Hanoi Realty Market: Attractiveness from The West

 

Under a master plan for Hanoi development, the national administrative centre will be moved to Ba Vi district near Hoa Lac after 2030, which makes the realty market in the western region become more attractive.

The western districts of the capital city, particularly Tu Liem and Cau Giay are drawing more attention from investors. Despite a quite atmosphere of the realty market in recent time, the western areas of Hanoi are luring realty investors.

 

A major reason for this is that the region has a favourable transport infrastructure network and a range of big projects. In the future, when the national administrative center will be placed at the mountainous district of Ba Vi, the western region will be the central gateway of Hanoi. Currently, Hanoi has approved the plan and is waiting for the government’s approval. Therefore, the realty market in this region has become exciting more than ever before.

 

Savills Vietnam Company said, from 2001 to late 2009, around 32,000 apartments were brought to the market with up to half of this from the districts of Cau Giay and Tu Liem. One of the biggest projects in the western region is Indochina Plaza Hanoi which covers 1.6ha, including two twin towers, one office tower, a trade centre located at the fourth floor. The projects prove investors’ long term business strategy in the western region.

 

Late 2009, Indochina Land offerd 183 first apartments, beyond its expectations. It is pareparing for the second offer with 207 apartments of the eastern tower in April this year. To support cusotomers who want to buy the apartments, Indochina Land has cooperated with Vietcom Bank to launch a lending programme with more transparant and simpler articles.

 

Matthew, director of a foreign group implementing a big projects in Hanoi’s western region, said he recoganised the strong development of the realty market in the west. Many other investors also see the region’s potentials. He added the region not only boats geographical conditioon, infrastructure and but also connects Hanoi and Noi Bai International Airport. Therefore, in the fugure, the region will witness a strong deveopment of offices for hire and housing segments as well.

Indochina Capital Chairman Peter said his cmpany aims to international-standard realty plrojects in Hanoi and the west remains its first choice. He disclosed that Indochina Capital was voted as the most succesfull developer in Vietnam in 2009 by Euromonay Financial Maganize. It is also listed among top ten biggest realty firm Asia.

 

Explaining the reason why the company selected Cau Giay for its investment, Peter said “When opening The Nam Hai at the end of 2006, we were informed that the market was not ready for a high-grade project at that location. However, just three year later, The Nam Hai was officially recognised as the Vietnamese leading resport. This is a wonderful breakthrough for the development process of Hoi An-Da Nang beach which have strived to become among the most beautiful beaches in Asia. Based on this, we hope that Cau Giay will be pioneer in Hanoi’s urbanisation in the same way.