HO CHI MINH CITY, July 1, 2015–City Garden today announced the sale of the first apartment to a couple of foreigners in Vietnam the moment the new law on foreign ownership of properties came into effect from July 1, 2015.

The law will allow overseas nationals with a valid visa, as well as foreign companies and international organisations operating in Vietnam, to own houses and apartments. Foreigners will be allowed to own a maximum of 30 percent in any apartment building, or 250 houses per ward in the country.

“The approval of the new legislation allowing ownership of property by foreigners isa long-awaited law for expats and foreign investors looking to take advantage of Vietnam's economic growth.It marks a strong step towards opening up the Vietnam real estate market to overseas investment,” said Mr. Chip Baker, General Director of City Garden.

As the Vietnam real estate market has seen steadygrowth in recent years, the new law is expected to play a major role in boosting foreign property investment and will help create a more balanced and sustainable residential property market in Vietnam.

On this occasion, Haig and Katrin Conolly have become the first foreign couple to take advantage of the opportunity as soon as possible – buying an apartment at City Garden at one minute past midnight on the first of July.

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When Haig heard about the new rules allowing him to purchase property he was excited at the thought: “Ho Chi Minh City has huge growth potential. It’s easy to see all of the infrastructure that’s going in already, and the new commercial and retail precincts being developed across the city. This change in the foreign ownership law will make the market more attractive toforeigners, either as resident expats or overseas investors, who want to take advantage of the progress of the city.”

Haig, who has been in the property industry for three decades, was careful about choosing the right development to buy a property in. And having first lived and worked in HCMC in 1992, Haig had a strong understanding of the market to base his choice on.

“City Garden satisfies all of the main criteria for an excellent property investment for future value growth. It’s in a developing residential neighborhood but is only a few minutes from the middle of the city. Transport is easy, with a new roadway planned at the front door connecting all the major routes in town, as well as easy walking access to the new rail system. But also important are the residences itself: they are modern, with the highest quality construction and finishes and beautiful interiors,” said Haig.

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Tran QuyetThang, Chairman of City Garden, says a lot of time has been invested in producing a genuinely international standard development. The approach to City Garden has been to provide residential accommodation that would be highly regarded anywhere in the world. The projecthas engaged top consultants from around the globe to ensure the highest standards, not only of design but of construction as well. As a result, City Garden has been one of the most popular and successful projects in Ho Chi Minh City.

Chip Baker, General Director of City Gardens, adds “The gardens, landscaping and pool areas are an oasis – genuinely quiet and relaxing in the middle of a bustling city. And the convenience of having a gym, restaurant and shops within City Garden simply makes life easy. The apartmentHaig and Katrinhasjust purchased is one of the last apartments in Phase 1 of the project.”

Mr Chip goes on to say: “Phase 2 will be introduced to the market in August, 2015 with stunning towers mirroring Phase 1. After surveying feedback from our current owners and residents, the apartments have been carefully refined, and new facilities will be included, such as an additional 50 meter resort pool. And of course we are still driven by quality, and retain only the most highly qualified and experienced contractors. Haig and Katrin’s purchase demonstrates continued support for the project, and we are looking forward to a very strong response from the marketfor Phase 2.”

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