The post-pandemic period has indeed presented a mixed picture of city life
The post-pandemic period has indeed presented a mixed picture of city life
From sprawling suburbs to gated green havens, the pandemic has sparked a global change of urban living.
A virtuous cycle of improving amenities and job opportunities attracted employers, employees, young and old, to cities. — Photo of REUTERS |
While Westerners escape the city center, some Asians refuse to sacrifice the convenience of urban life. They have the foundation for this choice, as mega-complexes of thousands of hectares like Việt Nam’s Ocean City are taking root in the heart of bustling cities, aspiring to fulfill every resident's need.
The COVID-19 pandemic, a seismic event that shuttered lives and reshaped routines, has triggered a fascinating divergence in global urban migration patterns.
In the West, a wave of escape from major cities is cresting, fueled by a longing for wide-open spaces, the newfound ease of remote work, and a burgeoning green living movement. From San Francisco to Toronto and Sydney, the exodus is palpable, as residents trade skyscrapers for sprawling suburbs or idyllic countryside retreats.
But in Asia, amidst the thrumming energy of metropolis, fresh and airy complexes are blossoming, offering residents a refuge from the concrete cacophony without sacrificing the pulse of urban life.
This burgeoning trend has piqued the interest of real estate giants, eager to cater to a new breed of city dweller who refuses to choose between nature's embrace and urban dynamism. Việt Nam's Vinhomes, Malaysia's Matrix Concepts Group, and Cambodia's Peng Huoth Group have all become players in this game.
Urban landscapes are changing
“The past 30 years were a golden era for large cities,” Stijn Van Nieuwerburgh, a professor of real estate and finance at Columbia Business School, wrote in November 2022. But things have changed since Covid-19 pandemic hit New York and other population hubs. In Van Nieuwerburgh’s telling, the Covid-19 crisis “triggered a massive migration response. Many households fled urban centers.”
More than 64,000 people left Toronto for other parts of Ontario from mid-2020 to mid-2021, up 14% from the previous 12-month period, according to Statistics Canada population estimates.
As the pandemic endured and subsequent coronavirus variants prompted employers to postpone return-to-office plans, scholars are increasingly voicing concern that the shift will bring the three-decade renaissance of major cities to a halt, setting off an era of urban decay.
As the grip of the Covid-19 pandemic loosened, a swift decision took root in the mind of Hien Nguyen, Hà Nội. He swapped his cramped city-center dwelling for a sprawling, 1,200-hectare haven within the self-contained mega-complex called Ocean City.
"Even if a pandemic's shadow falls again," he mused, "I may be confined to my own backyard, but within its embrace, I'll have a lake at my doorstep, a hospital a stone's throw away, and a school, supermarket, gym, pool, and cinema, all woven into the very fabric of my home," he confided.
Real estate giants are creating serene oases in the heart of the cities. — Photo of VINHOMES |
In the dynamic metropolises of Asia, a different kind of urbanism is taking root. Instead of fleeing the city center, residents are increasingly gravitating towards sprawling residential mega-complexes that sprout like futuristic fortresses within the urban fabric.
These self-contained behemoths, with their integrated shopping malls, man-made lakes, and comprehensive entertainment facilities, offer a compelling proposition: the convenience and vibrancy of city life, cocooned within a secure and green bubble.
This divergence reflects a fundamental difference in cultural priorities and risk perception. In the West, the pandemic has amplified a pre-existing yearning for nature and a sense of vulnerability towards densely populated spaces. In Asia, on the other hand, a collectivist ethos and a long history of navigating epidemics have fostered a greater tolerance for density. Additionally, the rapid pace of urbanization has left many yearning for the amenities and community that mega-complexes provide.
Of course, this binary depiction is an oversimplification. But one thing is certain: the pandemic has irrevocably altered the urban landscape, accelerating existing trends and sparking new ones.
Cities within cities
While developed nations experience 1% annual urban growth, Asian metropolises have ballooned at a heady 3.4% since 1970, according to the U.N.'s "The Future of Asian and Pacific Cities." This urbanization surge, far from a blip, underscores a fundamental shift in global demographics. As Dr. Robert Guild, Asian Development Bank's sustainability chief, succinctly puts it, "Asia's future is urban."
17 of the world's 33 megacities – population 10 million-plus – call Asia home. And a recent Knight Frank survey paints a telling picture: Asian buyers remain firmly rooted in urban aspirations, whilst the rest of the world is increasingly eyeing and buying in suburban, resort, and coastal destinations.
The draw is undeniable. Urban environments offer dazzling constellations of amenities, seamless connectivity, and economic engines throbbing with opportunity. But anxieties woven by the pandemic and a rising clamor for environmental responsibility cast a shadow on this seemingly unstoppable juggernaut. The current model of sprawl, critics argue, is unsustainable.
As the region's urban tide continues to rise, navigating these currents will be one of the defining challenges of this century. The answer, many believe, lies in a conscious pivot towards compact, human-centric spaces. Imagine vibrant neighborhoods designed for fostering social cohesion and nurturing mental well-being.
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6.1 ha man-made salt lake in Ocean City, with sand hand-picked from Nha Trang beach. — Photo of VINHOMES. |
Vinhomes, the largest real estate developer in Việt Nam, has decided to become part of the answers. The company in the business empire of billionaire Phạm Nhật Vượng, Việt Nam’s richest man, introduced a 1,200 ha all-in-one mega-complex called Ocean City. This complex promises not just apartments, but a self-contained universe where residents can live, work, play, and shop without ever leaving its gated confines.
