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Tony Milton MRICS

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Fast Facts

Date : Sunday, 04 October 2009
Category : Realty - Hanoi Resy

CHRONOLOGICAL ORDER : Scroll to bottom for latest info


261209-In Hanoi from the end of 2009 upto 2012 it is estimated that there ¬will be at least 10,000 apartments launched. Of those, nearly 34% will be in Tu Liem district and approximately 30% in Cau Giay district. VIR

Units launched compared to other cities
City Last 5 years 2009 Last 2 months
Bangkok NA 3,912 3,200
Singapore NA 18,000 6,520
HCMC 43,000 6,200 3,504
Hanoi 36,000 8,000 2,273

221209-Hanoi's residential market has become dormant after a recent transaction frenzy. Although no developers had announced reduc¬tions in launching prices, the ask¬ing prices in the secondary mar¬ket, where buyers resell proper¬ties, had dropped significantly. He cited Mulberry Lane, Indochina Plaza Hanoi and Cipu¬tra as typical cases where asking prices in the secondary market had fallen remarkably. In October, when CapitaLand Hoang Thanh launched the first 330 out of 1,478 units at $1,350-¬$1,70sqm in the Mulberry Lane project in Ha Dong district, buyers quickly snapped up all the apartments and quickly resold them for profits of around $10,000 a unit. Now, buyers have not been able to resell these apartments for even small profits. Indochina Plaza Hanoi, devel¬oped by Indochina Land Hold¬ings, is another case in point. Around 90% of its first 183 units were sold out within a few days in early November at prices of $2,600-2,900sqm. These apartments were then resold at a difference of around $10,000 per unit compared to their original contract value. Now, buy-ers are asking for a lower differ¬ence of $2,000-3,000 but few transactions have succeeded. Asking prices for land and apartments in several projects had fallen 15-20% over the last few weeks. In October and November over 2,273 apartments launched. Almost all were quickly sold out. Buyers were mainly investors who had been active and still regarded real estate as a good place to make a profit. However, develop¬ments that had been fully regis-tered or taken up buyers were merely morally obliged to proceed with the sales and purchase agreements, and not contractually bound. Therefore, the conversion from registration to actual sales might not be fully realised. A project can be registered by thousands of buy¬ers, but the number of real buyers cannot reach the figures revealed by developers." In the last couple of years residential projects in Hanoi often asked buyers to advance a deposit of VND100m / $6,500 and make a first payment tantamount to at least 30% of the contractual value. These high payments helped developers see the real buyers. However, in recent launches, it was much easi¬er for buyers to trade apartments, as they were asked to advance a deposit of just VND50m. Or, if they were obliged to make a first payment, they had to pay just 10% of the contract's value. That was why more people were engaged in apartment trading, and could quickly earn profits after a quick reselling. "Speculators rushed into the market.” Ha Dong by next January would have at least 12,000 units offered in both the primary and secondary markets and secondary supplies in Hanoi would be up to more than 30,000 units and new primary supplies per year up to 2012 were expected to be about 10,290 units. VIR

221209-Malaysia-backed conglomerate Ber¬jaya's launching of its first residen¬tial project on the northern bank of Hanoi's Red River last week reflect¬ed the attractiveness of real estate development in the area. Berjaya Leisure, a subsidiary of Berjaya Land Berhad, in a joint ven-ture with Hanoi Housing Investment and Development Joint Stock Co No 12 last week launched the Canal Park residential project. Canal Paris is part of Thanh Ban Garden City, in Long Bien district, which covers 32 hectares along Ring Road No 3, connecting Thanh Tri Bridge and Hanoi's new develop¬ment area. The Viet¬nam Star Group - which planned to set up the $3 billion Ca Lo urban development area in the northern bank of the Red River, said that the area had become more attractive to investors. The main reason for this attrac¬tion was because Hanoi People's Committee was setting up a masterplan for the area. Upgraded infrastruc¬ture in the area was another attrac¬tion, with many new roads and 2 new bridges crossing the river : Vinh Tuy and Thanh Tri bridges. The area over the river is just less than 10 kilometres from the city cen¬tre. This area has a lot of potential for real estate development because it has great links to other industrial focus centres of the northern provinces. The concern of passing over the river still exists. However, the price and quality of apartments in this area is a big advantage : apartments in projects over the Red River are being offered for prices between VND19-22m / $1,028-$1,190sqm while the price was VND40-45m / $2,163-$2,434sqm along Pham Hung street or VND35-37m / $1,893-$2,001sqm along the Lang-Hoa Lac road. The area is now home to residen¬tial projects Viet Hung, Dang Xa and Sai Dong new urban areas and Thanh Ban new city. The Savico Plaza Hanoi is being developed at the cost of $25m. VIR

