Forecasts are optimistic for the real estate market this year, and the rising number of condotel projects indicate that Viet Nam’s property sector is catching up with other Asian markets.

Condotels – a combination of a condominium and a hotel – are becoming popular among investors, and these projects are currently mainly concentrated in the central and southern markets of Da Nang, Nha Trang and Phu Quoc.

Major developers such as Vingroup, Sun Group and BIM Group are now launching such projects. Recently, the BIM Group introduced a condotel project in Quang Ninh Province, a popular tourist destination in the country’s northern region.

Called the Citadines Marina Halong, the project in Ha Long has made waves in the northern realty market for its investment opportunities. The condotel will be professionally managed by Ascott Limited, one of the world’s leading serviced apartment operators and owners.

As condotels become more and more popular, Citadines Marina Halong, which includes 176 luxury condominiums and 637 condotels, catches up with the trend of owning a property that will combine good investment and a luxury holiday.

The demand for condotels has been rising. Besides owning a second home, owners can join in a rental programme that allows the operator to run the leasing and owners can get returns of up to 9 per cent per year, the BIM Group said, speaking about its project.

Headquartered in Singapore, Ascott Limited has 30 years of experience in running serviced apartments, so owners of Citadines Marina Halong won’t need to worry about caring for their properties or finding customers.

Located in BIM Group’s Halong Marina Urban Area along the Ha Long Bay, Citadines Marina Halong offers sea views and easy access to the Halong Marina Plaza, CGV Cinema, Litte Vietnam shophouse, Singapore SIS International School, a man-made beach, Sunworld Ha Long Part, Sun Wheel, Zen Garden and Tuan Chau Complex.

The BIM Group, which started development in Ha Long 20 years ago, has partnered with top global brands, such as InterContinental Hotels Group, Regent Hotels & Resorts, Fraser Suites, and now Ascott Limited, for its various projects. — VNS