PROPERTY DEVELOPERS SEE OPPORTUNITIES IN HA LONG MARKET

Experts said the developed infrastructure coupled with high income helped draw capital to the Ha Long resort property market.

The city will be more easily connected after the Ha Noi – Hai Phong – Ha Long – Mong Cai highway is completed by 2016, helping to reduce travel time. The Van Don Airport project, once implemented, will also help enhance connectivity to the city.

In addition, the per capita income of Ha Long City is also high compared with other localities, at about US$3,500 per year, driven by a large number of tourists coming to the city. Statistics show that in 2014, Ha Long saw about 4.9 million tourist arrivals, higher than the central region's attractive destinations such as Nha Trang and Da Nang, which received between 3.6 million and 3.8 million tourists last year.

Seeing its potential, property giants have recently flocked to Ha Long with huge projects such as Ocean Park of the Sun Group, Dao Reu 6 of Vingroup and Casino and Golf Complex of Tuan Chau and ISC Corp.

The BIM Group, a pioneer developer in the city with a line-up of high-profile projects, said Ha Long City was expected to become a tourist hub in the country's northern region.

In the first half of this year, the BIM Group sold 368 units, of which 101 out of 109 townhouses of Little Vietnam were sold out within three months. Even in the seventh months of the lunar calendar, when local taboos are associated with the buying of houses, the BIM Group saw successful transactions involving 30 units of Lotus Residences, the resort townhouse project in the prime location of the Ha Long Marina Urban Area.

The developer said resort projects would continue to draw great attention from buyers as many were eyeing property assets, especially those that combined leisure and investment purposes.

Chairman of the BIM Group Doan Quoc Huy said the application of the rental pool scheme – a management model with guaranteed profits for owners – made Lotus Residences more attractive.

Lotus Residences' townhouses are guaranteed to provide profits of eight per cent of the townhouses' value each year, or up to VND1.7 billion (US$75,560) in the first three years of the rental-pool operation.

Lotus Residences, consisting of 159 four-storey townhouses that are designed to harmonise retail, tourist and living purposes, will be up for sale in Quang Ninh on September 20, following the sale on September 12 in Ha Noi.

Source: VIR