The joint venture between BTS Bernina Private Equity and Terne Holdings will secure a 30% stake in The One Destination under a recent agreement. This partnership includes Singapore’s Terne Holdings, a multi-sector investment group, BTS Bernina Private Equity, an Asia-focused regulated mutual fund, and The One Destination, the developer behind the Haus Da Lat project.
Spanning 5 hectares, the project is situated in a prime location near the tranquil Xuan Huong Lake.
The Haus Da Lat project is designed by renowned Japanese architect Kengo Kuma and aims to be an ESG-standard real estate complex, enhancing Da Lat’s heritage and placing Vietnam on the global ESG real estate map.
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Perspective of Haus Da Lat Project. Photo courtesy of The One Destination |
International investors’ decision to invest in Da Lat highlights the city’s unique charm. Nestled in Vietnam’s highlands with year-round cool weather, Da Lat is surrounded by pristine lakes, expansive pine forests, cascading waterfalls, and vibrant flower fields. The area is often referred to as a “natural heritage” and warrants real estate projects that honor its value.
“We were captivated by Da Lat at first sight and are proud to be pioneering foreign investors in the area,” a BTS representative shared.
Further boosting Da Lat’s appeal, the Ministry of Transport issued Decision No. 758/QD-BGTVT on June 20 to upgrade Lien Khuong Airport to international status, expected to stimulate economic and tourism growth in Lam Dong Province. In the first half of 2024 alone, Lam Dong attracted 5 million tourists—a 12% increase. By year’s end, the province aims to welcome 10 million visitors, including 550,000 international tourists.
By 2030, Lien Khuong Airport is slated to expand to 487 hectares, handling up to 5 million passengers annually with flights from various countries.
The One Destination representative said that after BTS Bernina and Terne Holdings, there will be 5 other international brands participating in Haus Da Lat project (the Da Lat city cultural and urban park).
ESG real estate, a growing trend globally, is a primary focus for The One Destination and its investors, who aim to introduce ESG real estate practices to Vietnam, starting with Da Lat and potentially expanding nationwide. Vietnam’s dynamic economy, with an average GDP growth of 6-7% annually and a burgeoning middle class expected to reach 40% of the population by 2030, presents a fertile ground for an ESG-driven real estate market boom.
Haus Da Lat’s design, materials, and operational processes emphasize environmental and social values, promising long-term benefits for future generations. Caroline Lee, Chairwoman of Terne Holdings, expressed pride in being among the first foreign investors collaborating with Vietnamese developers to preserve Da Lat’s unique heritage amidst urban development pressures.
Terne Holdings reiterated that the Haus Da Lat investment aligns with its ESG strategy, grounded in measurable actions toward the 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,” remarked a representative from The One Destination. Five international brands are expected to collaborate, further elevating Da Lat’s reputation as an iconic destination.
The One Destination aspires to lead in ESG real estate in Vietnam by addressing environmental challenges, reducing its ecological impact, and enhancing local ecosystems through sustainable materials and energy-efficient technologies.
BTS Bernina Private Equity Fund, valued at over US$368 million with 60% invested in Asia, has achieved a 71.9% return over the past three years.
Terne Holdings, based in Singapore, specializes in investments that create sustainable environments, prioritize health, and foster community development.
