Vinh City Apartment Market: Increasing 'heat' after planning adjustment policy
(Baonghean.vn) - In early June 2019, Nghe An Department of Construction adjusted the planning of a number of high-rise apartment projects and announced that it would stop granting new investment licenses for apartment projects in Vinh City. In fact, these instructions have had a positive impact on the already vibrant apartment market in Vinh City.
No new investment approved for Vinh City apartment project
According to statistics at the beginning of 2019, Vinh City currently has 83 apartment projects, of which 54 projects have been put into use and 25 projects are under construction. According to the leader of Nghe An Department of Construction, in order to preserve the urban landscape architecture and reduce pressure on the inner city in the future, in the coming time, the Department will not approve new investment policies for apartment projects in Vinh City. Instead, it will only agree to investment projects to build apartment buildings in sparsely populated suburban areas.
In addition, the Nghe An Department of Construction has also worked with the People's Committee of Nghe An province to adjust the planning for 5 apartment projects in Vinh city to low-rise buildings. Specifically, the Thanh Thai Thinh Company Limited project in Ben Thuy ward, Truong Thinh Phat 2 urban area, the Vinh Urban Development Joint Stock Company project in Trung Do ward, the Cityland Investment Joint Stock Company apartment project in Ha Huy Tap ward were all adjusted from more than 18 floors down to 4 floors. In addition, the Golden Dat Viet office and apartment complex in Hung Binh ward has been reduced from 18 floors to 8 floors.
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| The face of Vinh City is changing dramatically thanks to the appearance of high-rise apartments in recent years. Photo: Document |
According to real estate experts, these new policies may cause many difficulties for investors who have not yet entered the potential apartment market, but at the same time create a strong "push" for approved apartment projects in the context of huge demand and gradually shrinking supply.
A strong "boost" for the apartment market
The family of Mrs. Tran Ha Vy (52 years old), who just sold their house in Ha Huy Tap ward to move to an apartment, said: “After my son got married, the old house became too cramped for the whole family to live together. Because we wanted to be close to our children and grandchildren but still give each generation their own private space, my husband and I decided to sell our house and buy two apartments on the same floor. Even though we don't live together now, when needed, parents and children can still help each other in a timely manner, so I think living in an apartment is a very good solution for families like ours.”
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| The apartment complex has spacious space, many amenities, and affordable prices, making it a popular choice for many families. Perspective image of the Sai Gon Sky apartment complex's entertainment area. |
In recent years, not only in Vinh City, the case of selling land to buy apartments like Ms. Vy's family is gradually becoming more popular. The reason for this can be explained by the many advantages of apartments compared to land such as the reasonable price range that allows the family to own many apartments, open view to the wind, fresh living environment, central location, synchronous utilities and guaranteed security... For young families, apartments are almost the first choice because real estate prices always have a dizzying growth rate beyond financial capacity.
Grasping the general trend in major cities in Vietnam and around the world, real estate investors in Vinh City in recent years have launched many projects and diverse apartment products, receiving strong absorption from the market such as Handico, Trung Duc Tower...
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| The luxury apartment building Sai Gon Sky with 18 floors and only 130 apartments also started entering the Vinh City market at the end of June 2019. Photo: Document |
However, many real estate experts assess that the amount of this product is still not enough to meet the current needs of the majority of people. In addition, Vinh City is an urban area with a high population concentration (Population 545,180 people/Area 104.5 km²) and has a tendency to grow rapidly as it is a key city of the entire North Central region, plus the factor of stopping the issuance of new apartment building permits in the coming years, has prompted people to quickly search and own apartments before the supply becomes exhausted.
On the investors' side, realizing that this is a "golden" opportunity to launch products to satisfy people's "thirst", they immediately introduced diverse apartment projects with many competitive advantages.
Notably in the high-end segment, apartment projectsSaigon Sky TowerCurrently in the early stages of implementation, it has received great attention even though it has not been officially opened for sale. The project is located in the center of Vinh City in Doi Cung Ward, with convenient regional connections, a neoclassical design rich in aesthetics, a variety of amenities from spacious campus, kindergarten to supermarket, and especially the SMART HOME smart apartment control system appearing for the first time in Vinh City, promising to bring a new living experience to residents. In particular, this is also one of the last apartments licensed for construction in Vinh City.
Forecast in the coming time, the marketVinh City Apartmentwill continue to develop dynamically, professionally and sustainably with strong competition in price and amenities of approved apartment projects.