040110-Hanoi's Department of Natural Resources and Environ¬ment will auction 45 land plots for villa building at the starting price of VND15m / $811sqm in Sai Dong New Urban Area in Long Bien District. There are 170 bidding files registered for the auction. The township covering 42 hectares is developed by Hanoi Construction Co. No. 3 under Hanoi Housing Development and Investment Corp. SGT

200110-Capita¬Land started pre-sales activi¬ties for 1 of the 5 towers at Mulberrv Lane - its first project in Mo Lao - and all 330 units were fully booked in less than two days. Then units were booked at prices between $1,350-$1,700/sqm. SGT

270110-Some 12,650 apartments in Hanoi are expected to come on stream from now to 2012, of which around 2,000 units are to enter the primary market in the 1st Quarter of this year. Demand for housing is expected to remain high in the medium term and demand for Grade B and C apart¬ments, which are more affordable for the majority, are predicted to be higher than that of Grade A. SGT

300110-The price reduction has happened in the western area of Ha Noi, a real estate hotspot. The Duong Noi apartment complex in the capital city's Ha Dong District is selling at base prices, after it had gone up by VND100 million (US$5,400) earlier last year. The Mulberry Lane Ha Dong project has cut prices by $30-$50 per square metre, MegaLand by $30-$40 per square metre, Bac An Khanh by $30-$40 per square metre, and Usilk-City $50-$70 per square metre. Real estate marketing agen¬cies in the west of Ha Noi said transactions in the area had fallen by 90% in compari¬son with the period between August and October 2009. There are as many as 80 new projects under development in Me Linh District, half of them to build residential complexes, garden homes and villa. In the east of Ha N6i, several major projects like the Eco Park, Villa Park, Viet Hang, Dang Xa, Sai Dong and Thach Ban are under construction. VNN

280210-The construction of a series of large apartment buildings last December signaling an in¬crease in demand. The most noteworthy are six apartment buildings in the Viet Hung new urban area and a high¬ class apartment building in Ha Dong. To reduce population density in the city centre, Ha Noi au¬thorities plan to build satellite urban areas in Soc Son, Me Linh, Quoc Oai, Xuan Mai and Mieu Mon in the near future. VNN

040310-It is estimated that 12,650 apartments will come on stream in Hanoi from now to 2012 of which around 2,000 are to enter the primary market in the 1st Quarter 2010. SGTW

140310-The first 116 apartments (out of 512) in the Hoang Quoc Viet Residentials apartment block in the Co Nhue new urban area were officially released onto the market last week at starting price of US$1,300sqm and 70 apartments or 60% sold immediately. The Sing Hong Park View on Thai Ha will include 2 apartment blocks and a 10 storey office building with apart¬ments of 75-185sqm when it is finished in 2012 is expected to be sold for $2,000-2,200sqm. One low-cost apart¬ment developer plans to launch 700 low cost apartments in the Me Linh area in the second quarter of this year with an expected price of VND10, / over $500sqm with areas of 55-85sqm. VNN

030410-In the next 2 years Hanoi's residential market will have a huge supply with about 12,650 units going into operation, in which 2,040 apartments will be offered in the primary market in this quarter. VIR

080410-The Q1 2010 primary market contributed 1,816 units from 15 active projects although there were fewer transactions than in the previous quarter. About 1,200 units were sold during Q1 2010. Housing demand is currently high. The city is expanding to the west, which may draw the demand for apartments to that area. The primary market in Q2 2010 could see 1,990 new units from 7 projects and 2,000 more could be opened by the end of the year. The primary market is expected to open about 10,900 units by 2011. An unidentified number of apartments from the new urban areas is also expected to contribute to the future supply. SGT

090410-Some 1,087 luxury apartments would be completed in Ha Noi during the last half of 2010. VNN

