - Vung Tau has a longer distance, so connectivity is lower. However, thanks to its quite special position, Ba Ria is able to develop the oil and gas industry, shipping and tourism real estate. Indeed, Ba Ria - Vung Tau now accounts for 93% of total oil reserves and 16% of total natural gas reserves of the country.
Currently, the travel time from Ho Chi Minh City to Ba Ria - Vung Tau is only about 2 hours thanks to the expansion of Highway 51, the section from Dong Nai to Ba Ria - Vung Tau into 6 lanes. Previously, this route had heavy traffic and the rush hours were stuck in traffic so the travel time usually took 3-4 hours.
Besides, in the coming time, Bien Hoa - Vung Tau highway has a total length of 77.6 km with a total budget of more than VND 9,200 billion and the Ho Chi Minh City - Long Thanh highway will expand to 6- 8 lanes, the transport infrastructure connecting Vung Tau and other economic regions will be more convenient. Especially, the project of Loc An - Ho Tram airport invested 4,000 billion VND in Loc An commune is expected to be a big push for Ho Tram tourism areas.
Besides, Vung Tau has deep-sea port system. Cai Mep Port is being planned to become the largest logistics center in Vietnam. Specifically, the project of Cai Mep Ha logistics center and general container port consists of two parts: Cai Mep Ha logistics center with a total area of 1,200 ha with an estimated investment of about VND 40,000 billion and Cai container general port. Mep Ha has an area of 86.6ha with total estimated investment capital of VND 10,000 billion. When completed, the Cai Mep Ha general and container port has a deep channel system capable of receiving the largest ships in the world with a capacity of 18,000 - 22,000 TEUs and a tonnage of up to 200,000 DWT. Cai Mep international port, when completed as designed, will be one of the 19 largest ports in the world.
With strong investment in infrastructure, real estate in Ba Ria - Vung Tau is having a lot of favorable conditions to develop, especially resort real estate. Previously, thanks to the oil and gas industry, Ba Ria - Vung Tau gas was the province with the highest per capita income in the country. In the coming time, tourism and services may make the province's economy take off, leading to the recovery of resort real estate.
"The capital" resort Ho Tram - Binh Chau
Previously, Binh Chau was famous as a potential sea with about 1,000 fishing boats operating. It also has famous tourist areas such as Binh Chau hot spring, Ho Coc beach, Ho Tram. Currently, this area has become a hot spot for real estate investors.
Typically, the coastal gold position from Long Hai to Ho Tram is invested and built with large projects such as NovaWorld Ho Tram with a scale of 1,000ha invested by Novaland Group. In addition, the Group is affiliated with Vidotour Asia Commercial Tourism Co., Ltd. to invest in the Ho Tram Safari Wildlife Park project.
In addition to NovaWorld Ho Tram, Edenia Resort has another large resort project of 40ha. This project is invested by Blue Sea Tourism Joint Stock Company (Blue Sea Group) and started in September with the main product line being villas. In addition, the project also has a hotel and internal facilities such as a restaurant and spa that are also invested to serve tourists.
Along this route, there is also a 27.5ha Lagoona Binh Chau Villa project owned by Dat Gia Consultancy and Business Co., Ltd. Another project of interest is the The Hamptons Ho Tram Resort, which is invested by Tanzanite International Group. The project has a scale of 16.8ha with two main segments: villas and condotel.
In particular, there is a very large project at Ho Tram Casino with a total investment of 4 billion USD. This project is invested by Ho Tram Project Co., Ltd., a 100% foreign-owned company of Asian Coast Development Ltd. It is known that so far, the project has been poured into more than 1.1 billion USD. The first phase of the project opened to welcome guests in 2013, including 541 five-star rooms, international restaurant complexes, convention centers, casino area, international golf course ... This is the first casino in Vietnam. Men are licensed to play live dealer cards for foreign guests, with 90 tables. According to the plan, by 2020, after the completion, the whole project will have 9,000 5-star standard rooms, 180 table dealing cards, 2,000 gaming machines, a golf course, entertainment areas.
