High-end apartments have enjoyed good sales despite not being targetedby the government’s real estate stimulus package, the Vietnam InvestmentReview (VIR) reported on April 14.
The paper quoted CBRE Vietnamas saying that high-end apartments worth more than 30 million VND(1,400 USD) per square metre were showing improved liquidity.
ACBRE quarterly report claimed the market had shown more activity thannormal despite the traditionally post-lunar new year period.
MeanwhileNgo Thi Huong Giang, senior manager of Research and Consultancy atSavills Vietnam said that Grade A apartments for sale had shown the bestabsorption rate for any segment in the first quarter.
“High-endprojects are trying to woo customers. Dolphin Plaza, Indochina PlazaHanoi, Golden West and the Watermark should all be regarded as successstories,” Giang said.
The Ministry of Construction reported thatin the first two months of this year, Hanoi saw around 1,300 successfultransactions, double that of the same period last year.
In reality, the improvement of high-end apartment sales began at the end of last year.
Good sales have also been seen at Hoa Binh Green City, N04 Trung Hoa Nhan Chinh and Trung Yen Plaza.
AtIndochina Plaza Hanoi, 11 units were sold in the first quarter of thisyear, despite the price tag of 51 million VND (2,400 USD) per squaremetre. This project attracted customers because of its specialbuy-to-lease deal with the commitment of a turnover of 400 million VND(18,786 USD) per year per unit, or from 7 to 8 percent of return oninvestment annually.
Indochina Plaza Hanoi has only 29 unsoldunits while Thang Long Number One and Mandarin Garden claim only 10percent of their units are left for sale and these were units over 100square metre each.
According to CBRE Vietnam’s executive directorRichard Leech, good brands and almost finished products wereunsurprisingly popular choices.
Due to the limitation ofhigh-rise buildings in the centre of the city, during the last year,only D.’ Le Pont D’or - Hoang Cau high-end apartment project beganconstruction.
Excluding major projects such as Times City andRoyal City developed by Vingroup, central Hanoi has around 1,000 unitsavailable for sale.
Due to the limited supply, projects ownersare maintaining high prices. The Hoang Thanh Tower project hasmaintained 80 million VND (3,750 USD) to 100 million (4,696 USD) persquare metre. Watermark are selling for up to 60 million VND (2,800 USD)per square metre whilst D.’ Le Pont D’or is charging more than 40million VND (1,878 USD) per square metre.
According to Pham ThanhHung, deputy chaiman of Cen Group, the price of high-end apartments hadbeen maintained in city centre locations such as Ba Dinh, Hoan Kiem,Dong Da and Hai Ba Trung districts thanks to many customers wanting tobenefit from good infrastructure facilities despite the limited housingstock.
This requirement meant that despite the availableproperties in further flung districts such as Ha Dong, Tu Liem and HoangMai, their location would act against them due to poorer qualityservices and local infrastructure in their localities.
In addition, Hanoi’s authorities have also banned new high-rise buildings in the centre of the city.-VNA
The paper quoted CBRE Vietnamas saying that high-end apartments worth more than 30 million VND(1,400 USD) per square metre were showing improved liquidity.
ACBRE quarterly report claimed the market had shown more activity thannormal despite the traditionally post-lunar new year period.
MeanwhileNgo Thi Huong Giang, senior manager of Research and Consultancy atSavills Vietnam said that Grade A apartments for sale had shown the bestabsorption rate for any segment in the first quarter.
“High-endprojects are trying to woo customers. Dolphin Plaza, Indochina PlazaHanoi, Golden West and the Watermark should all be regarded as successstories,” Giang said.
The Ministry of Construction reported thatin the first two months of this year, Hanoi saw around 1,300 successfultransactions, double that of the same period last year.
In reality, the improvement of high-end apartment sales began at the end of last year.
Good sales have also been seen at Hoa Binh Green City, N04 Trung Hoa Nhan Chinh and Trung Yen Plaza.
AtIndochina Plaza Hanoi, 11 units were sold in the first quarter of thisyear, despite the price tag of 51 million VND (2,400 USD) per squaremetre. This project attracted customers because of its specialbuy-to-lease deal with the commitment of a turnover of 400 million VND(18,786 USD) per year per unit, or from 7 to 8 percent of return oninvestment annually.
Indochina Plaza Hanoi has only 29 unsoldunits while Thang Long Number One and Mandarin Garden claim only 10percent of their units are left for sale and these were units over 100square metre each.
According to CBRE Vietnam’s executive directorRichard Leech, good brands and almost finished products wereunsurprisingly popular choices.
Due to the limitation ofhigh-rise buildings in the centre of the city, during the last year,only D.’ Le Pont D’or - Hoang Cau high-end apartment project beganconstruction.
Excluding major projects such as Times City andRoyal City developed by Vingroup, central Hanoi has around 1,000 unitsavailable for sale.
Due to the limited supply, projects ownersare maintaining high prices. The Hoang Thanh Tower project hasmaintained 80 million VND (3,750 USD) to 100 million (4,696 USD) persquare metre. Watermark are selling for up to 60 million VND (2,800 USD)per square metre whilst D.’ Le Pont D’or is charging more than 40million VND (1,878 USD) per square metre.
According to Pham ThanhHung, deputy chaiman of Cen Group, the price of high-end apartments hadbeen maintained in city centre locations such as Ba Dinh, Hoan Kiem,Dong Da and Hai Ba Trung districts thanks to many customers wanting tobenefit from good infrastructure facilities despite the limited housingstock.
This requirement meant that despite the availableproperties in further flung districts such as Ha Dong, Tu Liem and HoangMai, their location would act against them due to poorer qualityservices and local infrastructure in their localities.
In addition, Hanoi’s authorities have also banned new high-rise buildings in the centre of the city.-VNA