040410-Nam Cuong Hanoi Group recently launched sales of 116 apartments at its Hoang Quoc Viet Residentials pro¬ject in Tu Liem district, at starting price of $1,300sqm. However, a source from the company said buyers were no longer as excited as late last year and they had been able to sell just a few units. Indochina Land last week announced the sales of another 207 units of Indochina Plaza Hanoi pro¬ject, where it almost sold out 183 units within one week late last year at prices of $2,900¬-$3,300. Although Vietcombank has agreed to lend buyers at Indochina Plaza Hanoi up to 60% of an apartment value they do not expect to sell as fast as the last quarter. A report affirms that high-end products in Hanoi still have high asking prices and do not show any sign of reducing such as Pacific Place with about $4,500-$5,000sqm, Golden Westlake with $3,300¬-$4,000sqm and Vincom Park Place $3,500-$4,000sqm. There were 47,400 new residential units planned for the end of 2013. Approximately 39% of this will be located in Ha Dong district, followed by Can Giay and Tu Liem districts with 14% and 12% respectively. There are currently no future residential projects planned in Hoan Kiem. The majority of future supply will be dominated by mid-range apartments with prices ranging from $1,200-$2,000sqm at roughly 82%. The remaining 18% will be split between high and low-range apartments. VIR

040410-The serviced apartment occupancy rates in the 1st Quarter of 2010 lingered between 87-98% compared to last year's final quarter rates of 86-88%. The overall vacancy rates remained at nearly 14% in the first quarter of 2010. However, newer projects that have opened since 2008 have lower vacancy rates of between 8-10%. Ocupancy rates for projects built prior to 2008 were only between 84-86%. Up to now, Hanoi is home for approximately 350,000sqm of apartments for lease with more than 4,000 units in 91 buildings, from 40 to 625sqm. This year the market will see supply increase approximately from 5-10%. In the ser-viced apartment sector, 230 units will be added to the market at Crowne Plaza in My Dinh com¬mune and Tay Ho district's Elegant 2. In the private market sector, major new offerings include Vin¬com Park Place, Golden Westlake and Ciputra P1 and P2. These apartments have been sold to local buyers, who then will prob¬ably lease them to foreigners. Regarding rental rates, last year's final quarter saw a modest increase by only 1-3%. VIR

190410-The serviced apartment market in the capi¬tal city of Hanoi saw a slight increase in overall occupancy compared to the previous quarter, but also wit¬nessed a slight decrease in average rental rates. The year-on-year decline was about 4%, equivalent to a drop of US$1.10/sqm. The market, with no new supply last quarter, has 41 buildings provid¬ing 2,200 serviced apartments from studios to six-bedroom units and penthouses. Some 2,300 apartments would join the Hanoi market over the next four years, including a new supply of around 60 from a project in Tay Ho District next quarter and 84 from the Crown Plaza Complex in Tu Liem District in the last quarter of this year. SGT

190410-Hanoi targets to increase housing area per capita in the city from 13 to 22sqm by 2025. SGT

290410-Hanoi's serviced apartment market is facing a glut in 2011 with more than 1,200 ser-viced units coming online. Currently the capital's market has 2,200 service units and the current occupancy and rent rates are stable with more than 85% and average rent rates from $25-28sqm. In some serviced apartments, we can observe them operating with very short-term leases like a hotel. Tu Liem dis¬trict's Habico tower is swapping serviced apartments for long-term lease apartments which could be repeated at other devel¬opments. The total supply in this quarter increased by 7%, equivalent to more than 100 units. The overall occupancy rate saw a slight increase of 1% against 2009's fourth quarter and 3% against the same quar¬ter of 2009. However, the average rental rate decreased by only $0.3sqm in comparison with 2009's fourth quarter. VIR

290410-Mid and low-range apart¬ments are gradually domi¬nating Hanoi's property mar¬ket with 91% of apartments launched in this year's first quarter were mid¬ end residential units. Mid-end residential units are now being sold from $1,500sqm downward, while the low¬ end ones are being sold at less than $1,000sqm. The demand for prices below $1,000 was high. Some 73% of the launched apart¬ments were priced between $700 and $900sqm. This sector is more in line with the requirements of middle income Vietnamese families with 2 bedroom apartments ranging from 70-90sqm. Properties in Ha Dong are typically 2-3 bedrooms and 60-100sqm from $800 to $1,500sqm. The district has a strong supply pipeline for the fore-seeable future and is predict¬ed to connect with the new commercial developments in Cau Giay and Tu Liem dis¬trict, attracting workers who wish to be located close to their new employers. VIR

