The One Destination, together with a Singapore Investor and an Institutional Fund Collaborate to Build Vietnam's First ESG Real Estate Complex in Da Lat.
HANOI, Vietnam, Nov. 8, 2024 /PRNewswire/ -- The One Destination officially announced an investment agreement with Singapore's Terne Holdings, a multi-sector investment group, and BTS Bernina Private Equity Fund, an Asia-focused regulated mutual fund. Under the agreement, the joint venture arrangement of BTS and Terne Holdings will hold a 30% stake in The One Destination.
The One Destination is the developer of the Haus Da Lat project. The company is a leader in developing ESG real estate in Vietnam, actively engaged in numerous ongoing projects nationwide, and maintains a substantial land reserve. The project spans 5 hectares and has a total investment of VND 1.700 billion (~ USD 68m). It is in a prime area by the serene Xuan Huong Lake, one of Vietnam's most picturesque natural lakes and a symbol of Da Lat.
According to the plan, The One Destination will build Vietnam's first ESG-standard real estate complex on the last remaining prime land in Da Lat's city center. Designed by renowned Japanese architect Kengo Kuma, Haus Da Lat is expected to become a heritage symbol for the 130-year-old city and position Vietnam on the global ESG real estate map.
The decision of the international partners, to select Da Lat as their first investment destination in Vietnam highlights the city's unique appeal. The partners emphasize that in a tropical country like Vietnam, Da Lat - a highland city with year-round cool weather surrounded by tranquil lakes, vast pine forests, magnificent waterfalls, and vibrant flower fields—is a natural masterpiece. This city, often called a "natural heritage," deserves real estate projects that reflect its value.
"We were captivated by Da Lat at first sight, and are proud to be one of the pioneering foreign investors in Da Lat" said the representative of BTS.
On June 20, 2024, the Ministry of Transport issued Decision No. 758/QD-BGTVT to upgrade Lien Khuong Airport to an international airport, igniting a boom in Da Lat's economy, tourism, and the entire Lam Dong province. In the first half of 2024, Lam Dong welcomed 5 million tourists, an increase of over 12%. By the end of 2024, the province is expected to receive 10 million visitors, including 550,000 international tourists. According to the 2030 plan, Lien Khuong Airport will expand to nearly 487 hectares and accommodate 5 million passengers annually, with flights from various countries worldwide.
ESG real estate is gaining traction in many developed countries and is expected to become a significant global trend in the next century. This is why the investors are partnering with The One Destination to launch a new era of ESG real estate in Vietnam, starting in Da Lat and expanding to other projects. With Vietnam's dynamic economy ranking among Asia's top, an average GDP growth of 6-7% annually, and a rapidly growing middle class expected to reach 40% of the population by 2030, the country's real estate market is poised for a significant boom in the ESG segment. Leading companies like The One Destination will have the advantage in shaping this trend. Haus Da Lat is highly valued for its ESG-compliant design, choice of materials, construction, and operations, and focus on the human factor, aligning with the ESG goals, creating long-term value for future generations.
Caroline Lee, Chairwoman of Terne Holdings, affirmed, "Together with The One Destination and BTS, we will create a heritage landmark for Da Lat, Vietnam. We are proud to be among the pioneering foreign investors working alongside Vietnam's real estate developers to build and preserve Da Lat in the face of the city's concrete overdevelopment".
Terne Holdings also stated that the investment in Haus Da Lat aligns with its ongoing ESG strategy. This strategy is based on practical, measurable actions and aligns with 12 United Nations' Sustainable Development Goals (SDGs).
"The best is often saved for last, and Haus Da Lat will be Vietnam's first ESG-standard landmark project, a heritage for Da Lat," said a representative from The One Destination. Five leading international brands are also expected to join forces to create a new icon for Da Lat.
Reference Information
The One Destination stands at the forefront of ESG real estate development in Vietnam. We strive to address environmental challenges, minimize our ecological footprint and enhance the local environment by employing sustainable building materials and energy-efficient technologies.
BTS Bernina Private Equity Fund is an open-end investment company whose size exceeding USD 368 million, with 60% invested in Asia. Over the past three years, the fund's performance has reached 71.9%.
Terne Holdings is a multi-sector investment enterprise based in Singapore focuses on investments in creating ecological spaces that preserve the beauty of nature, prioritize health, and build strong communities.
SOURCE The One Destination
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