By Nguyen Ha  October 15, 2018 | 07:26 pm GMT+7 Apartment buildings seen from below in Ho Chi Minh City, Vietnam. Photo by Shutterstock/Thoai Premium and luxury apartments in HCMC are seeing high absorption rates while those in Hanoi get few takers. Realtor Vietnam, an association of Vietnamese real estate developers, said in a newly-released report that the absorption rate of premium apartments in Hanoi was 13 percent in the third quarter, while it was six times higher in HCMC at 78 percent. The gap is even wider in the luxury segment, with the absorption rate in Hanoi at 2 percent and that of HCMC a full 100 percent. Premium apartments are defined as those which cost VND45-70 million ($1,925-2,995) per square meter, while luxury apartments cost from VND70-200 million ($2,995-8,558). “This shows that investors have high confidence in the potential for development of HCMC and expect an increasing number of rich Vietnamese and expats to reside there in the … [Read more...] about HCMC upscale apartment sales much higher than Hanoi
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Exceptional demand for luxury flats
With robust economic growth in Vietnam over the past several years, foreigners, especially those from Hong Kong, Taiwan, and mainland China, are driving investment into the real estate market, targeting projects in the heart of Hanoi and Ho Chi Minh City. There is a tremendous upside and opportunity for long-term investment as Vietnam continues its growth, Photo: Le Toan Dung Duong, senior director at CBRE Vietnam shared that luxury apartments with the price of more than $7,000 per square metre have been very attractive among customers. “These projects are all located at the heart of Ho Chi Minh City and Hanoi where the land fund for property development is limited and not many plots are left un-developed,” Dung said. The luxury segment has seen limited supply since there were no new projects launched in the third quarter of 2018. Several luxury projects were sold out in a short time after launch. Some projects registered four times as many offers as the units the … [Read more...] about Exceptional demand for luxury flats
Novaland launches luxury apartments at $6,000 per square metre
Novaland launches The Grand Manhattan apartment project in HCM City’s District 1 at prices starting from US$6,000 per square metre. VNS Photo Viet Nam News HCM CITY – Giant property developer Novaland Group has launched a new apartment project, The Grand Manhattan, in the heart of HCM City. Prices of units in the project, which will come up at the corner of Cô Giang and Cô Bắc streets in District 1, will start at US$6,000 per square metre. Novaland said the condos, to be handed over in the last quarter of 2021, would have two or three bedrooms and smart-home technologies. Besides the usual amenities like a swimming pool and BBQ area, it will also have a park and other attractions on 4,200sq.m of its total area of 14,000sq.m. At the launch, Novaland offered a number of promotions to buyers like free parking space, fully equipped kitchens and a four-day stay at the Azerai Cần Thơ resort. - VNS … [Read more...] about Novaland launches luxury apartments at $6,000 per square metre
Downtown HCMC proving increasingly elusive for apartment developers
According to property consultancy DKRA Vietnam, in the third quarter of this year a total of 18 apartment developments came into the market with 7,152 units. Of this number Districts 1, 3, 4, 10, and a part of District 5 only contributed 805 units, or 11 percent. In the last three quarters these areas accounted for only 8.1 percent of the total new supply in the city, with 2,159 units. DKRA Vietnam's director of research and development, Nguyen Hoang, said this was due to the fact that “clean” land – referring to land already cleared for construction -- in the city centre is fast becoming scarce. It is not easy to free up land either due to the very high costs involved, he pointed out. “If investors are able to acquire land in District 1 or central HCMC, they usually develop high-end, luxury apartments.” Concurring with this, Nguyen Tien Dung, general director of Sai Gon Trien Vong Ltd. (Savista), said trade space and office developments would be more … [Read more...] about Downtown HCMC proving increasingly elusive for apartment developers
Ascott to manage Alpha King’s HCM City serviced apartment
Property company Alpha King Real Estate Development signs an agreement to hire Singapore’s Ascott Limited to mange its serviced apartments in HCM City. — VNS Photo Alpha King Real Estate Development on Wednesday cooperated with the Ascott Limited to manage Ascott The Residence, a luxury serviced residence in HCM City. The property, in District 1 close to the Saigon River, has 205 one- and two-bedroom apartments. Lew Yen Ping, country general manager for Ascott in Viet Nam, said: “We are delighted to partner with Alpha King and combine their development expertise with our award-winning hospitality capabilities to create the flagship Ascott The Residence serviced residence which will set a new benchmark for luxury living in Viet Nam, offering top business executives and industry leaders an exclusive living and unparalleled service.” Jimmy Chan, CEO of Alpha King, said: “In Alpha King, human wellness is our top priority. The cooperation with The Ascott … [Read more...] about Ascott to manage Alpha King’s HCM City serviced apartment
East Saigon running out of apartments for sale to foreigners