170510-Hanoi City plans to set aside VND12tr / $628m for worker dormitory projects until 2020 as the number of laborers is expected to soar to 800,000. The projects will cover 500 hectares of land in the city. SGT

010610-Land fever in the capital's western re¬gion and beyond because of the Lang-Hoa Lac highway and 5 satellite cit¬ies along the Thang Long axis link to Ba Vi region to the westi. In addition, real estate companies have continued to release inaccurate infor¬mation in order to raise prices which has created a market of virtual land prices. As a result people have rushed to buy land, causing prices to skyrocket even fur¬ther. Projects located near convenient transportation infrastructure have seen prices increase from 35-55% cent and trading vol-ume has increased 25-30% cent over last month. At the end of March, the land in this area ranged from VND26-VND28 million (US$1,368-$1,473) per square metre. The current price is about VND35 mil¬lion / $1,832 per square metre. In some project areas, such as Geleximco C and D along Le Trung Tan road which has opened to traffic, land prices have risen from VND42 million / $2,199 to 65-70 million / $3,403-$3,665 per square metre. Land near Trung Van nearly doubled in price from two months ago from VND45 million / $2,356 per square metre to VND80 million / $4,188. A number of other desir¬able locations along the Lang-Hoa Lac Highway are up to nearly VND 110 mil¬lion / $5,759 per square metre. Apartment prices have also increased with residen¬tial land nearly doubling, and even tripling in some cases. In Tay Ho District, land in the Xuan La urban area was VND130 million / $6,806 per square metre last month, which has increased to VND150 million / $7,853 per square metre now. Land in Gia Lam District is a comparative bargain, but prices have risen equally rapidly, from VND15-¬VND18 million / $785-942 to VND25-¬VND27 million $1,390-$1,414 depending on location. Land prices have nearly doubled from 7-8 months ago. The market has caused the price increase, but it was in excess of its real value because of land speculation. VNN

200610-Aaverage rents for serviced apartments in Hanoi were more than $3,000 per unit per month. Hanoi's rents were lower than Bei¬jing ($4,600), New Delhi ($3,600) and Mumbai and Karachi with more than $3,200. The average rent rate was stable at around $28 per square metre per month in early of 2009, a little bit down at $26 in the third quarter of 2009 and increased to $27 in the first quarter of 2010. However, the Hanoi market will be faced with huge stock in 2011 when more than 1,200 serviced units coming online, more than a half of the total current sup¬ply. VIR

100710-The apartment for sale in Hanoi was quieter in the primary market during the 2nd Quarter. This was reflected by a lower number of units sold, 670 units, accounting for 48% of the primary supply compared to around 1,200 units in the previous quarter. The total primary supply in the second quarter is 1,400 units, provided by 13 active projects in 9 districts, in which Tu Liem District alone accounts for nearly half of the primary supply. There is a new supply of 2,900 units from 5 projects to enter the primary market in the 3rd Quarter, and it is expected to see a new supply of over 1,500 units from 9 projects in the 4th Quarter of this year. In addition, an estimated 26 projects may enter the primary market by 2011 with over 11,800 units and an amount of apartments from the new urban areas is expected. VNN

100710-Around 11,200 new condos were launched onto the HCMC market in the 2nd Quarter, increasing by 24% against the 1st Quarter with most flats in Districts 2, Binh Tan and Binh Thanh. SGT

140710-The new apartment sup¬ply in the 2nd Quarter was 4,587 units and in the latter half of the year there would be around 10,000 new units launched, pushing the 2010 total new supply in Hanoi close to 20,000 units. Several high-end projects such as Richland Southern, Mulberry Lane and Tricon Towers have started to offer dis¬counts, bank financing support and favourable payment terms to quicken sales. The suc¬cessful launching of apartment projects in the first half of 2010 in the primary market included Dang Xa new urban area in Gia Lam district, Ecopark in Van Giang district, Hung Yen province, and The Pride in Ha Dong district. The developers got good turnover as 99 units of Dang Xa new urban area was sold out within 2 days of launch, 90% of nearly 600 units at Eco¬park within one week and 50% of total units in the first launch of The Pride was purchased. VIR

