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noi’s principle administrative and trad-
ing hub. Indochina Capital poured $150
million into the Indochina Plaza Hanoi
development and, despite high prices
and the near-paralyzed state of the Ha-
noi’s property market, more than 82 per
cent of the apartments have been sold.
In search of a promised land
Peter Ryder’s broad vision has con-
tributed to Indochina Capital’s success.
After nine years as an investment bank-
er for Salomon Brothers, specialising
in real estate and finance on the New
York and Tokyo markets, and covering
the Asia-Pacific region as the real estate
director and consultant for an invest-
ment package of $3 billion, he decided
to leave his role to seek new opportuni-
ties in 1991.
He then came to Vietnam as a part-
ner in Manolis & Company Asia, a New
York-based investment firm. He was at-
tracted by Vietnam and its people, who
he describes as smart, hard working,
and entrepreneurial. He also saw that
Vietnam is a place where potential lies
untapped. At that time, diplomatic rela-
tions between Vietnam and the United
States were not yet sound, so there was
a serious amount of risk involved.
But with risk, comes opportunity.
In the 1990s, Hanoi lacked quality of-
fice space for foreign companies and
Peter soon realised this was his chance.
He set out to develop a premium of-
fice building at 63 Ly Thai To, Hoan
Kiem district, Hanoi, opposite the Hanoi
Opera House. He initiated a joint ven-
ture between Manolis & Company Asia,
Hongkong Land, and Chan Hung Import
& Export Production Business Company.
The building opened back in 1998.
This was the same year Asia experi-
enced a financial crisis, but the inves-
tors were not concerned due to its ideal
location and the strong demand in the
local market for Grade A office space.
“The 63 Ly Thai To building rep-
resents a milestone in Vietnam’s real
estate market in terms of its promi-
nent position, excellent design and
construction and quality tenants,” says
Ryman. The presence of high-profile
tenants such as the World Bank, In-
ternational Finance Corporation, the
International Monetary Fund and many
other multi-national companies is solid
proof of its success.
A new adventure
In 1995, US President Bill Clinton
announced the formal resumption of
diplomatic relations with Vietnam,
signaling a new era of opportunity for
the economy. In the same year, Pe-
ter established his own company and
one year later, foreign investors began
flocking here.
Alongside their success in provid-
ing investment consultancy services for
foreign investors targeting Vietnam,
Peter and his friend Rick Mayo Smith
started to think about combining their
skills in finance and investment with
their in-depth knowledge of the Viet-
namese market and their international
relationship network to establish Indo-
china Capital in 1999. Previously, Rick
had invested in and developed the first
five-star resort in Vietnam - Furama Re-
sort Danang - and Grade A office com-
plex, the Saigon Trade Center.
When Indochina Capital started
construction of The Nam Hai resort near
Hoi An old town eight years ago, most
people saw the move as crazy. The plan
was to charge hundreds of dollars per
night – prices hitherto seen only in the
top resorts of Thailand or Bali. Nobody
yet knew of central Vietnam as a luxury
destination. Indochina Capital had tak-
en a gamble.
“People thought I was too ambitious
at that time – they thought it was too
early to build a luxury property here,”
Ryder recalls. However, The Nam Hai’s
revenue continued to increase steadily
year on year and now it is a very success-
ful project in the company’s portfolio.
Reaching new heights
With their widely acknowledged
experience and Vietnam’s favourable
economic conditions, in April 2005 Ry-
der and his partners established a fund
management company. They launched
Indochina Land Holdings I with $42 mil-
lion to invest in real estate. The follow-
ing year, the second fund, Indochina
Land Holdings 2, raised six times that
amount. Finally, in 2010, Indochina
Land managed to raise a third fund with
total committed capital of $180 million.
With this capital, Indochina Land
has developed a series of world-class
real estate projects in different regions
around the country. Looking over the
Saigon River, the River Garden is one
of the best condominium projects in
F
rom humble beginnings in a
tiny office on Hanoi’s Ly Thai
To, Indochina Capital has grown
substantially. Today it occupies
the ninth floor of one of its own in-
vestment projects - the Indochina Pla-
za Hanoi - a building that has trans-
formed the landscape in the west of
the capital.
When Indochina Capital pegged
the price of Indochina Plaza Hanoi
apartments at approximately $3,000
per square metre more than two years
ago, people were dubious; at that time,
only property in Hanoi’s premier central
locations dared to command such rates.
However, with extensive experience
as a senior property developer, CEO and
founder of Indochina Capital, Peter Ry-
der insisted that in the very near future,
the My Dinh area would grow into Ha-
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A true
success story
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PeterRyder
has seen
off the high-end
real estateskeptics
withshrewdinvest-
ments in some of
Vietnam’s major
leisure, residential
and retail projects.
Now, thecompany
he founded, the
Indochina Capital
Corporation, isone
of the country’s
biggest players.
Words by
Nga Son
.