Luxury condos in central HCM City in high demand

Thursday, Jan 24, 2019 08:00

The Grand Manhattan faces two roads, Coâ Giang and Coâ Baéc, in District 1, HCM City.

Demand for luxury condos remains high in HCM City, especially in the central areas in spite of high prices, experts have said.

One of them said there are claims that the city real estate market is witnessing a surplus in the high-end condo segment, but the reality is that there is a huge number of investors pouring money to buy them.

He added that this shows the demand is real and the property developers who would succeed are ones who keep their commitment.

In a speech she made at a conference on the real estate market in HCM City, Duong Thuy Dung, senior director of CBRE Vietnam, concurring with this assessment, saying that in the case of some high-end condo projects the number of customers wanting to buy is four times the number that the developers are offering for sale.

These are projects situated in the heart of the city, where the scarcity of land has spurred the construction of tall buildings, she said.

One of the projects being developed in the heart of HCM City, in District 1, is The Grand Manhattan by Novaland Group.

By launching the project at the end of last year, Novaland brought a new dynamism to the city’s property market.

Overlooking two roads, Co Giang and Co Bac, the project spreads over an area of 14,000sq.m.

It will have many amenities meeting the international standards of a five-star resort like park, shopping centre, swimming pool, BBQ area.

Buyers of a condo in the project will also get their own parking slot. Ownership of a parking slot is a special offer the developer wants to make to residents because finding a safe parking place in the centre of HCM City is not very easy.

Artist Chi Bao and Truong Ngoc Anh enjoy “million dollar view” of The Grand Manhattan

The residents… Who are they?

Since the prices are so high, many wonder who will buy and come to live in projects like The Grand Manhattan.

Soon after its launch in the market, the project has attracted many Vietnamese and foreigners working and living in the country or invest in booming HCM City.

Elena Goh, a property investor from Singapore, was one of the first people to buy a unit in The Grand Manhattan.

“We decided to buy within a second,” she revealed.

“I and my husband have watched the HCM City real estate market for a long time. Compared to many other markets we have already invested in, like Hong Kong, the price of a high-end condo is quite low in HCM City. The profit it brings is high, about 4-5 per cent compared to only 1-2 per cent in Hong Kong.”

She said in Hong Kong and Singapore, high-end condos in central areas always bring high profits, and since HCM City is a growing market the profit will be higher.

Furthermore, she has already invested in some of Novaland’s projects and feels secure.

Ly Quoc Hung is an overseas Vietnamese from the Netherlands. He said he has invested in many Novaland projects and loves the brand.

“They hand over the project in time and I love The Grand Manhattan because it has a parking slot for us. I hope The Grand Manhattan will be completed in time so that we will have a good place to live in Viet Nam.”

The Grand Manhattan attracts not only people from outside the country but is also an ideal choice for people living in the city.

Artist and businessman Chi Bao, a buyer, said: “I have lived in District 1 for more than 10 years, so I fully understand the value of property in this area. The demand for living in this area among foreign experts and businesspeople is huge. Furthermore, owning a private parking slot in District 1 is really difficult.”

Tran Quang Hai Long of Phu Nhuan District has other reasons for buying here: he likes views of the river and District 1 and smart home technologies

Furthermore, he said, the profit can be 25-30 per cent.

The Grand Manhattan will absolutely meet the demand of people with high income within and outside the country.

The high-end condo segment is always attractive and sustains its value over time.

High-end condo projects in central areas not only meet demand from buyers but also create a new appearance for the city.

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