280710-The Hanoi residential market started to fall during the second half of 2008 and then frozen until the first quarter of 2009, he said. It started to recover in the second quarter of 2009 with a 15-20% rise in land and house prides during the 3rd Quarter. Prices then jumped 30-40% during the 1st Quar¬ter and early in the 2nd Quarter 2010. VNN

300710-The luxury condominiums fetch an average price of US$2,800/sqm. SGT

280710-There are almost 8,200 villas and 11,400 townhouses supplied to the market. The average popular sec¬ondary asking villa prices are at the highest in Can Giay district, reaching $7,400sqm in the 2nd Quarter of 2010, fol¬lowed by Tay Ho and Tu Liem districts with more than $6,800sqm and more than $5,100sqm respec¬tively. Thanh Tri and Gia Lam districts experienced the lowest prices. However, hundreds of com¬pleted villas and townhouses belonging to a series of residen¬tial projects across in Hanoi are still empty as most buyers are speculators, not end-users. There are a few of buyers purchasing the units for accommodation. They are high¬ income earners and a buyer can purchase several units, even tens of units. They use them as long¬ term investments or gifts for rel¬atives. Many speculators would wait 3-5 years for unit prices to double. For example, Ciputra International City, in Tay Ho district, sold villas at $1,250sqm a few years ago, but now they sell for $7,631-$8,421sqm. "Buyers are thirsting for more residential projects offering villas and townhouses for sale. The supply from 59 new villa, town¬house projects in Hanoi over the medium-term will partially help to ease the thirst. VIR

070810-Luxury villas in Ciputra and My Dinh now costs in the region of VND90 million (US$4,700) to VND 140 million ($7,300) / sqm. In more modest regions - such as Phap Van, Linh Dam, Van Khe and Van Phu - accommo¬dation is going for between VND40 million ($2,100) to VND60 million ($3,100) / sqm. In the medium ¬term, 59 new villa and townhouse projects will launch in Ha Noi. Most of them will be in Hoang Mai, Lang Hoa Lac, Ha Dong, Long Bien and Tu Liem districts. It is estimated that 55% of these will be in Hoang Mai District and Lang Hoa Lac area. There were almost 8,200 villas and 11,400 townhouses in the capital. Ha Dong is the most attractive area for investors, with about 3,400 villas and 5.000 townhouses un¬der construction. VNN

041009-Land prices around NUA in Hanoi have risen steeply due to better infrastructure. Land prices at Thanh Ha area are VND30-45m / $1,538-$2,308sqm and VND50-60m / $2,564-$3,077sqm at Bac An Khanh. SGT

061010-The Hanoi serviced apartment sector average dipped slightly to 91% from 92% in the 3rd Quar¬ter but average rental rates increased by 0.4% to US$26/sqm. SGT

121010-The number of serviced apartment units will reach 3,450 units com¬pared to 2,250 units currently. New supplies mostly come from Tu Liem, Tay Ho and Thanh Xuan districts. Major projects like Charmvit's and Keangnam's will contribute towards the supply. No additional serviced apartment project came online in the 3rd Quarter. The market so far has more than 2,250 units with total of 226,500sqm belong to 41 buildings. More than 91% of these buildings located in Tay Ho, Ba Dinh, Hoan Kiem and Can Giay dis¬tricts. A modest of 9% belong to Hai Ba Trung, Hoang Mai and Dong Da. The average occupancy rate of the whole market decreased by 1% to 91% in the 3rd Quar¬ter. Meanwhile the average rent rate increased by 0.4% to roughly $26sqm per month, compared to the 2nd Quarter. Fraser Suite had gained 90% occupancy com¬pared to roughly 80% at the end of 2009. Japanese and Korean are domi¬nating the expatriates living in ser¬viced apartments. The year 2012 will see a slight increase of around an addition of 200 units come online, however this fig¬ure in the year after that could be huge at nearly 800 units. VIR

Speculators are still driving Hanoi's villa and townhouse segment. They use them as long-term invest¬ments, gifts for relatives or for leasing to foreigners for 3-5 years waiting for unit prices to double. For example, in Tay Ho district's Ciputra Internation¬al City, villas sold at $1,250sqm in 2005, but now they sell for $7,631-$8,421sqm. Thousands of people flocked to register to purchase a villa or a townhouse among 50 units in the first launch of the 77 hectare Parkcity project in Ha Dong district. Each villa in Parkcity was sold at around $800,000 and each town¬house sold at $400,000. As there were 50 units with more than 1,000 registra¬tions, speculators pushed prices to soar by more than $51,000 per unit. Meanwhile, speculators have also paid enormous attention to Hoang Mai dis¬trict's Mega Dominium pro¬ject and Ha Dong district's An Dong Villa venture. All 8,200 existing villas and 11,400 townhouses in Hanoi sold at the high prices before they were offered to the primary market. However, hundreds are still empty. VIR

