The real estate market is recording notable developments in Hanoi and Ho Chi Minh City, ranging from the management and use of public land to new project activity. In Ho Chi Minh City, more than 6,400 square meters of public land at Lot B18 in the C30 area, Dien Hong Ward, has been reclaimed after the managing unit voluntarily returned it. The city has also approved a plan to auction five land lots in An Khanh Ward in October, an area containing apartment blocks in a 3,790-unit resettlement complex that have remained vacant for years. Meanwhile, despite the prohibition, apartments are still being used as offices, warehouses and spas in many condominium buildings, causing frustration among residents. In suburban areas, some apartment owners have accepted rent reductions of 8-10% amid competition from new supply and tighter controls on short-term accommodation activities in buildings.
In Hanoi, land-use fee collection reached VND 85.044 trillion by September 30, equivalent to more than 56% of the full-year plan. Nearly one hectare of land at 6-8 Chua Boc Street has been converted for a project comprising apartments, offices and a hotel. Vingroup plans to develop the 460.6-hectare Lien Ha urban area in Thu Lam, where a model of a socialist village is expected to be piloted in Hanoi. Meanwhile, Le Parc Place is presented as benefiting from Ring Roads 3.5 and 4, a planned metro network and the completed urban ecosystem of ParkCity Hanoi. Q'Terra also opened a sales gallery at Grand Terra, 36 Cat Linh Street, on October 3, attracting hundreds of customers and investors.
In the housing segment, several projects are emphasizing location, limited supply and surrounding amenities. The Westique Residences is developing 99 boutique apartments in western Ho Chi Minh City for living, rental and long-term asset accumulation needs; Khai Hoan Prime benefits from Le Van Luong Avenue, the amenities of Phu My Hung and infrastructure in the southern part of the city. Triton Crown comprises 297 luxury apartments on a rare four-frontage site in central Phu My Hung, while The Reflection West Lake includes 154 apartments with views of West Lake and the Red River. Other information highlights a design trend focused on functionality and living experience, from a narrow house excavated 0.85 meters to create additional space, and a home using open-air buffer zones and greenery to improve ventilation, to The Sensia’s walkable urban model along the Vinh River. The nighttime economy is also seen as a factor adding value to tourism real estate through fireworks, shows, food and nighttime shopping.
In Hanoi, land-use fee collection reached VND 85.044 trillion by September 30, equivalent to more than 56% of the full-year plan. Nearly one hectare of land at 6-8 Chua Boc Street has been converted for a project comprising apartments, offices and a hotel. Vingroup plans to develop the 460.6-hectare Lien Ha urban area in Thu Lam, where a model of a socialist village is expected to be piloted in Hanoi. Meanwhile, Le Parc Place is presented as benefiting from Ring Roads 3.5 and 4, a planned metro network and the completed urban ecosystem of ParkCity Hanoi. Q'Terra also opened a sales gallery at Grand Terra, 36 Cat Linh Street, on October 3, attracting hundreds of customers and investors.
In the housing segment, several projects are emphasizing location, limited supply and surrounding amenities. The Westique Residences is developing 99 boutique apartments in western Ho Chi Minh City for living, rental and long-term asset accumulation needs; Khai Hoan Prime benefits from Le Van Luong Avenue, the amenities of Phu My Hung and infrastructure in the southern part of the city. Triton Crown comprises 297 luxury apartments on a rare four-frontage site in central Phu My Hung, while The Reflection West Lake includes 154 apartments with views of West Lake and the Red River. Other information highlights a design trend focused on functionality and living experience, from a narrow house excavated 0.85 meters to create additional space, and a home using open-air buffer zones and greenery to improve ventilation, to The Sensia’s walkable urban model along the Vinh River. The nighttime economy is also seen as a factor adding value to tourism real estate through fireworks, shows, food and nighttime shopping.