Investors developing integrated projects should consider factors on planning of parking space and internal utility space carefully.
The real estate consultancy JLL said the concept of "urban in urban" was a future trend of the market. This urban form has become popular as developers begin to find ways to attract buyers by creating well-planned neighborhoods with lots of utilities, to help future residents avoid nuisance caused by rapid urbanization and lagging public infrastructure.
Here are the key points to the sustainable success of "integrated real estate" projects that developers should consider, according to JLL.
A super project is under development in Hanoi. Photo: Ngoc Son
Focusing on traffic planning
Transport infrastructure planning is very important when developing large-scale projects. With the increasing trend of car ownership in Vietnam, congestion of roads and a shortage of parking spaces will boost demand for efficient transport solutions. Full parking, convenient connection to the main road and public transport system will become an important plus point to enhance the value of the project.
Separate project development stages by space and time
As the size of the project increased, rational development planning for different functional spaces became a challenge for developers. In order to achieve quality, convenient and diverse public spaces, careful consideration of urban planning aspects is required. The bustling commercial streets, along with squares, sidewalks and the arrangement of harmonious buildings, will help develop a vibrant and attractive urban area. Therefore, help maintain the long-term value for the project.
The project phases should be carefully considered to ensure the construction progress for each part of each neighborhood and does not affect completed areas. In some projects, investors build green walls to prevent buildings that have been completed from existing constructions.
Building and maintaining public utilities
A major attraction of integrated projects is the large-scale public facilities located within the project premises. Utilities like public parks or sports stadiums help attract buyers but can be expensive to maintain. Therefore, project developers should be aware early on the future maintenance costs of these types of buildings and share those costs with buyers (if any) to protect the value of their shared assets.
Internal harmonious utilities
According to JLL, for projects that benefit from existing public utilities, it does not mean that developers ignore the internal facilities of each component project. Focusing on internal utilities to create diversity among buildings as well as build a sense of privacy for future residents. In addition, developers need to pay attention to the harmony between the number of users and common facilities such as swimming pool, gym, children's playground... to ensure long-term value for these utilities.
Diverse and integrated residents composition
The plus point of any large-scale project is the ability to provide a wide range of housing types to different groups of potential buyers, thereby creating diversity in the population. Even so, each building should be custom designed for each specific target group of customers based on harmony with the overall living environment.
For example, in some urban areas, developers are building small serviced apartments targeting single customers located in the center of the project. Meanwhile, family-oriented buyers are arranged in large-sized apartments in buildings located in quieter areas.
JLL is a group specializing in providing real estate investment and management services. By the end of 2018, this unit has more than 300 offices operating in more than 80 countries and 90,000 employees worldwide.
According to Nguyen Ha