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Vingroup & Tan Hoang Minh lead the way in apartment sales

Released at: 15:33, 13/01/2018

Vingroup & Tan Hoang Minh lead the way in apartment sales

Illustrative image (Photo: news.zing.vn)

Latest Savills Vietnam report notes the rise of domestic real estate developers.

by Ngoc Lan

Vingroup and Tan Hoang Minh are the two leading investors in Vietnam’s real estate market in terms of apartment sales, according to a fourth quarter report from Savills Vietnam.

Vietnam’s real estate market recorded strong growth in the number of apartments sold by real estate projects in the Grade A segment during 2017, tripling the figure in 2016 and the highest growth rate since 2010.

According to Savills, buyers of Grade A apartments are both owner-occupiers and investors with an eye on leasing the property, which lie behind the impressive increase.

Meanwhile, sales of Grade C apartments increased only slightly while those in the Grade B segment declined.

As two prestigious investors with high-end real estate projects, Vingroup and Tan Hoang Minh lead the way in sales. They have provided thousands of high-end apartments over the last year, through Vingroup’s Vinhomes-branded projects and Tan Hoang Minh’s projects such as D’. Le Roi Soleil, D’. El Dorado, D’. Le Pont D’or, and D’. Capitale.

These projects are located in prime locations and provide a high-end living space, convenience, and substantial profitability, while seeing good absorption.

Ms. Do Thu Hang, Deputy Director of Savills Research in Hanoi, said that 98 per cent of developers of real estate projects are now domestic enterprises.

Tan Hoang Minh is expected to continue to provide high-end apartments for market this year, with the launch of D’. El Dorado Phase 2, which has received significant attention from buyers.

In the years to come, Savills forecasts that the high-end segment in Hanoi will remain stable, with supply of Grade A apartments coming from reputable developers.

In Ho Chi Minh City, meanwhile, given the low price of apartments compared to the Asian region and their quality and prestigious investors, Grade B is expected to attract the largest number of foreign buyers this year, especially in areas with good infrastructure, such as Districts 2 and 7.

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