» » » » Vincom markets mammoth property project in Hanoi

VNRE - Sai Dong Urban Development and Investment JSC, an affiliate of Vincom Corporation, on Tuesday started marketing its Vincom Village multipurpose project underway in Long Bien District in the capital city of Hanoi.

The developer says some VND10,000 billion, or nearly US$500 million, will be set aside to develop the project on 183,5 hectares including 60 hectares of water surface east of Hanoi, some 6.5 km from Ho Guom (Sword Lake).

The project is envisioned including a 38-hectare section for French-style villas, a section for Grade A office buildings and high-end apartments, and a commercial services section named Vincom Center Long Bien.

Besides a sport center and an outdoor food court, an international hospital, two schools and a kindergarten will be built to serve the project’s future communities.

Mai Huong Noi, general director of Vincom Corporation, says the company wants to set a record in the project development speed. The project got off the ground on May 12 this year.

As planned, villas will be handed over to buyers from September and the shopping center, Vincom Center Long Bien, will be opened by December 24 this year. The second phase with the remaining facilities will be finished by 2013.

In related residential market news in the region, the property services provider Savills Vietnam said that prices of villas and townhouses in the capital city continued to increase in the first quarter of this year, 20% for villas and 15% for townhouses.

Average secondary asking prices recorded in Tu Liem, Cau Giay and Tay Ho districts were around US$6,400 per square meter. For districts far from the central business quarter such as Me Linh and Quoc Oai had the lowest price from US$800 to US$1,200 per square meter.

According Savills, 103 projects across 14 districts provide the market some 34,600 villas and townhouses. The demand for the properties is identified among mainly wealthy Vietnamese.

In the office building sector, the overall market recorded a slight increase in occupancy performance to 90% in the first quarter of this year. Average rent remained unchanged compared with the previous quarter, at US$26 per square meter.

The office market in Hanoi currently has 760,000 square meters, but there will have some 1.2 million square meters of office space to enter the market in the next three years.

Meanwhile the retail market saw a slight decrease in the average occupancy rate to 92% in the first quarter. Some retail buildings launched promotions and discounts in order to attract more tenants.

The market observer says the total retail space of 440,000 square meters in the market will be increased significantly as 100 projects will supply some 1.2 million square meters in the next four years.

Reported by Dinh Dung | The Saigon Times

Post a Comment