2024-11-08 22:15:00
The One Destination officially announced an investment agreement with Singapore-based Terne Holdings, a multi-sector investment group, and BTS Bernina Private Equity Fund, an Asia-focused regulated investment fund. According to the agreement, the joint venture 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 the development of ESG real estate in Vietnam, actively working on numerous ongoing projects across the country and having a significant land reserve. The project covers 5 hectares and has a total investment of VND1,700 billion (approximately $68 million). It is in a prime location on the tranquil Xuan Huong Lake, one of Vietnam’s most picturesque natural lakes and a symbol of Da Lat.
The plan calls for The One Destination to build Vietnam’s first ESG-standard real estate complex on the last remaining prime plot of land in Da Lat city center. Designed by renowned Japanese architect Kengo Kuma, Da Lat House is set to become a symbol of the 130-year-old city’s heritage and position Vietnam on the global ESG real estate map.
The international partners’ decision to choose Da Lat as their first investment destination in Vietnam underlines the city’s unique appeal. The partners emphasize that in a tropical country like Vietnam, Da Lat is a natural masterpiece: a highland city with year-round cool weather, surrounded by tranquil lakes, vast pine forests, magnificent waterfalls and vibrant flower fields. This city, often referred to as a “natural heritage site”, deserves real estate projects that reflect its value.
“We were intrigued by Da Lat at first sight and are proud to be one of the first foreign investors in Da Lat,” said the BTS representative.
On June 20, 2024, the Ministry of Transport issued Decision No. 758/QD-BGTTV to upgrade Lien Khuong Airport into an international airport, triggering 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%. The province is expected to receive 10 million visitors by the end of 2024, including 550,000 international tourists. The 2030 plan calls for Lien Khuong Airport to expand to nearly 487 hectares and receive 5 million passengers annually from different countries around the world.
ESG real estate is on the rise in many developed countries and is expected to become a significant global trend over the next century. That’s why the investors are working with The One Destination to usher in 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 best, average GDP growth of 6-7% per year, and a rapidly growing middle class expected to make up 40% of the population by 2030, the country’s real estate market is poised for a significant one Boom in the ESG segment ready. Leading companies like The One Destination will have an advantage in shaping this trend. Da Lat House is highly valued for its ESG-compliant design, selection of materials, construction and operation, and focus on the human factor, as it aligns with ESG objectives and creates long-term value for future generations.
Caroline Lee, Chairman of Terne Holdings, affirmed: “Together with The One Destination and BTS, we will create a landmark for Da Lat, Vietnam. We are proud to be among the pioneering foreign investors working with Vietnamese real estate developers to build and sustain Da Lat in the face of the city’s concrete sprawl.”
Terne Holdings also stated that the investment in Haus Da Lat is in line with its ongoing ESG strategy. This strategy is based on practical, measurable actions and is aligned with 12 United Nations Sustainable Development Goals (SDGs).
“The best is often saved for last – and Haus Da Lat will be Vietnam’s first landmark project under ESG standards, a legacy for Da Lat,” said a representative of The One Destination. Five leading international brands are expected to join forces will be bundled together to create a new symbol for Da Lat.
Reference information
The One Destination is at the forefront of ESG real estate development in Vietnam. We work to find solutions to environmental problems and to reduce our environmental footprint and improve the local environment by using sustainable building materials and energy efficient technologies.
BTS Bernina Private Equity Fund is an open investment company whose Exceeds USD 368 million, with 60% invested in Asia. Over the last three years, the fund has achieved a performance of 71.9%.
Terne Holdings is a multi-sector investment company based in Singapore and focuses on investing in creating ecological spaces that preserve nature’s beauty, prioritize health and build strong communities.
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**Interview with Caroline Lee, Chairman of Terne Holdings, on the Haus Da Lat Project and ESG Real Estate in Vietnam**
**Interviewer:** Thank you for joining us today, Caroline. Could you share with us what motivated Terne Holdings to invest in the Haus Da Lat project?
**Caroline Lee:** Thank you for having me. Our decision to invest in Haus Da Lat was influenced by several factors, primarily the unique appeal of Da Lat itself. This city is not just a picturesque location but also possesses a rich cultural heritage and environmental significance. With its year-round cool climate and stunning natural landscapes, Da Lat offers an incredible backdrop for developing ESG-compliant real estate.
**Interviewer:** You mentioned ESG compliance. How do you envision the Haus Da Lat project setting a standard for ESG real estate in Vietnam?
**Caroline Lee:** The Haus Da Lat project aims to become Vietnam’s first ESG-standard real estate complex, which is a significant milestone. Our design, led by renowned architect Kengo Kuma, emphasizes sustainability, using eco-friendly materials and innovative construction methods. We believe that by setting these benchmarks, we can not only meet the growing demand for sustainable living but also educate other developers in the region about the importance of ESG principles.
**Interviewer:** Collaborating with BTS Bernina Private Equity Fund is also part of this venture. How do you see these partnerships enhancing the project?
**Caroline Lee:** Our collaboration with BTS and The One Destination strengthens our capability and resources. BTS brings invaluable experience in investment and market dynamics, while The One Destination has a proven track record in real estate development in Vietnam. Together, we are united in our vision to create a landmark project that reflects the values of sustainability and community.
**Interviewer:** There’s talk about the recent upgrade of Lien Khuong Airport to international status significantly boosting tourism in Da Lat. How do you think this will impact the Haus Da Lat project?
**Caroline Lee:** The upgrade of Lien Khuong Airport is a game changer for Da Lat. It opens the city to international visitors, which will undoubtedly stimulate the local economy and boost the demand for high-quality accommodations and real estate. We are excited about being at the forefront of this growth, as the Haus Da Lat project is designed to attract both local and international stakeholders interested in sustainable living environments.
**Interviewer:** As you look ahead, what’s next for Terne Holdings and your partners in the realm of ESG real estate?
**Caroline Lee:** Our partnership is just beginning here in Da Lat. Following the successful launch of Haus Da Lat, we plan to explore additional projects across Vietnam. The potential for ESG real estate is immense in this country, especially with its rapidly growing economy and middle class. We aim to foster a broader movement that prioritizes sustainability and community-centric developments in Vietnam.
**Interviewer:** Thank you so much for sharing your insights, Caroline. It sounds like an exciting journey ahead for the Haus Da Lat project and the ESG real estate market in Vietnam.
**Caroline Lee:** Thank you. We are thrilled about the path we are on and look forward to contributing positively to Vietnam’s real estate landscape.
