High-end apartment projects rush for year end sale

According to Savills Vietnam, to the end of 2015, 12 projects with a total of more than 3,900 units will be launched in the Hanoi market.

Do Thu Hang, head of market research at Savills Vietnam said that the number of successful deals of houses and lands in the last months of the year would be at a high level, due to the increase from the overseas remittance and the traditional plan of Vietnamese to purchase houses and land at every year ends.

A range of projects have been launched in the market. Vingroup, a leading real estate developer has just launched its latest product into the marker named Park Hill Premium. This is the high-end unit with smart qualification. Park Hill Premium is consisted of four apartment blocks, a modern shop house and more than 15,700 square metres of landscape.

Refico, the developer of Watermark in Tay Ho area also just launched ten last but most beautiful units with many incentives.

Vu Thanh Tung, general director of Tay Ho Tay Development Joint Stock Company, the developer of Watermark project said that these units were the last opportunity for purchasers to by units located right next to the West lake.

Started construction since 2012 Watermark is an 18 storey building overseeing the West Lake which offers 218 high-end units. So far only 10 units left. The company is set to put these last units on sale on November 14. Those are two and three bed-room units equipped with luxury design and all are overlooking the West Lake.

Tung said that this segment of apartments has been attractive to most customers thanks to its high yield and the stable growth economy.

Tung added that the lower benefit from other investment channels such as bank interest and the up and down of the stock market have also made the real estate market more appealing to investors.

In the coming months, Hanoi’s apartment market will see a number of units released from a range of projects, such as MBLand Central Point Trung Kinh, MBLand Central Point My Dinh, HD Mon City, D’Le Roi Solei Quang An and FLC 265 Cau Giay.

According to the Vietnam Real Estate Association, the country property market is on the path to recovery and promises to remain busy in the upcoming months.

The association's figures revealed rising liquidity and falling inventories of the property market, with large numbers of successful transactions, especially in major cities such as Hanoi and Ho Chi Minh City.

Statistics showed that as of the end of September, property stockpiles declined to nearly VND59.4 trillion (US$2.64 billion), dropping by more than half in figure compared to the first quarter of 2013.

The current property stockpile includes 11,380 apartments 8,542 houses and seven million square metres of land.

About 5,300 successful transactions were recorded in the nine-month period in Hanoi, representing a rise of 70% over the same period last year. The southern market witnessed 5,300 successful transactions from the beginning of this year, double the figure a year ago.