Luxury apartment market renewed in downtown Hà Nội

The capital city of Hà Nội, a magnet for investments, has witnessed a recent return in the demand for luxury property.

Amid an increasing scarcity of land in the city’s downtown areas, a project from Sun Group is heating up the market.

According to Marc Townsend, general director of property services firms CBRE Việt Nam, demand for luxury apartments was renewed beginning in the second quarter of this year and saw a significant increase in the third quarter. Despite a rise of some 2.6 per cent in prices over the same period last year, transactions were positive, especially for new projects.

Property experts said the improved living quality pushed up demand for luxury apartments, which mainly came from those with financial capacity seeking residences or long-term investments. This was different from previous years when demand was inflated by speculation.

Analysts from Savills Việt Nam said the new luxury projects were attractive due to their developed infrastructure system, along with their high quality, while still offering competitive prices. Prices of luxury apartments in Hà Nội ranged between VNĐ80 million (US$3,570 ) to VNĐ180 million per sq.metre, while that in Bangkok were VNĐ140-200 million, Singapore at VNĐ400-500 million and Tokyo being VNĐ700-800 million.

Valuable opportunities

The supply of luxury property in downtown Hà Nội, especially in areas less than four kilometres from Hoàn Kiếm (Sword) Lake, is becoming rare due to the limited remaining land, ensuring promising investment opportunities for investors. Each apartment can be leased at some $2,000-$3,500 per month and the demand for rental units remained high in the downtown areas, which promises attractive returns for investors.

However, challenges are there for developers, as they seek to optimise the land to create up-scale living spaces where residents can enjoy high standards of living, adequate amenities and environmental friendliness.

Born and raised in Hà Nội’s Old Quarter, Hà, owner of a well-known hair salon in Mã Mây Street, just wanted to live in the downtown area, which she called “the only place that I can really feel home.” “However, the Old Quarter area is crowded, while I do not like the feeling of rushing around in new areas.” Hà had been looking for a luxury apartment for her family in the downtown area for many years, but not until recently did she find Sun Grand City Ancora Residence on No 3 Lương Yên Street. “I feel secure, since the project is being developed by one of the prominent developers, Sun Group,” Hà said.

From Sun Grand City Ancora Residence, only three kilometres from Sword Lake and offering views of Hồng (Red) River, along with access to the old streets, major streets like Trần Hưng Đạo and Phố Huế, and even reaching the outskirts remain convenient.

Consisting of 679 luxury apartments and 31 penthouses of international standards, together with a smart car parking system, shopping centre, swimming pool, gym and environmentally-friendly design, Sun Grand City Ancora Residence promises to bring a wonderful life to residents.

Developed by Sun Group, which has to its credit to a number of world-class projects such as InterContinental Danang, Bà Nà Hills, and Sun Grand City Thụy Khuê Residence, Sun Grand City Ancora Residence will reflect the developer’s commitment to quality. 

Further, the developer said that prices at Ancora Residence will be reasonable for such as luxury project in the downtown area.

On December 11, Sun Group officially launched luxury apartment and shopping centre complex Sun Grand City Ancora Residence at Melia Hanoi Hotel, 44B Lý Thường Kiệt Street, Hà Nội.

Contact: Sun Realty 2 – Htoline: 0941.11.89.89