Thien’s apartment was in a prime area with a view of the Saigon River in Ho Chi Minh City’s Thao Dien Ward, District 2. He could have sold it for VND5.5 billion ($236,000) to a foreign buyer, but had to sell to a local investor for VND5 billion ($215,000) because the 30 percent cap of foreign ownership had already been reached. Like Thien, Luong bought a high-end apartment on Ha Noi Highway, District 2, in 2017, and sold it to a foreigner early 2018. It was after the contract was signed that he learnt that the foreign ownership cap had been reached. It took him another month to find a Vietnamese buyer for lower profits. The amended Housing Law 2014 expanded foreigners' rights to buy housing in Vietnam but stipulates a foreign ownership cap of 30 percent in each project. Savills Vietnam director Matthew Powell said that many apartment projects in HCMC have reached the 30 percent foreign ownership limit since last year, especially in expat dense areas. Song Hai, an … [Read more...] about East Saigon running out of apartments for sale to foreigners
Becamex Tokyu launches apartment project in Binh Duong
Becamex Tokyu launches apartment project in Binh DuongBy Thanh Ha An artist’s impression of The View high-class condo project - PHOTO: BECAMEX TOKYU HCMC - Becamex Tokyu Co., Ltd, a joint venture between Japan’s Tokyu Corporation and Becamex IDC Investment and Industry Development Corporation, has put up for sale apartments of its second project named Midori Park The View, shortly known as The View, in Binh Duong New City in the southern province of the same name. The project with 604 luxury apartments is developed in the Midori Park widely covered with greenery and water surface. The View boasts a swimming pool and guest rooms for residents among other amenities, and has a Japanese-quality operation system. A two-bedroom apartment of the project is priced at some VND1.1 billion. Becamex Tokyu Co., Ltd was established in March 2012 with an aim to develop an urban complex in Binh Duong New City, and has seen its real estate projects sought after by customers. To … [Read more...] about Becamex Tokyu launches apartment project in Binh Duong
HCM City woefully short of luxury hotels to meet soaring tourism demand
Viet Nam News HCM CITY – HCM City’s hotel market, especially the luxury segment, is attractive to investors due to the relentless rise in tourist numbers. The city People’s Committee reported that in the first five months of this year there were over 3.2 million foreign arrivals compared to 2.5 million in the same period last year. The tourism sector’s revenues rose by 14.8 per cent year-on-year to VNĐ51.6 trillion (US$2.2 billion). Đại Tá Hoàng Vũ, director of the city Department of Tourisms told Việt Nam News that while the numbers of both domestic and foreign visitors are increasing sharply, the city has too few five-star and three-star hotels. “With annual growth of 20 per cent, the city tourism sector will receive around 10 million foreign visitors by 2020 and need around 10,000 luxury hotel rooms.” Nguyễn Trọng Thức, head of hotel services, CBRE Vietnam, said the number of foreign … [Read more...] about HCM City woefully short of luxury hotels to meet soaring tourism demand
Residents suffer from luxury apartments’ poor quality
Poorly constructed apartment buildings in Hanoi and HCM City have become a danger to tenants. Ceiling collapses again after repair Nguyen Manh Hung, a resident of one such building in Cau Giay District said that his family has evacuated the apartment for fear that the ceiling will collapse a fourth time. "The apartment has been repaired many times, but we have the same problem again after just a short while. Last time we were lucky. The ceiling fell right on the bed, but we were not home. The management is well aware of this problem, but they seem to ignore it." In the Hanoi Housing Development and Investment Corporation's apartment building, located in Vong Street, many residents avoid what they call the 'horror elevator', which sometimes stops or goes into free fall. "My family experienced elevator fall three times in one month. If the mechanical break hadn't worked, I'm sure we would have died," a resident complained. The elevators appear to be new and the building … [Read more...] about Residents suffer from luxury apartments’ poor quality
Around 41,000 apartments sold in HCMC last year
The number of apartments sold in HCMC reached roughly 41,000 units last year, almost double that of Hanoi City at 21,000 units, according to the Vietnam Association of Realtors. New apartment buildings are seen in HCMC. The city last year saw bustling real estate transactions, with roughly 41,000 housing units finding buyers Data of the association shows that around 79,000 apartments found buyers nationwide last year, of which about 62,000 units were sold in Hanoi and HCMC.HCMC saw the most transactions, with around 41,000 apartments sold, much higher than the number of new apartments put up for sale at 37,000 units. The reason is that around 4,000 unsold apartments in 2016 also found buyers in the city last year.Medium-priced apartments took the lead with more than 15,500 units sold in the city, followed by luxury apartments with over 12,000 and affordable apartments with 8,500.Meanwhile, according to the association, the number of apartments offered for sale was more than … [Read more...] about Around 41,000 apartments sold in HCMC last year