Vietnamese developer The One Destination has officially announced a significant investment agreement with Singapore’s Terne Holdings and BTS Bernina Private Equity Fund. The partnership will see the joint venture owning a 30% stake in The One Destination, a company renowned for its leadership in ESG real estate development in Vietnam.
The key project in focus is the Haus Da Lat development, which will span 5 hectares in a prime location near Xuan Huong Lake in Da Lat. This serene lake is a prominent natural attraction, known for its picturesque beauty and cultural significance. With a total investment of approximately USD 68 million (VND 1,700 billion), Haus Da Lat is set to become Vietnam’s first real estate complex adhering to ESG (Environmental, Social, and Governance) standards.
Haus Da Lat is designed by globally acclaimed Japanese architect Kengo Kuma and is expected to be a defining heritage landmark for the 130-year-old city. The development aligns with the growing demand for ESG-focused projects globally, positioning Da Lat as a key player in sustainable real estate.
The international investors selected Da Lat as their first investment location in Vietnam due to the city’s natural allure and unique environment. Often referred to as Vietnam’s “natural heritage,” Da Lat is celebrated for its cool climate, tranquil lakes, vast pine forests, waterfalls, and vibrant flower fields. These attributes make the city an ideal backdrop for real estate projects that embrace sustainability and harmony with nature.
“We were captivated by Da Lat at first sight, and are proud to be one of the pioneering foreign investors here,” said a representative from BTS Bernina.
In recent months, Da Lat has seen a surge in development following the Vietnamese government’s decision to upgrade Lien Khuong Airport to an international hub, a move expected to significantly boost tourism and the local economy. Lam Dong province, where Da Lat is located, welcomed 5 million tourists in the first half of 2024, with projections to reach 10 million by the end of the year.
The expansion of Lien Khuong Airport is expected to cater to 5 million passengers annually by 2030, with international flights further promoting Da Lat’s growing appeal as a tourism destination.
ESG real estate is gaining momentum worldwide, with investors increasingly prioritising sustainable development. The One Destination, with its extensive land reserves and forward-thinking approach, is positioning itself at the forefront of this trend in Vietnam’s rapidly growing market. The partnership with Terne Holdings and BTS Bernina is set to redefine the real estate landscape in Vietnam, starting in Da Lat and expanding across the country.
Caroline Lee, Chairwoman of Terne Holdings, stated, “Together with The One Destination and BTS, we will create a heritage landmark for Da Lat, helping preserve its beauty while combating overdevelopment.”
The project is aligned with Terne Holdings’ ongoing ESG strategy, which integrates the United Nations’ Sustainable Development Goals (SDGs) into its operations.
As the first ESG-compliant landmark in Da Lat, Haus Da Lat promises to be a transformative development that combines sustainability with cultural heritage, setting a new standard for Vietnam’s future real estate projects. The collaboration is poised to create long-term value for future generations, in line with ESG principles, and serves as a model for future developments across Vietnam.
