News roundup: Vietnam’s southeastern region to increase tourism competitiveness, and other stories

For PropertyGuru’s real estate news roundup, Vietnam’s southeastern region is striving to promote tourism. In other news, more Hongkongers “heading north” across the border for shopping and entertainment proves the success of the Greater Bay Area (GBA). Finally, prices of Singapore’s Housing Board (HDB) resale flats rose by 2.1 percent in the second quarter of 2024.

Vietnam’s southeastern region eyes ways to increase tourism competitiveness

The southeastern region, comprising Ho Chi Minh City, Ba Ria-Vung Tau, Tay Ninh, Binh Phuoc and Binh Duong provinces, is striving to promote tourism by developing strong products, increasing connectivity, and forming new tours, VietnamPlus reports.

In the regional development masterplan for the 2021–2030 period, with a vision to 2050, the tourism sector is envisioned to develop in a professional, modern, and quality direction, and be highly competitive.

Specifically, Ho Chi Minh City and Ba Ria-Vung Tau are defined as the driving force for regional tourism development, while Vung Tau City will be turned into a high-quality international-class tourism centre.

Last year, the six southeastern localities welcomed over 65 million tourists, accounting for 54 percent of the country’s total. However, experts and managers agreed that the region still holds a lot of untapped potential.

Hongkongers ‘heading north’ to spend proves success of Greater Bay Area, official says, as 74.6 million trips logged

The rising trend of Hongkongers “heading north” across the border for shopping and entertainment proved the success of the Greater Bay Area (GBA), Hong Kong’s commerce chief has said after almost 10 trips to mainland China or Macau were recorded per resident from last May to April.

According to HKFP, Secretary for Commerce and Economic Development Algernon Yau said in response to questions from lawmaker Kenneth Leung that with the development of the Hong Kong-Zhuhai-Macao Bridge, the Guangzhou-Shenzhen-Hong Kong high-speed railway and a new boundary checkpoint Liantang, it had become more convenient for people travelling across the border.

The GBA consists of Hong Kong, Macau and nine major cities in Guangdong province, and aims to further deepen the cooperation between the mainland and the two special administrative regions. The area is expected to support China’s technology innovation and economic development.

Singapore’s HDB resale prices up 2.1 percent; private home market ‘stable’ in second quarter: Flash estimates

Prices of Housing Board (HDB) resale flats rose by 2.1 percent in the second quarter of 2024, higher than the 1.8 percent growth in the previous quarter.

Flash estimates released by HDB on 1st July showed that the Q2 resale volume up to 27th June was 7,208, which is 14.5 percent higher than 6,297 transactions in the same period last year.

CNA reports that HDB attributed the increase in resale prices and volume to strong broad-based demand and some “supply tightness in the market” since fewer flats met the minimum occupation period (MOP) this year compared to 2023.

Domestic mortgage rates are expected to remain elevated relative to the low level seen over the past decade, the Housing Board added.

The Property Report editors wrote this article. For more information, email: [email protected].