Land plots dominate Nha Trang's residential market

Thursday, Jul 03, 2014 08:39

Bac Vinh Hai Residence project. — File Photo

NHA TRANG (Biz Hub) — Nha Trang's residential market has more than 6,900 dwellings from 37 land plot, villa, townhouse and apartment projects, Savills Viet Nam has reported.

Land plots dominate the city's residential market at 51 per cent market share, followed by apartments with 44 per cent and villas and townhouses with five per cent.

To benefit from the ocean aspect and proximity to tourism infrastructure, most projects are located in wards along the coast, just 1km and 2km from the beach, with many on seaside Tran Phu street. Projects developed as holiday homes are spreading to the west.

According to Savills Viet Nam report, the land plot segment includes seven primary projects offering prices from VND3.6 million (US$171) to VND12.3 million ($586) per sq.m.

The villa and townhouse segment has only two active projects, Bac Vinh Hai Residence and Ocean Front. Ocean Front is a holiday home project with prices from VND9.5 billion ($452,380) to VND17 billion ($80,952).

Bac Vinh Hai Residence has bare shell townhouses with prices ranging from VND1.8 billion ($85,714) to VND3 billion ($142,857).

There are four active apartment projects on Tran Phu street offering a wide range in prices from VND32,800,000 ($1,562) to VND70,700,000 ($3,366) per sq.m.

With the exception of Vinh Diem Trung Residence and Bac Vinh Hai Residence, most residential projects are developed with a second home concept that targets buyers from other provinces, particularly from Ha Noi and HCM City.

The report also figured out that there are 33 future residential projects with a total area of more than 860 ha. The majority are landed properties.

Nha Trang will face fierce competition with Cam Ranh and Bai Dai, where many future projects will be four to five-star resort villas and hotels. However, their construction progress is slow. There are currently 14 clearly marked sites and six are vacant; the others are under construction. — VNS

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