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Phu Quoc is now an investment destination appreciated in the context of a diversification fever amongst Singaporean real estate investors after achieving stable profits from traditional markets in the region, such as Thailand and Bali in Indonesia.
In September, hundreds of Singaporean investors and real estate experts joined a conference held at the Scotts Hotel in Singapore, where Sun Group showcased its vacation real estate projects on Phu Quoc Island.
The key selling points, as all agreed, were the projects’ fantastic growth prospects, competitive prices, and the prestige of the Sun Group brand.
Mr. Sam Ong, real estate agent of Savills Singapore, said Phu Quoc is on its way to becoming Vietnam’s Sentosa, with its prime geographic location, natural beauty, and vast tourism potential.
“Starting out as a small fishing village, after 20 years, Sentosa has become a world-renowned tourist paradise. Phu Quoc has similar potential. Leading Vietnamese developers are working day and night to transform Phu Quoc,” Ong said.
Ong said that only projects with international quality and prestigious developers that have been recognized worldwide can attract Singaporean investors, who are attracted to high growth prospects, but prefer to play safe.
He added that this is the reason Sun Group’s vacation real estate projects launched in this event received such attention.
Victor Hong, an investor with experience in real estate investment around the world, said the developer’s prestige is a key factor.
“We need to know how famous the developer is and what other products they have. Knowing that the acclaimed International Danang Sun Peninsular Resort comes from Sun Group, I am totally convinced,” he said.
In addition to the prestigious developer that has developed world-award-winning properties, a prime location overlooking the ocean, and a team of world renowned designers, Sun Group’s Phu Quoc portfolio also leaves similar projects in Singapore in the dust price-wise.
In Sentosa, two-bedroom beachfront condotels of about 110 square metres go for at least US$3 million per unit (US$27,000 per square metre).
The hottest products, beachfront condotels already at US$7 million, continue to be scarce and are getting more costly, even though Singapore is raising the ownership tax on properties.
Villas in Sentosa cost about US$11 million, while Sun Group’s villas and condotels of the same segment are much cheaper. Villas in Premier Village Phu Quoc Resort are only US$1-2 million each.
Units in Condotel Premier Residences Phu Quoc Emerald Bay cost US$150,000-1 million. Villas in the world-famous InterContinental Danang Sun Peninsula Resort are priced only at US$3.8-6.5 million, very competitive compared to Singapore and other countries in the region.
Moreover, Sun Group commits a profit of at least 9% of the property value for nine or ten years with the renting program.
The prestige of the developer, the other worldly price, and the attractive profit commitment scheme convinced Singaporean investors that the event, and Sun Group’s projects are worth the attention.
Buyers who finish their purchase of villas and condotels in Premier Village Phu Quoc Resort and Premier Residences Phu Quoc Emerald Bay by the end of October will have the opportunity to experience two nights and the concert “Ocean’s Gift” at the six-star JW Marriot Phu Quoc Emerald Bay Resort & Spa, also developed by Sun Group, as well as other gifts.