011110-Among big projects to be launched is in Khanh New City Development's sale of its 1st Phase. The mega $2 billion project by Posco E&C and Vietnam's Vinaconex is located in Hanoi's Hoai Duc district, along the Thang Long Boulevard with 6,440 apartments, equivalent to 392,319sqm of accommodation, enough for 30,000 people. Hoa Phat Group’s 1,000 apartment Man¬darin Garden in Can Giay district's Tran Duy Hung; the CT7D, located in Le Van Luong by Nam Cuong Group; and the FLC Land¬mark Tower of FLC Group with 200 units and prices ranging from VND23-28m / $1,200-$1,470sqm. In Gia Lam district, over the Red River, the second lot of Rung Co Residentials belonging to the Eco Park is also being launched, with around 1,500 apartment units. In addition, Victoria Van Phu, Star City, Diamond Tower and Song Da City View will also add apartments to the mix. There would be 3,000 units in Hanoi launched in the 4th Quarter compared to 1,950 units in the 3rd Quarter and more than 4,600 units in the 2nd Quarter. VIR

091110-FLC JSC has announced the sale of the 3rd Phase of its Landmark Tower project in Tu Liem at around VND28m / $1,436sqm. Customers can borrow up to 85% of the value of the condos. SGT

091110-Land prices in Hanoi City have increased strongly since the 2nd Quarter given bet¬ter traffic infrastructure in Long Bien, My Dinh, Tu Liem and Thanh Xuan district. Land lots in the western areas have surged by 20% to 30% in price to VND40-45m / $2,051-$2,308sqm. SGT

291110-Nam Cuong is offering nearly 1,600 apartments in the Duong Noi new urban area at an average price of VND22 million (US$1,128) sqm excluding VAT. According to the developer, the Duong Noi new urban area on Le Van Luong street includes 14 multi ¬storey buildings, covering an area of 52,000sqm. SGT

291110-Real estate in Ha Noi's outlying west side’s improved road sys¬tems, including the new Thang Long and Le Van Luong highways, have already contributed to 30-40% increases in property values. The prices of Tay Do vil¬las in the Duuong Noi new urban area, for instance, have risen from VND23-30 million (US$1,150-1,500) sqm last year to VND40-50 million ($2,000¬-2,500) this year. Villas and apartments in the Van Khe urban area were fetching an even more impressive VND60¬70 million ($3-3,500) per square metre. Meanwhile, on the other side of town, across the Red River in the Gia Lam District, real estate values have also been rising steadily. The price per sqm for a unit on Ngoc Thuy Road, for example, now stand at VND35-40 million ($1,750-2,000), a 7 fold increase since 2007. Properties in the Da Ton commune have climbed from values of VND3-5 million ($150-250) per square metre two years ago to VND15-I6 million ($750-800) currently. Property values were expected to rise further once the Ecopark development was completed and once better road systems linked the eastside to the city centre, noting that the recently-opened Phap Van and Thanh Tri bridges have already helped shorten commute tunes from the area. VNN

051210-Experts expect Hanoi City to have 3,000 more apartments in the 4th Quarter with most being middle-priced flats at around VND20m / $1,026sqm. The proj¬ects to be completed include Hanoi Times Tower and the Victoria Van Phu. SGT

051210- Tan Hai Thanh realty trading center has launched the sales of Binh Tri Dong B project with 252 condos priced at around VND550m / $28,205 each. Sacombank, Techcombank and HD Bank will provide installment loans of up to 20 years for customers. SGT

121210-Many experts believe that when construction of 252 property projects in Hanoi awaiting approval become operational and are sold between 2011 and 2013, the market will be flooded with apartments with supply exceed demand, leading to lower prices of houses and apartments and the stag¬nancy of the Ha Noi prop¬erty market. VNN

151210-Vinaconex Xuan Mai Concrete and Construction JSC has begun to sign contracts with 382 customers of Vietnam's first low-cost condo project CT1-Ngo Thi Nham in Hanoi's Ha Dong District. The condos are VND8.8m / $451sqm. SGT

