A string of upscale real estate projects is set for launch throughout this month in Hanoi off the back of a rosy growth forecast for the rest of the year
Vinhomes Metropolis, a project by developer Vingroup – Vietnam’s largest property developer – may be one of the hottest projects in terms of position as well as selling price in the Hanoi real estate market at this time.
The project, located at 29 Lieu Giai Street in Hanoi’s Ba Dinh district, is designed to consist of three high-end apartment buildings and two office towers. Vinhomes Metropolis will encompass four kinds of apartments, from one to four bedrooms with areas ranging from 54sq.m to 150sq.m.
Though the selling price has yet to be publicly announced, Hanoi’s real estate circle forecasts a Vinhomes Metropolis apartment may fetch upwards of VND75 million ($3,400) per square metre. Earlier, Vingroup’s Vinhomes Thang Long project came into the market late last month. This well-placed villa complex is only 5km from the national convention centre. The project covers a total 24ha and consists of nearly 800 villas, semi-detached houses and shophouses.
The project’s highlight is its 10ha compensating water reservoir. With prices from VND7 billion ($319,500) per villa, Vinhomes Thang Long in Hanoi is enjoying positive feedback from the market. Apart from Vingroup projects, several other upscale developments are anticipated to launch this month in the capital city. Star Tower is a project by property developer FLC Group in the heart of Hanoi’s Ha Dong district.
FLC Star Tower, covering more than 3,000sq.m of space, consists of 41 floors encompassing apartment and office sections and a trade centre. Another project located in Ha Dong district which will soon be open for sale is the 45-storey Thap Doanh Nhan (Boss Tower) project in Tran Phu ward, the tallest building in Ha Dong as at this time. The project, developed by Anh Quan Company Limited, covers 1,370sq.m in total area and reports VND1.2 trillion ($54.7 million) in total investment capital.
Another project for sale this month is Imperia Sky Garden apartment complex in Hanoi’s Hai Ba Trung district by developer HBI JSC. The project covers 3ha and consists of three premium towers each having between 30 and 35 floors.
In respect to the real estate market growth forecast in the second half of this year, Pham Thanh Hung, deputy chairman of CEN Group, a major real estate distributor, assumes that the market will feature a fair balance between supply and demand. But volatilities may still take shape in certain segments.
The low-cost and medium segment may experience a dearth in supply, leading to rising price, whereas price may keep steady in the high-end segment. Resort property may witness a boom in supply but it would not be as easy to sell as in previous months. Do Thu Hang, deputy director of Research at real estate consulting firm Savills Hanoi expected rising supply and demand in the rest of this year and early next year.
“Products of high practicability and good liquidity will receive more attention in the real estate market during 2016-2017. Our study reveals that besides the segments which have drawn customer attention until now such as apartments and resort properties, new segments of high practicability also deliver rosy growth perspective such as the shophouse and condotel model,” Hang said.