From sprawling parklands, unique artificial lakes, movie theaters, mega malls, shophouses, to water parks, the construction of the state-of-the-art hospital having just commenced, coupled with a comprehensive educational system spanning from kindergarten to university, Ocean City aims to redefine urban living, offering residents a healthy, fulfilling life brimming with experiences.
Privileges behind the gates
For centuries, Hà Nội, Việt nam's bustling capital, stood distant from the sea, its nearest beach shimmering a 100 kilometers away. However, Vinhomes has brought the taste of the sea into the heart of the city, with a 6.2-hectare artificial saltwater lake. The sand was hand-picked from Nha Trang, Việt Nam's premier coastal paradise, ensuring that every step feels like a mini-vacation. There is also a 24.5 hectare man-made freshwater lake nearby.
With this move, Vinhomes wants to set foot in the healing industry that is increasingly expanding as the world develops at breakneck speed. ADB ranks Vietnam as one of the fastest-growing economies in Asia. In the latest macroeconomic update, Standard Chartered Bank (UK) forecasts Việt Nam's gross domestic product growth at 6.7% next year, while the International Monetary Fund (IMF) expects Vietnam's GDP growth to be 5.8% and 6.9% for 2024 and 2025, respectively.
Meanwhile, Việt Nam's concrete tide keeps rising, fueled by a steady stream of migrants abandoning rural fields for urban horizons. Official government data paints a clear picture: the country's urban population surged by 0.6 percentage points in 2023, pushing the national rate to 38.1%.
Hà Nội's skyline may gleam with ambition for Rick Hofstadter, an American fund manager. Vietnam's burgeoning economy lured him to its shores, but it's the country's unique ability to offer a vibrant, convenient life seamlessly intertwined with pockets of tranquility that keeps him rooted.
Ocean City is a prime example of the booming "city within a city" trend in Asia. — Photo of VINHOMES |
While his company thrives in Hanoi's central hub, Hofstadter lives in Ocean City, even though it takes him 30 minutes each way to commute. "It's about balance," he confesses. "The commute becomes a 30-minute decompression chamber where city pressures dissipate in the rearview mirror."
Crossing Ocean City's threshold, Hofstadter sheds the urban dust. "The gates close on the honking chaos, and a sense of serenity washes over me," he shares. The expanse of a man-made saltwater lake beckons, inviting him to trade financial spreadsheets for sandcastles with his young daughter.
"I'm proof," he concludes with a smile, "that success doesn't have to be a zero-sum game. You can chase your dreams in the city lights, but find your peace at home."
That's also why developers like Vinhomes are building complexes with mental well-being as a key focus. At Ocean City, the world's largest wave pool, an artificial sea, and dozens of sports parks, children's playgrounds, and serene green spaces are all carefully distributed throughout the project. This meticulous design fosters a diverse and active lifestyle, improving both physical and mental health for residents.
An irreversible trend across Asia
A recent global report by PWC claimed that families in most emerging economies would prefer moving to a gated community, called urban townships, integrated communities, or cities within cities. “An extremely well-planned township makes use of every single piece of land or area by converting it into a multi-functional area. For example, a lake could be used as a retention pond while also adding to the beauty of the landscape,” said Shaishav Dharia, CEO of Townships and Annuity Assets at Lodha Group, one of India’s biggest real estate companies.
“Good quality homes are nicely packaged with a landscaped environment, intelligent layouts, wide roads, and spaces for leisure and entertainment.”
Matrix Concepts Group, a Malaysian development powerhouse born just two decades ago, aims to solidify its legacy with Bandar Sri Sendayan. This expansive 2,500 ha behemoth within the Greater Klang Valley promises a self-contained, self-sustaining lifestyle nestled amidst major roads and the future high-speed rail link to Singapore.
Lushly landscaped phases dedicate sprawling space to residences, leisure facilities, and commercial hubs, aiming to lure multi-generational families, investors, and local residents alike.
In Vietnam, escaping Hanoi's notorious smog and chaos is the essence of Ocean City and other Vinhomes' mega-projects, which serve as a catalyst for crucial discussions about the future of cities and the communities they hold.
With Vinhomes’ Ocean City, according to Vietnamese economic expert Vũ Đình Ánh, this 1,200-hectare behemoth, twice the size of a central Hanoi district and poised to house 400,000 residents, “is generating buzz not just for its scale, but for its potential to redefine Vietnam's urban landscape.”
"Ocean City has created the value of a separate city," declares Ánh. "This chain of mega-complexes will act as pioneers, pushing the boundaries of what's possible." He elaborates, "For other developers, it's a gauntlet thrown down. To compete, they have to step up their game, create spaces that offer the same level of integrated living and working environments."
The appeal of these multi-utility complex chains resonates with Lê Hoàng Châu, Chairman of the HCM City Real Estate Association. He sees them as not just lucrative ventures, but as sustainable solutions to Việt Nam's burgeoning urban needs.
"They're the future," he proclaims, "the most efficient way to save land and social resources. You optimise infrastructure like transport and schools, and create self-contained communities that cater to a wide range of needs.".
