HANOI REAL ESTATE MARKET: WAVE ROARS IN THE WEST

Investors drawn to the west

There are many reasons for investors to focus on western projects. Mr Marc Townsend, CEO of CBRE Vietnam, a real estate consulting firm, said that major transport infrastructure projects under construction in the west have produced positive impacts on the property market there. Two near-completed city rail lines from the west to the downtown, namely Ha Dong - Cat Linh and Nhon - Hanoi Railway Station, will facilitate travel from this area. In addition, National Road 32, Thang Long Expressway and Le Duc Tho - Le Quang Dao Road interlink to form a complete broad transport network. The completion and development of transport infrastructure has strongly impacted and stimulated the western property market in Hanoi. This is openly evidenced by the presence of major projects developed by giant property firms like Vingroup, TNR Holdings and FLC.

Vinhomes Gardenia project, invested by Vingroup and located on 17.6 ha in Ham Nghi Street (Nam Tu Liem district), will offer more than 2,000 apartments, hundreds of villas, trading houses and townhouses in addition to schools, clinics and supermarkets.

TNR Holdings marked its presence in the area with the Goldmark City project with nearly 5,000 apartments in Cau Dien Town, GoldSilk Complex with 800 apartments in Ha Dong District, and GoldSilk Season condo GoldSilk Season with 1,600 apartments in Thanh Xuan district. Goldmark City project (situated at 136 Ho Tung Mau Street), covering 12 ha, consists of nine 40-floor blocks with nearly 5,000 apartments. Goldmark City is built in a modern green architectural ensemble of Singapore, known as the “city in a garden”. With more than VND155 billion spent on landscape design, accented with four broad squares, namely Ruby Square, Light Square, Water Square and Sapphire Square, impressively featured by waterfall of love, Garden Desscor and Pavilion. Besides, outdoor and indoor facilities in Goldmark City are scientifically and distinctly distributed, including five-storey modern shopping mall, 2.1-ha modern school, cinemas, tennis courts, indoor swimming pools, outdoor swimming pools, gymnasiums, spa centres, mini golf, tennis and badminton courts.

A series of projects revived

The 400-ha Thanh Ha urban area project is being developed by Cienco 5 Real Estate Joint Stock Company after its parent company, Cienco 5, reached an agreement with the Hanoi People's Committee on construction of a 40-km of Nam Ha Tay traffic axis in exchange for this project. However, the traffic axis was completed by only 20 km and Thanh Ha urban area (including Thanh Ha A and Thanh Ha B) is almost deserted. After Muong Thanh Group acquired 85 per cent of stake of Cienco 5 Real Estate Joint Stock Company, the project was restarted. Muong Thanh Group is expected to build this urban area into budget apartments, villas and townhouses.

In Van Khe new urban area, Ha Dong district, Hai Phat Thu Do Investment Joint Stock Company is expected to revitalise CT2- 105 Building after it bought into Song Da Thang Long Joint Stock Company. This is one of the two tallest buildings at the centre of Usilk City project which comprises a 50-storey tower and a 35-storey tower with interconnected double-floor basements. Currently, Hai Phat Thu Do Investment Joint Stock Company is rapidly carrying out this project while negotiating with Song Da Thang Long Joint Stock Company for the purchase of other buildings in Usilk City, which have been idle for years.

Since many property giants invested in new projects and revived postponed projects, the western market of Hanoi is developing quite strongly and regaining the trust of customers.

Source: VCCI

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