ParkCity Hanoi pioneers community-centric approach
ParkCity Hanoi pioneers community-centric approach
Having received encouraging response for its residential components and facilities, ParkCity Group CEO Datuk Joseph Lau said the developer also plans to expand to other parts of Vietnam and create a strong presence here.
Developed by ParkCity Group since 2010, the award-winning township ParkCity Hanoi has an estimated gross development value of $2.5 billion and will have 5,739 residential units once completed.
ParkCity Hanoi closely mirrors the philosophy, master plan and development blueprint of the established 191 ha Desa ParkCity township in Kuala Lumpur, which was built with a focus on sustainability and holistic living, according to Lau.
“We are pioneers for being the first-of-its-kind, master-planned township there. To date, we have delivered 977 residential units in ParkCity Hanoi. The feedback from residents has been reassuring, which is why we brought the group’s strength in place making to the Hanoi market. We hope to continue to create a strong presence in Vietnam, along with our known blueprint in Kuala Lumpur and East Malaysia,” he said.
According to Lau, ParkCity Hanoi has been well-received. Most of its previously launched developments have been fully taken up with impressive capital appreciation from 30 per cent to 50 per cent, compared to when they first launched.
ParkCity Hanoi has been praised for its compelling facilities within the township.
Lau acknowledged the importance of diversified products, as seen in the township.
“Our developments in Hanoi cater for different age groups that have different needs and wants. For example, Park Kiara (condominium) targets the younger generation and first-time homebuyers. Developments like The Mansions are targeted at upgraders and upper-income owners who enjoy luxury living within a community,” he said.
ParkCity Hanoi has completed and handed over a number of developments such as park homes Nadyne Gardens (177 units) in 2014 and Evelyne Gardens (165 units) in 2017 as well as luxury park homes The Mansions (146 units) in 2020.
“Our most recent handovers are the condominium Park Kiara (432 units) and garden villas Le Jardin (57 units) in 2022, which have gained positive reviews and accolades,” Lau added that the average launch prices vary, from The Mansions’ at $4,100 to $4,900 per sq.m. and Park Kiara’s at $1,852 per sq.m to Le Jardin starting from $3,800 per sq.m.
The group is capitalising on trends in the local market and opportunities in Hanoi, where homebuyers “are looking for a branded developer and lifestyle concept.”
“Some of the big players are already in Hanoi. The real estate market there is experiencing rapid urbanisation with its young population, and housing is an important government agenda,” Lau said.
ParkCity Hanoi has been praised for its compelling facilities within the township, meanwhile ParkCity Club Hanoi features a modern interior, gym, café, outdoor and indoor swimming pools, and expansive tennis and basketball courts built to suit Vietnam’s four-season weather.
The International School at ParkCity Hanoi (ISPH), which has been in operation since 2019, can accommodate up to 1,500 students.
ISPH study programmes are based on the British national curriculum, combined with international programmes such as the International Primary Curriculum and International General Certificate of Secondary Education.
Owing to encouraging response to the township’s residential components and facilities, the group plans to launch its commercial project next.
“For 2023, our focus will be on the neighbourhood mall in ParkCity Hanoi named The Linc. We have partnered with Central Food Retail’s supermarket chain TOPS Market, which will be our anchor tenant,” Lau said.
The Linc will feature two phases. The first is slated to open by end 2023, with further details to be solidified. The mall will have a total gross floor area of 18,900 sq.m and a net lettable area of 11,425 sq.m across three levels.
“Our aim is to cater for young families and young adults in the district of Ha Dong and its vicinity. The Linc will be well-connected to the park and other residential neighbourhoods. We will create new offerings, one-stop conveniences, and it will be fully managed by the group,” Lau said, adding that The Linc’s concept will mirror that of The Waterfront at Desa ParkCity, Kuala Lumpur.
ParkCity Hanoi was shining in the Top 10 Most Liveable Townships in Hanoi by the Vietnam National Real Estate Association in 2020, 2021 and 2022.
“Some of the recently completed projects have garnered awards — such as Park Kiara for Best Luxurious Green & Wellness Condo of The Year from Robb Report magazine in its Best of the Best 2020,” Lau said.
Other worthy mentions are The Mansions’ Best Housing Development (Hanoi) award from the Vietnam Property Guru Awards 2020; Evelyne Gardens’ Best Housing Architectural Design (Vietnam) award from the Asia Property Guru Awards 2017 and Best Housing Development (Vietnam) accolade from the Vietnam Property Guru Awards 2017.
“In Vietnam, we are seeking more land in Hanoi, Ho Chi Minh City and other big cities. The success of ParkCity Hanoi is further proof of the group’s capabilities in the country,” Lau said.
“Sustainability will be one of the key drivers defining our business. Sustainable communities need to be diverse, well-connected, and conveniences need to be thoughtfully designed. We will place more sustainable elements and features across all our developments in the near future.”
