High-end apartments are blooming in the provincial market

From the beginning of the year until now, while the key market in Hanoi has been quite quiet due to scarcity of new projects, many northern provinces are vibrant with a series of new projects. Notably, the products in the provincial market launched during this period have a large number of high-end apartment lines, instead of the shophouse and adjacent villas as before.

The wave of investment in the province market has taken place in recent years. In fact, due to the abundance of land, projects in the province often develop large-scale urban models with land for villas, adjacent houses or shophouses. The condominium model, which is not popular in the provincial market, if it appears to be mostly social housing, aims to solve housing for low-income people. But from the beginning of 2019 to now, a series of luxury apartments have flourished in the provinces.

In Vinh Phuc, in early September, The City Light high-class apartment project opened for sale for the first time with the price of VND 19 million/m2. Located at the intersection of Nguyen Tat Thanh - Ton Duc Thang, of Vinh Yen City (Vinh Phuc), The City Light is positioned as a high-class product line, with an area of apartments from 40 - 108m2. Also in September, The Minato Residence project officially launched a model apartment with an open space featuring Japanese architecture... The Minato Residence is the first project in Vietnam controlled by the Japanese investor from design, construction, construction and management. On the area of 1.26 hectares in the urban area along Lach Tray River, The Minato Residence consists of two complexes: commercial buildings and high-class apartment buildings, providing the Port market with 926 apartments of 1-3 bedrooms, covers an area of 51 to 107m2.

From early 2019 to now, a series of high-end apartment projects have been blooming in the provincial markets. Illustration

Meanwhile, Hai Duong welcomed the first luxury apartment project including the condotel and officetel model, Apec Group's APEC Mandala Wyndham Hai Duong. Located at the crossroads of Le Thanh Nghi Street intersecting Yet Kieu and Thanh Nien streets, Hai Tan ward. The project has a total area of 1,541m2 with a scale of 250 apartments, divided into 2 separate functions: condotel and officetel, the area of the apartments ranges from 28-53 m2. APEC Mandala Wyndham Hai Duong is operated by the brand Wyndham Hotel Group - a large US hotel group.

Not stopping there, also in 2019, Apec investor continues to land in Lang Son with Apec Golden Palace project located at 85 Le Dai Hanh, Dong Kinh Ward, Lang Son City. The project has a total area of over 5,000 m2 with an investment of up to VND 1,000 billion. Apec Golden Palace consists of 30 floors, including 28 floors of apartments, 2 utility floors and 2 basements with a total of 728 units completed according to high standards, meeting all necessary services and amenities such as coffee, hot mineral pool, gym, yoga, kindergarten, community room, sauna...

It can be said that the presence of luxury apartments is contributing to the diversification of real estate products and forming new living standards in the provincial market. The high-end condominium segment in these markets targets high-class Vietnamese and foreign professionals who are working in industrial zones in the province.

Currently, Hai Phong, Vinh Phuc, Hai Duong and Lang Son are focusing a large number of foreign experts and engineers (mainly Japan and Korea) on working and working. This group of customers is very focused and requires high living space. They are willing to pay a high price for a satisfactory accommodation. However, the above provinces and cities are in short supply of high quality accommodation facilities. Therefore, luxury apartments will be in the focus of this group of customers.

A survey of Batdongsan.com.vn shows that the line of high-end apartments is strongly attracting local investors and investors from Hanoi, Quang Ninh and Hai Phong. The long-term investment plan is to buy and sublease. Investor Lai Dieu Linh (Hanoi) said that the investment rate of high-end apartments in the provincial market is always lower than in Hanoi, while the supply is rare and high demand, so she believes the rent will be much higher compared to renting apartments in Hanoi.

According to Hai Mien