Ba Ria - Vung Tau waves
Near the Ho Tram beach area, land plots with an area of 300-400m2 are being offered for sale at the price of VND 5-7 billion. Agricultural land in this area has also increased from 1.5 to 2.3 million VND / m2, replacing the price of 1 - 1.2 million VND / m2 at the end of 2018.
According to experts' analysis, Ba Ria - Vung Tau real estate becomes vibrant stems from the potential for future development. Recently, the province has invested very well in infrastructure and the demand for tourism and relaxation of the people is increasing. In particular, Ba Ria - Vung Tau is attracting a lot of capital investment in real estate from large corporations at home and abroad. This is also a place full of favorable geographic factors and natural conditions to develop the smokeless industry.
Thus, it can be seen that, with nearly 100 resort projects being implemented along the Ba Ria - Vung Tau coast, this place is gradually becoming one of the leading "tourism" capitals in the country and international stature. This may be an important driving force for the province's economic development in the future.
Beware of soil fevers
Besides the potential for long-term development and outstanding growth, Ba Ria - Vung Tau real estate also has low notes. According to a report of the People's Council of Ba Ria - Vung Tau province, the whole province has 192 agricultural land areas "transformed" into real estate projects. These projects have been mapped, infrastructure, project perspective and plot for sale or separation. In particular, the largest "project" up to 13ha and the smallest 0.5ha. The locality with the most projects is Phu My town with 113 projects, followed by Ba Ria city, Long Dien district with 17 projects and 19 projects in Dat Do district. These real estate projects are called "ghost projects" because they are not in the planning, have not been approved by competent authorities, and have not changed the land use purpose.
Typical of them are Chau Pha, Song Xoai, Toc Tien and P. Hac Dich communes of Phu My town with eight "ghost projects" of Alibaba Real Estate Company. Only after a short time, the company has received the investment capital of thousands of customers, with a total of 3,333 land plots, earning more than VND 770 billion. The incident culminated when Alibaba Real Estate staff against executives when being forced to "ghost projects" in Toc Tien commune. To date, many leaders and employees of Alibaba Real Estate have paid the price for their wrongdoing but the consequences for many investors are still very heavy.
The cause of the ghost blooming project stems from the land fever here. Those who take advantage of the loophole allow the separation of agricultural land and the conversion of land use purpose. The widespread appearance of ghost projects is causing serious social consequences and the sustainable development of the real estate market.
In addition, there are many slow implementation projects in the province. Besides objective causes such as difficult site clearance, complicated legal procedures, there are also subjective reasons from enterprises such as lack of investment capital and unfeasible projects. Besides, many businesses lack the capacity but also "a little" to find opportunities to sell to other partners for profit. All this has made the real estate market grow unhealthy.
What is the future of Vung Tau real estate?
Ba Ria - Vung Tau not only has many favorable conditions to develop resort tourism but also has the potential to develop into a large port city in the future.
In 2018, the total volume of direct import and export goods through Ba Ria - Vung Tau port reached about 69.8 million tons, up 13% over the same period in 2017. Cai Mep Port is being planned to become one of 19 largest ports in the world and a major logistics center in Vietnam. This is feasible when the province has all favorable conditions to develop the seaport.
Perhaps recognizing this great potential, recently the Vietnam Investment and Development Group Joint Stock Company has just sent a written request to the People's Committee of Ba Ria - Vung Tau province for approval of the policy for research, survey the project of investing in an Southwest ecological urban area in Long Huong and Kim Dinh wards, Ho Chi Minh City. Ba Ria. The project has a scale of 1,800ha, with a total estimated investment of about 148,800 billion VND. If this project is implemented, it will create a big push for the real estate market in Ba Ria - Vung Tau in the future.
The resort real estate segment of Ba Ria - Vung Tau is also making spectacular changes. Dozens of large projects worth billions of dollars have been launched and are being implemented. Areas with favorable natural conditions such as Long Hai, Ho Tram can quickly become "resort paradise" for domestic and international tourists. Accordingly, the resort real estate here will certainly thrive in the near future.
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