Singapore-headquartered property developer CapitaLand is confident that its Seasons Avenue apartment project in Vietnam’s capital city would be another success story, thanks to the recovering local real estate market and a well-grounded partnership with a local business.
The design concept behind Seasons Avenue is inspired by Hanoi’s four seasons
Designed with four high-rise buildings inspired by Hanoi’s four seasons, the project is scheduled for completion in phases, with the first phase to be completed in 2017. Once completed, it will add 1,300 apartments to the mid-end segment in the rapidly urbanising Ha Dong district.
Despite the fact that it’s still under construction, the project has drawn keen interest from buyers with a substantial amount of bookings already in place, according to Lim Hua Tiong, general manager, North Office, CapitaLand Vietnam Holdings.
“The local property market is warming up and the demand for housing from the Vietnamese people is increasing sharply, especially in the mid-end segment. Seasons Avenue offers the right product that meets the market demand for quality housing in this segment,” he said.
He added that the joint venture between Singapore’s CapitaLand and Vietnam’s Hoang Thanh saw successful sales in 2014 with their high-end Mulberry Lane apartment project. This was at a time when market conditions were not as favourable as it is today, and as such, Seasons Avenue sales are expected to flow even more smoothly.
Furthermore, experiences drawn from developing Mulberry Lane have also helped the developer understand demand for housing in Hanoi market better.
“With the success of high-end residential projects in Vietnam such as The Vista, Mulberry Lane and Vista Verde, today introduction of Season Avenue marks an important milestone for CapitaLand Vietnam. We target to complete and handover the project to homebuyers by end of 2017 and according to schedule. As a long-term real estate developer in Vietnam, we are committed to Singapore development standards and on-schedule delivery,” he Äai.
After roughly 20 years in Vietnam, CapitaLand has become renowned for projects such as The Vista, Vista Verde, Parcspring, and Mulberry Lane. The multinational company, also one of Asia’s largest real estate firms, has supplied more than 6,000 apartments in six housing projects in Ho Chi Minh City and Hanoi. Ascott Limited, a subsidiary wholly owned by CapitaLand, has a portfolio including more than 1,800 serviced apartments in 12 Somerset buildings in Vietnam’s largest cities.
The Singaporean developer has announced that Vietnam’s property market, powered by a fast growing economy, rapid urbanisation, and a young population, is one of its “new growth markets” besides Indonesia and Malaysia.
Hoang Thanh JSC general director Nguyen Nhu Vinh said that the CapitaLand brand had facilitated the development of the joint venture’s projects, and the two companies’ established partnership was a primary factor in the Singaporean investor’s success in Hanoi.
Tiong said Hoang Thanh was the right choice for CapitaLand to partner with as it boasted a wealth of experience in Vietnam’s real estate market. “Our partnership brings a combination of local experience and Singapore’s construction know-how to provide quality housing for Hanoian customers,” he said.
The two partners in the joint venture expect that Vietnam’s newly effective laws on Real Estate Business and Housing would make it easier for both foreigners and overseas Vietnamese to purchase apartments.
By Minh Thao
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