Page 25 - VET351

PROPERTY

Park (in Binh Duong New City in the
neighboring province of the same name) -
is following a quick-turn-around business
plan as Gamuda Land is expanding the
scale of its business in Vietnam.
Keppel, meanwhile, is developing Celesta
City in the city’s Nha Be district. On 6.2
ha, the three latest phases, Celesta Rise,
Celesta Heights, and Celesta Avenue, are
now 99 per cent, 90 per cent, and 81 per
cent booked, respectively. Other high-end
residential projects have also been fully
sold, such as Estella Heights in Thu Duc
City, which comprises 872 units ranging
from one- to four-bedroom apartments as
well as duplexes and penthouses.
Notably, instead of being crowded in
the central area, many high-end apartment
projects are gradually moving to the sub-
urbs. As noted by Savills, the average pri-
mary price is about VND99 million ($4,100)
per sq m, excluding VAT and maintenance
fees, up a slight 2 per cent quarter-on-
quarter and 11 per cent year-on-year. Due
to limited supply, absorption in the fourth
quarter stood at 19 per cent.

CONTINUED GROWTH
There is still a great deal of demand
and interest for higher-end projects in
both Hanoi and Ho Chi Minh City and
even certain holiday locations, especially
Longing for luxury
beach cities such as Nha Trang and Da
Vietnam’s high-end apartment segment continues to Nang, according to Savills. High-end devel-
opments are in demand, considering there
exhibit positive signs and its future prospects are quite bright. is a lack of international developers being
PHOTO: VIET TUAN generally in the center of the cities and
| By NGOC LAN able to offer higher-end properties found
particularly in Hanoi.
There is also a promising opportunity,
apitaLand Development (CLD) mary supply in the fourth quarter of 2023. especially in secondary cities and provinces
announced in late 2023 that it will However, one positive sign is that, when such as northern Hai Phong city and south-
C be developing a high-end residential high-end apartment projects from large ern Dong Nai province, as well as cities and
project, Lumi Hanoi, with a total gross devel- investors begin or are opened for sale, the provinces with a strong industrial market,
opment value of about S$1 billion ($750 market becomes more vibrant. to meet the rental demand of foreign expats.
million). Covering an area of approximately Located in the heart of the Vinhomes “We have seen a lot of high-end devel-
5.6 ha, the project will comprise some 4,000 Smart City urban area in Hanoi’s Nam Tu opments over recent years in those sec-
units across nine 29 to 35-story towers to be Liem district, Masterise Homes has officially ondary markets, which could be considered
developed in various phases. Located in an launched its Lumière Evergreen project, premium residential segments as well,”
area in the west of Hanoi with well-planned including three 39-story towers on more said Mr. Matthew Powell, Director of Savills
infrastructure, construction is expected to than 17,000 sq m, while Vinhomes has Hanoi. “That is a good indication of growing
commence in the first quarter of this year. launched The Canopy Residences subdi- personal and family wealth across the
“Vietnam is one of three core markets vision, consisting of three buildings with a country, which is positive and hopefully
for CLD, and we hold a long-term view of total of 1,758 apartments. stimulates more sustainable development
our business in the country,” said Mr. Ronald In Ho Chi Minh City, Gamuda Land, along with offerings for lower-income peo-
Tay, CEO of CLD (Vietnam). “We are pleased the property arm of Malaysia’s Gamuda ple or different target markets. The high-
to expand our residential offering with the Berhad, has held a breaking-ground cere- end and luxury market is not the most
development of Lumi Hanoi in the capital mony for Eaton Park, its first high-end important sector in terms of size and scale,
of Vietnam to meet demand for quality project in the city’s east. Located in Thu but it is important for promoting new ini-
real estate amid the country’s continuing Duc city, it is its fifth project in Vietnam, tiatives and pushing new developments to
urbanization and population growth.” and is expected to be launched in the diversify the market.”
second quarter of this year. Regarding the recent approval of the
VIBRANT TOUCH Mr. Teoh Chin Siang, General Director amended Land Law, Savills is hopeful
According to research from real estate of Gamuda Land Ho Chi Minh City, said that the number of developments will
consultants Savills, high-end apartments Eaton Park, along with two other projects increase after it is made easier for both
accounted for only 9 per cent of total pri- - Elysian (also in Thu Duc city) and Artisan local and international developers to

42 | VIETNAM ECONOMIC TIMES | FEBRUARY 2024 en.vneconomy.vn