161210-While high-end apartment pro¬ject sales remain slow, mid-end apartments have been hunted by customers. Among those are the PetroVietnam Premier Creation Joint Stock Company's Hanoi Time Tower in Ha Dong district. The company recently sold off 120 units in its two buildings after a few days of launching, with the starting price from VND19.2 million / $985sqm (exclusive of VAT), and Nam Cuong Group has also sold off more than 400 apartments in its Le Van Luong Residentials in Ha Dong district, with the price ranging from VND21-24 million / $1,077-$1,231sqm. Increasing supply trends also mean the market is awash with buy¬ing options. Ministry of Construc¬tion figures revealed that more than 800 residential projects are being executed in Hanoi, with thousands of apartments to be launched. Next year, the construction of an additional 252 apartment pro¬jects will be undertaken, expected to provide nearly 8,000 more apart¬ments for the city. A range of new urban area pro¬jects such as Phung Khoang, Van Phuc, Van Khe, Duong Noi, An Hung, Park City and Mo Lao have been built along extended Le Van Luong Road. Along the Thang Long avenue, there is a series of new urban areas such as Tay Mo-Dai Mo, Geleximco, North An Khanh, South An Khanh and Van Canh. Hundreds of apartment blocks are also being built in the districts of Can Giay, Tu Liem, Tay Ho and Ha Dong districts. It is also said that two big pro-jects will be launched soon next year, including a 6,440-unit project developed by Korea's Posco E&C and Vinaconex and a 1,000 unit Mandarin Garden developed by Hoa Phat Group. However, it is not all roses. Apartments, which are priced at more than $2,000 per square metre in Tu Liem, Cau Giay or Thanh Xuan districts, and more than $1,500 per square metre in Ha Dong district or other suburban dis¬tricts are still struggling to sell. VIR

271210-Nam Cuong Group has decided to launch the sales of 209 more condos of Duong Noi new urban area project due to high demand. The flats are around VND24.2m / $1,241sqm. SGT

100111-Hanoi’s housing de¬velopment plan shows 29 districts are dotted with a thousand projects. For example, Le Van Luong, a main road, is home to dozens of major urban area developments including Trung Hoa-Nhan Chinh, Phung Thoang, Van Phuc, Van Khe, Duong Noi, An Hung, Park City and Mo Lao. Row house and villa segments registered a strong increase in price last year. Prices of landed properties in west¬ern Hanoi leapt some 15% in the last quarter of 2010 because the city's new master development plan has made some areas ideal for investment. This year should see the market entry of some 50 property projects. SGT

110111-Grade A serviced apartments occupancy had a quarter on quarter increase of 3% to 93% for the 4th Quarter. VIR

260111-t the end of last year, Hanoi had a total of 41 serviced apartment projects supplying 2,250 units to the market. Projects with the largest number of serviced apart¬ments (from 206 to 270 units) all belonged to the Grade A segment, which accounted for approximately 55% of the total supply. The latest arrival was the Char¬mvit Grand Plaza Serviced Residence with 180 units, which opened at the end of 2010 . Because of a stable supply, serviced apartments had recent occupan¬cy rates of about 92% and average achievable rent was $26.4sqm. However, grades B and C faced with stiff competition from private houses. More than 1,200 units would be sup¬plied to the market at the end of 2011, occupying more than half of the total current supply, at roughly 2,250 units. Unfinished projects contributing to future supply would be the Keang¬nam Landmark Tower with 387 units, Crowne Residences with 135 units, Elegant Tay Ho with 100 units and Hoa Binh Green Apartments with 40 units. The supply in coming years may triple when 31 known future projects come online. Eleven of these 31 pro¬jects should provide approximately 2,600 units. The number of units in the other 20 projects is not yet clear. VIR

160211-Property companies are predicting an explosion of new apartments in the two big cities this year based on the execution schedule and status of future known projects, estimated approximately 19,000 units from over 30 projects will enter Hanoi's primary mar-ket in 2011. Meanwhile, the secondary supply would have approximately 39,300 apartments. Besides, another 120 pro¬jects are estimated to enter the primary market and may provide a stock of over 24,000 units. Hanoi's new condomini¬um supply this year anticipated 16,000 units. VIR

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