Amata expects to receive a licence from the Vietnamese government this year to develop a 100-rai property amid considerable demand for mixed-use projects.
The site near Ho Chi Minh City is much more expensive than in Bangkok's central business district around Silom Road and Soi Chidlom, mainly due to the country's robust economic growth and insufficient supply, Amata's senior vice president Somhatai Panichewa said yesterday.
Amata was talking to PrinVenture, a joint venture between Prinsiri and Univentures, about PrinVenture's plan to penetrate the residential market in Vietnam in the first half of next year, she said.
Prinsiri deputy managing director Chaiwat Kovitchindachai said PrinVenture was interested in developing single-family houses or condominiums. "We cannot give more details about the kinds of projects we will develop at this location, because we're still conducting market research.
However, we'll focus only on residential projects," he said, adding that it was also too early to estimate costs for the project.
PrinVenture may invest in the new project by itself or join up with Amata, depending on which works out better, he said.
Although Vietnam shows high potential, Prinsiri has no experience in the market there, so it must find a partner to develop the project, he added.
Source: The Nation by Chalida Ekvitthayavechnukul and Somluck Srimalee
Wednesday August 08, 2007