Vinh City's high-end real estate market: Waiting to be filled.

(Baonghean.vn) - While the real estate market in the two major economic centers of the country, Hanoi and Ho Chi Minh City, is developing evenly and diversely across all segments, in Vinh, a major economic center in Central Vietnam, the high-end apartment segment seems to be neglected, with residents still lacking good and integrated products.

Supply is not meeting demand.

Vinh City is the economic and political center, a major trading hub between the North and South of Vietnam, attracting many people from large cities like Hanoi and neighboring provinces such as Thanh Hoa and Ha Tinh to work, live, and travel there.

Along with population and socio-economic development, the demand for quality housing with full amenities in Vinh City is increasing, while most real estate projects, especially apartment projects, are not yet meeting this demand. For example, in Vinh, current apartment buildings often only provide residents with a place to live but do not focus on amenities and services within the complex. In contrast, in large cities, residents of high-end apartment complexes enjoy "privileges" right in their living area, such as children's playgrounds, landscaped internal amenities, sports facilities, and in-house services provided by the management. These are the "shortcomings" that fail to meet the needs of residents in Vinh's high-rise real estate model.

Apartment project at No. 1 Quang Trung Street, Vinh City by T&T Group.

Embracing new trends

According to the market report of the Vietnam Real Estate Association (VNREA), in Hanoi, during the first two months of the year, there were approximately 2,150 successful transactions, concentrated in the mid-range and high-end apartment segments. In Ho Chi Minh City, this number reached around 2,300, with transactions in the mid-range and high-end segments with prime locations, integrated infrastructure, and reputable developers accounting for the largest number.

According to many real estate experts, the luxury apartment segment will continue to be highly sought after in 2017. Rising incomes and access to modern global real estate trends have gradually changed people's mindset and needs regarding real estate. Instead of choosing land plots or townhouses in narrow streets, more and more customers desire to own luxury apartments to enjoy the convenience of location, integrated infrastructure and amenities, 24/7 security, and professional added services. The time has come when owning a superior luxury apartment truly becomes a statement of status for its owner.

In Vinh City, one of the most dynamic cities in Central Vietnam, high-end real estate projects are still largely absent, or even non-existent. Could this be a great opportunity for major developers to offer suitable real estate models to meet local demand, and also a chance for savvy investors to seize this new trend and acquire an asset that is sure to appreciate in value in the future?

Satisfying the thirst for luxury real estate.

Currently, many well-known businesses have seized the opportunity and invested in building apartment projects in Vinh, but these projects have not yet fully satisfied the desires of the city's residents. This is why a project, reportedly invested in by T&T Group, at 1 Quang Trung Street is generating high expectations from customers and investors. According to "unofficial" sources, this project will be handed over in Q3 2018 with a chain of 45 internal amenities and services including: a shopping center, kindergarten, children's playground, community hall, gym, spa, restaurants, cafes… and 1-3 bedroom apartments ranging in size from 47 m2 to 100 m2. If this information is verified, the project will certainly alleviate the shortage of high-end real estate in Nghe An.

Although the developer hasn't officially announced the launch, residents of Vinh City believe that the No. 1 Quang Trung project will be very attractive not only to customers with real housing needs but also to investors due to its prime location at the city's busiest intersection. The apartment complex is located opposite Big C shopping center, near Vinh Market, and close to the Vinh Market bus station, making it very convenient for business, shopping, and daily life. Notably, the project has already reached the 25th floor, allowing customers to see the quality of construction firsthand. This demonstrates the developer's strong financial capacity, justifying their decision to wait until near completion before launching sales. This approach by T&T Group has also been highly praised in their T&T Riverview project, which they are currently introducing to the Hanoi market.

PV