CapitaLand optimistic about demand for Season Avenue apartment project in Hanoi
CapitaLand optimistic about demand for Season Avenue apartment project in Hanoi
Singapore-headquartered property developer CapitaLand has claimed that its Seasons Avenue apartment project in Vietnam’s capital city would be another success story thanks to the warming local real estate market and a well-grounded partnership with a local business.
Lim Hua Tiong, general manager of CapitaLand–Hoang Thanh, said he was confident of the successful sales of the apartment complex once they became available to buyers in early 2017.
Designed with four high-rise buildings inspired by Hanoi’s four seasons, the project is scheduled for completion in 2019. Once completed, it will add 1,300 apartments to the mass housing segment in the rapidly urbanising Ha Dong district.
Despite the fact that it’s still under construction, the project has received a positive response from the market with a raft purchasing orders already in place, according to Tiong.
“The local property market is warming up and the demand for housing from the Vietnamese people is increasing sharply, especially in the mass housing segment. Seasons Avenue offers the right products that meet the market demand for quality housing in the mid-end segment,” he said.
He added that the joint venture between CapitaLand and Vietnam’s Hoang Thanh saw successful sales in 2014 with their high-end Mulberry Lane apartment project. This was at a time when market conditions were not as favourable as they are today, and as such, Seasons Avenue sales are expected to flow even more smoothly.
Furthermore, experiences drawn from developing Mulberry Lane have also helped the investors understand Hanoians’ demand for the right to customise products.
“It [Mulberry Lane] was CapitaLand’s first housing project in Hanoi. During project implementation, we learnt a lot about local buyers’ housing needs and developed new facilities and services to satisfy their lives,” he explained.
After roughly 20 years in Vietnam, CapitaLand has become renowned for projects such as The Vista, Vista Verde, Parcspring, and Mulberry Lane. The multinational company, also one of Asia’s largest real estate firms, has supplied more than 6,000 apartments in six housing projects in Ho Chi Minh City and Hanoi. Ascott Limited, a subsidiary wholly owned by CapitaLand, has a portfolio including more than 1,800 serviced apartments in 12 Somerset buildings in Vietnam’s largest cities.
The Singaporean developer has announced that Vietnam’s property market, powered by a fast growing economy, rapid urbanisation, and a young population, is one of its “new growth markets” besides Indonesia and Malaysia.
Hoang Thanh JSC general director Nguyen Nhu Vinh said that the CapitaLand brand had facilitated the development of the joint venture’s projects, and the two companies’ established partnership was a primary factor in the Singaporean investor’s success in Hanoi.
Tiong said Hoang Thanh was the right choice for CapitaLand to partner with as it boasted a wealth of experience in Vietnam’s real estate market. “Our partnership brings a combination of local experience and Singapore’s construction know-how to provide quality housing for Hanoian customers,” he said.
The two partners in the joint venture expect that Vietnam’s newly effective laws on Real Estate Business and Housing would make it easier for both foreigners and overseas Vietnamese to purchase apartments.
