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Alpha King redefining luxury

Released at: 08:32, 20/01/2019

Alpha King redefining luxury

Mr. Jimmy Chan, CEO of Alpha King

Mr. Jimmy Chan, CEO of Alpha King, tells VET about trends in luxury and ultra-luxury real estate that are redefining high-class living in Vietnam.

Remarkable economic growth along with the diverse living demands of Ho Chi Minh City residents poses challenges for the real estate market, especially in the high-end sector. Notably, figures from the Vietnam National Association of Real Estate Professionals for the first nine months of this year reveal that, in Ho Chi Minh City, transactions in the high-end and mid-end sector accounted for the highest proportion, with the former making up 40.5 per cent. In addition, the city’s new policy of limiting the development of new buildings in the central area will exacerbate the shortage of supply in District 1.

According to experts, this is turning the high-end real estate market in District 1 into a “battlefield” among industry giants. One question to be asked is: what are the competitive strengths of luxury projects?

Mr. Jimmy Chan, CEO of international real estate developer Alpha King, told VET of his ambition to redefine “quality living” in Vietnam’s real estate market, especially in Ho Chi Minh City. The discussion helped identify solutions to many of the issues regarding architecture and urban lifestyles in the city in particular and in Vietnam’s vibrant urban areas as a whole.

With over 35 years of experience in constructing and developing urban architecture and laying the foundations for many luxury real estate projects in Shanghai and Hong Kong, how would you assess the potential for development in Ho Chi Minh City’s luxury and ultra-luxury property markets in the near future?

When my partners and I arrived in Ho Chi Minh City we realized that, with its booming economy, the city is asserting its potential as a future trading hub of Southeast Asia, attracting a lot of international investment, especially in the real estate field.

If we look at the development of the city of Shanghai - a poor Eastern town rising to become one of the top financial hubs in the world over a period of 30 years - there are similarities to Ho Chi Minh City. This is not only in geography but also in the characteristics of the city: a dynamic environment, an open and supportive attitude from the city’s government, and a welcoming atmosphere for foreign investors. 

According to the Foreign Investment Agency, real estate accounted for 23 per cent of all FDI in Vietnam during the first nine months of 2018. This has given me a very positive outlook of Vietnam’s high-end property market and confidence in the values Alpha King can bring in order to redefine luxury living of international standard for local residents throughout our upcoming projects.

Though new in property development, Alpha King has already set trends in the luxury segment in Vietnam. What key strategies is Alpha King targeting to redefine quality living in the country?

Entering the era of Industry 4.0, Alpha King believes that the definition of high-class value in the luxury real estate sector has changed.

Our greatest goal is to build smart buildings, constituting the integrated model of live - work - play with high quality projects that contribute to a smart city. This is also the Vietnamese Government’s plan from 2018 to 2025 - to build sustainable smart cities that are based on green growth and sustainable development, utilizing the strength and potential of cities in order to raise living standards among residents.

Along with this, with high-end real estate projects we cultivate a modern lifestyle of international standard through utilizing top-notch technology to enhance project quality and help potential residents experience a life with cultural depth.

Can you elaborate further on the essential factors for establishing quality living through the development of luxury and ultra-luxury real estate in the era of Industry 4.0?

In my opinion, there are three crucial factors a luxury property must have in order to bring about quality living for residents, which are: prime location, supreme quality, and a local cultural experience.

It is clear that residents nowadays wish to make the most of their time in this fast-paced modern world. Therefore, the first quality value in our projects is the convenience of an apartment located in the center of the city, which helps optimize traveling time and the high-end experience of a live - work - play space for residents.

The key element in evaluating a luxury property is quality. On this point, I think there are three important aspects. First of all, in terms of design quality, a design is considered high quality when it is compatible with the general direction of development in a city over a period of 20 years or longer, rather than in the short term. 

Secondly, regarding execution quality, at Alpha King we have successfully implemented BIM and GIS technological solutions throughout all stages of our projects, creating a more seamless and efficient workflow among related parties. The third aspect is management quality. During Industry 4.0, the integrated live - work - play model that we develop will create a complete business hub that requires strong and consistent management to ensure sustainable profits.

Another important aspect of “luxury” we aim to address is the preservation and cultivation of local legacies. In “putting people at the center”, we believe that the real definition of “luxury living” is to live with cultural depth - the key to a sustainable life.

In the 21st century, modernization is an inevitable trend. Why don’t Alpha King projects take inspiration from modern buildings around the world, instead of retaining local cultural traits? Is this a new trend that high-end real estate can rely on to attract an elite community?

The way I see it, architecture attracts people not only due to its appearance or function but also due to it having local cultural traits in its design. We can see how the great civilizations around the world take pride in their unique architectural gems, in the way India, Japan, China or European countries constantly use architecture to introduce the nuances of their cultural identity.

At the same time, traditional Vietnamese culture has always honored societal and familial collectivism and a closeness to nature, but in current housing trends these values have been unknowingly underrepresented. This is the reason Alpha King tries to preserve these cultural elements in each of our projects, creating unique landmarks for Vietnam on the global architecture map.

Accordingly, the Alpha City project is an exquisite combination of modern style and honoring the national cultural identity. For example, Alpha Town takes its design inspiration from the Vietnamese “ao dai” (the traditional dress), while Alpha Mall and Alpha Hill bear images of old-Saigon streets and “tube house” architecture. The Centennial, an upcoming project, also stands out due to its showroom of sample apartments (at our Sales Operation Center in District 1’s Ton Duc Thang Street) featuring a unique lotus design.

Think about it. If you were to enjoy this integrated live - work - play complex, with many modern utilities while still carrying the imprints and the breath of Vietnamese culture, wouldn’t it be a total high-class and exclusive experience? That is the brand-new lifestyle Alpha King is striving to establish for Alpha citizens in Ho Chi Minh City in the time to come.

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