Business

HCM City: Heat in high-end apartments

Over 5,100 apartments in the mid- and high-end bracket from 17 projects in Ho Chi Minh City were sold during the first quarter of 2015, up 163 percent from the same period last year.
Over 5,100 apartments in the mid- and high-end bracket from 17projects in Ho Chi Minh City were sold during the first quarter of 2015,up 163 percent from the same period last year.

Approximately22,000 apartments are expected to be sold in 2015, of which sales forthe east and northern ends of the city will account for 42 percent and24 percent respectively.

According to CBRE Vietnam, high-endapartment options are made available from big projects such as theVinhomes Central Park (VinGroup), Masteri Thao Dien (Thao Dieninvestment Joint Stock Company) and Scenic Valley (Phu My Hung Company).

TheNovaland Group is actively participating by offering 756 apartments inRiver Gate, The Tresor (phase II), and the Sun Avenue project during thefirst three months of 2015.

Average selling price for high-endoptions increased slightly in the city centre and suburbs to 1,717 USDper square meter, up 1.6 percent from the last quarter of 2014.

Meanwhile,the retail market saw an increased average leasing price in the firstquarter of this year due a high occupancy rate in shopping centres suchas Vincom Center B, Union Square, Vincom Thu Duc and Saigon Square 3

Inthe first months of 2015, domestic and foreign retailers includingVinmart, VinPro, VinDS actively expanded their business as Japanese AeonGroup and two Thai giant retailers BJC and Central Group enter theVietnamese market.

Besides, Italy’s Gucci and the Republic of Korea’s Holly’s Coffee are adding to the country’s dynamic economic market.

Theoffice market saw the unoccupied rate in grade A and B officesgradually decrease from their respective 1.9 percent and 3.8 percent.

Accordingto CBRE, transferring and expanding offices are a common tendency dueto the country’s improved economy. Vietnam continues to be an attractivedestination for investors and entrepreneurs to expand their business.

ManagingDirector of CBRE Vietnam Marc Townsend said after a number of quietyears, the country’s real estate market has seen a strong return of bigprojects with luxury options and more sophisticated plans.-VNA
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