Bloom of real estate resort project on the outskirts of Hanoi

Catching the trend of seeking a place to enjoy the weekend of Hanoi middle class, many resort projects in Ba Vi and Luong Son rushed to sell.

Ba Vi, about 40 km from the center of Hanoi, just over a year ago, only a few resort projects kicked off. But recently, despite no aggressive advertising, projects of several tens of hectares have been continuously introduced with a variety of products, from villas, completely adjacent, to land plots.

In Luong Son, Hoa Binh, a project was approved decades ago but not implemented because the investor assessed that the market was bad. Recently, this investor has restarted, offered for sale 6.5 million dong per m2 for resort land plots of 200 m2. Advertised with 5-star facilities, the project aims to become one of the major eco-resorts, targeting customers in Hanoi who want to find places to enjoy the weekend.

A coastal resort project is under construction. Photo: K.H

Going further, another project in Ky Son and Hoa Binh also launched nearly 60 plots of resort villas from VND 4.5 million per m2. With the price of each unit from VND 1 billion, the advertising investor may increase from VND 2.2 to 2.8 billion by the end of this year when the infrastructure and utilities are completed, while the new project has just started work.

Besides the villas, adjacent houses are completed, the current investors sell the whole type of resort land.

"The type of land plot is easier to attract investors because the amount of money paid immediately is not much, only about one billion VND for the villa floor from 150 m2. When completing financial obligations, they will receive a red book and wait until new finance is built", said Huy, a broker selling a resort project on the outskirts of Hanoi.

Most of the resort projects in the suburbs, with completed apartments, investors are committed to renting to exploit tourism, even the time of commitment to rent up to 15 years. With this option, the client entrusts the business investor then shares the revenue.

"The minimum profit is not less than 200 million per year. The investor will preferentially pay 5 years in advance of the rent, equivalent to VND 770 million minus directly from the contract value. Buyers also enjoy preferential policies of night stay in the chain of investors' system”, Mr. Huy advertised. For those who do not rent out to the investor, they can do business on their own.

Not only selling finished house products or resort land with permanent land use right certificate, some investors also sell land for gardening, vegetable growing, flower growing, camping... These land lots are about 400 million, 150-200 m2 wide, located in the overall resort. Some investors commit to making red books for customers after 6 months of fulfilling financial obligations.

The suburban real estate segment reappears based on the positive assessments of the market situation, the demand for weekend use of the capital's people.

According to Mr. Nguyen Thanh Trung, Deputy General Director of Archi Investment Joint Stock Company, the advantage of suburban resort is low cost. He calculated, if renting a resort apartment with 3 bedrooms, plus living expenses, on average, each person would spend one million dong a day. This level is consistent with the affordability of many middle-class people in Hanoi. This trend would affect the suburban resort real estate market, leading to an increase in investment demand.

However, Mr. Luong Ngoc Khanh, General Director of H&K Hospitality Hotel Management Company has a more cautious view when he thinks that the picture of suburban resort tourism is still good but investors also need to look on the other side that in the weekdays, the resorts are very empty. Moreover, many projects with unique designs and utilities that make a difference will be difficult to attract guests.

Meanwhile, Mr. Tuan, the investor who owns a number of homestays in the coastal area of Hanoi, said that one of the most important elements of the coastal resort projects was the landscape, freshness and facilities. Therefore, if buying a house in a big project but the investor does not deploy the dusty, disordered facilities, the investor may face risks during the operation. Therefore, he thinks that these factors need to be considered carefully before investing.

According to Nguyen Ha