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HCMC: Ultra-high real estate is still expensive

At Vinhomes Golden River there are many foreign owners

 

With the price up to tens of billion, luxury apartments will be very picky, difficult to consume, but the market reality is showing the opposite.
6-star apartment attracts guests
 
According to the report of the Vietnam Real Estate Association, in 2015, HCM has nearly 26,000 new apartments to be marketed to investors; Of which up to 40% are luxury apartments. In 2016, about 24,000 new apartments were added to the market; Of which, the number of luxury apartments accounted for 31%.
 
In particular, the market received two super-high-end projects, with apartment prices of 10 billion per unit or more. It is the Madison project with two fronts of Thi Sach and Cao Ba Quat Streets, District 1, Ho Chi Minh City, owned by Novaland. The apartments are designed and built in the 6-star style of European Renaissance architecture. Second is the Vinhomes Golden River project in Tan Cang is also in District 1 by the Vingroup Group as the investor, the ultra high-end blook with the price of 10 billion per apartment.
 
Demand for luxury apartments by wealthy families is rising at the right level, but the land fund for super-luxury projects is too small.
Also in District 1, CBRE Vietnam has four luxury apartment projects in 2016, priced at US $ 5,500-9,000 / m2 (equivalent to VND120 - 200 million / m2). .
 
This is considered a record high price over the past 10 years, however, data released by the unit shows that despite high prices, but still considered by foreign investors to be competitive compared to the Major cities in the area. Because of that, the price of luxury houses in HCM City is $ 3,500 - $ 7,000 per square meter, much lower than in Singapore ($ 20,000 - $ 25,000) and Bangkok ($ 7,000 - $ 10,000).
 
Although the price is very high, but many investors said, the project only open for sale in a short time there were buyers. Part of the reason investors are offering is that the urban landholding is becoming increasingly limited, with gold projects counting only at the fingertips. Another point is not every investor can develop super-real estate projects, because besides strong financial strength, the need for prestige and professionalism. In addition, these products are limited in number, and are offered for sale on a limited basis.
 
For these reasons, about a thousand luxury apartments of the Vinhomes Golden River Project have only a short time owners. From the end of 2016, when the project is handed over to customers, these luxury apartments start to light up every night.
 

Green living spaces are favored despite high prices

 

The market is still thirsty
In 2016, only two hypermarket projects are launched, in 2017, information that only HimLam Land Real Estate Company is preparing to market a super-luxury project in Thi Sach street (district 1), the project is 21 stories high with the number of just over 100 apartments. In addition, the market does not have any information to show that there are more super-projects appear in 2017.
 
According to Savills Vietnam, developers always tend to create super high-end properties with criteria such as isolation, full facilities, luxury, class, located in the The desire ... to meet the expectations of the most discerning customer.
 
Another highlight of this project is the publication of the annual Global Wealth Report 2017 report by Knight Frank in early March. .
 
The report points out that Vietnam is the country with the highest population growth rate in 10 years. The number of super-rich people in Vietnam is forecast to increase 170% between now and 2026, reaching 540 people. According to the report, last year, Vietnam had 200 super-rich people, an increase of 30 over 2015.
 
From here, the demand for luxury apartments of the wealthy rich increasing in their right level also increased, while the land fund for the super-luxury project too few.
 
Pham Thu Thuy, a wealthy man with millions of dollars in assets, said demand for luxury flats was essential to the rich, because living in these projects they felt valued.
 
According to Thuy, although the price of the super luxury apartment is about 10 billion, but as the investor always offers discount promotions, so when the payment, the price will drop to about 8 billion. With that money, a lot of people can own super luxury apartments, not necessarily the super-rich.
 
Owners of apartments in super-luxury projects in Ho Chi Minh City are not only domestic customers, but also foreign investment group guests such as Japan, Singapore, Australia ... In particular, at the project Vinhomes Golden River, there are many apartment owners are foreigners.
 
Ngo Quang Phuc, deputy general director of Himlam Land Real Estate Company, said that demand for housing is now diversified, especially in 2017, the HCMC market will be more active.
 
"The investors in Ho Chi Minh City have the land is located in prime location tend to develop the super-luxury project. Because the cost of land here is very high, construction costs are high at the completion stage so the owner must sell the high price and quality must also be high. In addition, demand in this segment is very much, low risk and can be controlled, "Phuc said.
 
The same view, Le Hoang Chau, President of HCMC Real Estate Association, said that there will be some new ultra-modern projects coming to the market in the coming time to solve the thirst of stool apartments. This song
 
According to Chau, rare earth fund, but not without, because in recent years, Ho Chi Minh City held the auction gold fund "in the heart of success. This will be a good land fund for investors to develop super real estate project.
 
In addition, with the presence of super-real estate projects developed by developers during the difficult market and now having to stop construction, in the coming time, these projects will be restarted, The supply from these projects will also be quite high enough to meet the market demand for apartments.
 
According to Chau, this segment will be less secondary investors, mostly buyers in real demand. While the amount is limited, plus the developer must have the real potential to develop this type of project so the super-premium real estate segment will be more sustainable than other segments and have a vibrant implicit.
 
According to Gia Huy
Real Estate Investment Newspaper

 

 
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