Amidst high-end apartments: which project is distinguishable?
High-end apartment segment is currently seeing a race between property investors and ever-expanding supply. According to a real estate company’s report, Q1-2018 in Hanoi records 8,800 apartments launched for sale from 39 projects. Forecasting the trading volume of apartment segment, they said that Hanoi in 2018 will witness 28,000 units being successfully sold, up 9pct year-on-year. With strongly-increased supply, a real estate expert is recommending home-buyers to pay attention to geographical location, prices, surrounding utilities, as well as to study more on projects and investors’ reputation.
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Dispute boom at apartments
Recently, there are many conflicts between property investors and residents at apartment projects in every segment. The main cause of these disputes is conflicts in maintenance fees, public and private areas, fire prevention and fighting conditions… For many of these conflicts, a reasonable solution cannot be agreed, worsening the relationship between investors and residents. Some noticeable projects that constantly record conflicts between two parties are Discovery Complex 302 Cau Giay Street, Star City, Gamuda Gardens, etc. In the latest report sent to Prime Minister regarding residents’ complaints and protests against investors, the Ministry of Construction said there were 215 complaints.
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VIDEC launches development of affordable housing project and prepare to build social housing
VIDEC – the investor of low-income residential area project - The Diamond Park is preparing to invest, break ground and develop the first affordable apartment building located in Tien Phong Ward, Me Linh District, Hanoi. The Diamond Park has good location, sufficient utilities and completed infrastructure, making it a central township in Northwest Hanoi. Analyzing the development of property projects where they align with infrastructure development, the real estate experts said that in order to develop properties, there is a need of synchronous infrastructure planning from city-level to district-level and ward-level, following by a detailed planning for each land lot. Through land modifications and investment concentration on infrastructure development, Me Linh has become a nuclear township of Hanoi.
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Japanese Sumitomo-BRG Group JV to invest $1b for Hanoi smart city project
Japan’s Sumitomo Corporation Asia and Oceania and Vietnamese golf services firm BRG Group will jointly invest $1 billion to develop the infrastructure for the mega project, dubbed Hanoi smart city, which requires an estimated total investment of $4 billion, local media reported. The project is pending approval from the city government. The smart city project, which covers an area of 270 ha in the north of Hanoi, is expected to commence in the third quarter this year to be developed in five phases. Sumitomo-BRG joint venture would invest more than $1 billion to develop infrastructure for the project. Ha Noi’s People’s Committee, BRG Group and Japan’s Sumitomo signed a co-operation agreement to establish a joint venture to develop the smart city project last year.
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