Architecture firms find niche market amid Covid-19 outbreak

Tuesday, Dec 08, 2020 08:00

An exhibition featuring projects designed by Nha Vui Architecture Construction JSC. — VNS Photo

Property remains a safe and profitable investment even amid the economic slump caused by the Covid-19 pandemic, and so the architecture industry has a chance along with developers to plan for better products to meet customer demands post-pandemic, an expert has said.

Nguyen Thu Phong, deputy chairman of the Vietnam Association of Architects, and CEO of Nha Vui Architecture Construction JSC, said, “Everyone is facing difficulties at this time, but high-income earners and those with idle money are not affected much, and so property is still an investment option for this group.”

But investors are now more cautious in the context of declining demand for property. Besides, they are more demanding when it comes to choosing housing products, he told reporters on the sidelines of a ceremony held to mark his company's 20th anniversary in HCM City on December 4.

Retail space, apartments and resort real estate are suffering the most while the town house segment is relatively unscathed.

Private houses and the office segment will also have to recalculate customer segments and seek architectural solutions that both optimise investment costs and meet a variety of rental needs.

It is a good time for large investors to focus on long-term strategies, and restructuring their portfolio now becomes more important than ever to find new directions for upcoming products to offer more choices to customers who have a more comprehensive understanding of real estate architecture.

Architectural firms would help developers create more attractive products that meet the requirements of customers, he said. — VNS

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