CONTENTS
HA NOI | Q1/2020
01
02
03
Retail
Market
Apartment
for Sale
Market
Villa/
Townhouse
Market
Quarterly Report
Retail
Q3/2017
Main Report
HANOI,
Vietnam
Prepared by
Savills Vietnam Co., Ltd
October 2017
18th Floor, Continental Tower
6th Floor, Sentinel Place,
81-85 Ham Nghi Street, District 1,
41 A Ly Thai To Street, Hoan Kiem District,
Ho Chi Minh City, Vietnam
Hanoi, Vietnam
T: +84 8 3 8239 205
T: +84 4 9461 300
Contents
Executive Summary ........................................................................................................................3
1.
2.
SUPPLY ....................................................................................................................................4
1.1.
OVERALL ........................................................................................................................................................ 4
1.2.
BY LOCATION .............................................................................................................................................. 6
1.3.
BY TYPE .......................................................................................................................................................... 8
PERFORMANCE ......................................................................................................................9
2.1.
OVERALL ........................................................................................................................................................ 9
2.2.
BY LOCATION ............................................................................................................................................ 10
2.3.
BY TYPE ........................................................................................................................................................ 12
3.
DEMAND .............................................................................................................................. 14
4.
OUTLOOK ............................................................................................................................. 22
5.
4.1.
SUPPLY ......................................................................................................................................................... 22
4.2.
DEMAND PROSPECTS ............................................................................................................................ 24
SWOT .................................................................................................................................... 27
Research Parameters................................................................................................................... 28
Term Definitions .......................................................................................................................... 29
Appendix 1: Existing Supply ...................................................................................................... 30
Appendix 2: Future Supply ........................................................................................................ 34
Disclaimer ..................................................................................................................................... 38
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
Figures
Map 1.1
Existing supply ............................................................................................................................................5
Figure 1.1
Area supply...................................................................................................................................................6
Figure 1.2
Retail density by location .......................................................................................................................7
Table 1.1
Top supply districts ...................................................................................................................................7
Figure 1.3
Districts Retail density ..............................................................................................................................7
Figure 1.4
Supply by type ............................................................................................................................................8
Figure 2.1
Retail performance 2015 – Q1/2020 ..................................................................................................9
Figure 2.2
GF gross rent by location .................................................................................................................... 11
Figure 2.3
Occupancy by location ......................................................................................................................... 11
Figure 2.4
GF gross rent by type ............................................................................................................................ 13
Figure 2.5
Occupancy by type................................................................................................................................. 13
Figure 3.1
Take-up by type ...................................................................................................................................... 14
Figure 3.2
Take-up by location ............................................................................................................................... 14
Figure 3.3
Category revenue changes ................................................................................................................. 15
Figure 3.4
Tenant proposals by category ........................................................................................................... 16
Figure 3.5
Hanoi retail sales growth Q1/2020 .................................................................................................. 18
Figure 3.6
Ha Noi CPI Q1/2020 .............................................................................................................................. 19
Figure 3.7
Regional retail sales 2016 – 2020E .................................................................................................. 19
Figure 3.8
Regional urbanisation Q1/2020 ........................................................................................................ 20
Figure 3.9
Regional GDP growth 2020E - 2021E ............................................................................................. 20
Figure 4.1
2020E – 2021E supply by status ........................................................................................................ 22
Figure 4.2
2020E – 2021E supply by location ................................................................................................... 23
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
Executive Summary
COVID-19 Performance
Stock at approximately 1.6 million m² was stable QoQ and up 13% YoY. Average ground floor
(GF) gross rents decreased -2% QoQ and -4% YoY and occupancy was down -1 ppt QoQ and
stable YoY. Non-CBD projects had steeper declines in rents and occupancy. Retailers have seen
footfall drop and short-term vacancies will escalate.
Landlords and Tenants
Street Retail had more widespread closures. Lease conditions are changing to support
struggling tenants.
Shopping Channels
Pre lock down stocking up saw a move to hypermarkets, supermarkets and minimarkets.
COVID-19 is accelerating e-commerce and doubly hitting classic Retail. Online platforms are
increasingly harnessing the effective home delivery networks.
Outlook
To end 2021, 19 projects with approximately 195,000 m² will enter, mostly in the West and
Secondary areas. Continuous supply expansion to non-CBD areas will soften rents. Projects
scheduled to enter in 2020 are considering delays.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
3
1.
SUPPLY
1.1.
OVERALL
Total stock from 73 projects and 125 Supermarkets and Wholesale centres was approximately
1,563,000 m². With no new projects launched, stock remained stable QoQ and up 13% YoY.
Over the past five years, stock growth has been an average 7% pa.
We sub-divide Hanoi Retail into five main areas:
▪
CBD: Hoan Kiem district.
▪
Secondary: Dong Da, Ba Dinh, Hai Ba Trung, Thanh Xuan and Tay Ho districts.
▪
The West: Cau Giay and Tu Liem districts.
▪
The East: Long Bien and Gia Lam districts.
▪
Others: Ha Dong, Hoang Mai, Me Linh, Dong Anh and Hoai Duc districts.
And five main Retail approaches:
▪
Department Store.
▪
Shopping Centre.
▪
Retail Podium.
▪
Supermarket.
▪
Wholesale Centre.
Any projects comprising multiple forms are separately evaluated.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Map 1.1
Existing supply
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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1.2.
BY LOCATION
The Secondary area with 664,000m², up 4% YoY accounted for 42% of stock, and had the highest
Retail density of 0.46 m²/person.
The ‘Others’ with a 23% share usurped the West 20% share, to become second-largest supplier
after large-scale Aeon Mall Ha Dong entered in Q4/2019. These two areas had the most robust
YoY growth, the Others by 28% and The West by 31 percent.
In the East, stock was around 50% of the West, but density was almost as high, while the CBD
had the lowest stock and density.
Figure 1.1
Area supply
CBD
1,800,000
Secondary
The West
The East
Others
m2
1,500,000
1,200,000
900,000
600,000
300,000
0
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Figure 1.2
700
Retail density by location
NLA
Thousand m²
Retail density
m²/person
600
0.5
0.4
500
400
0.3
300
0.2
200
0.1
100
0
0.0
Secondary
Others
The West
The East
CBD
Source: Savills Research & Consultancy
The district share and density is detailed below:
Table 1.1
Top supply districts
District
Projects
NLA (m²)
Share
Retail density (m²/person)
Thanh Xuan
19
277,900
18%
0.94
Ha Dong
18
206,000
13%
0.56
Long Bien
18
190,200
12%
0.63
Total
55
674,100
43%
Source: Savills Research & Consultancy
Figure 1.3
300
Districts Retail density
Thousand m²
NLA
Retail density
250
200
m²/person
1.0
0.8
0.6
150
100
0.4
50
0.2
0
0.0
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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1.3.
BY TYPE
▪
Department Store: Stock increased 61% YoY to 195,200 m2 after staying stable for three
years. Aeon Mall Long Bien and Aeon Mall Ha Dong were the newest and largest projects.
Five department stores have an average 39,000 m² scale.
▪
Shopping Centre: 33 projects supplied 893,000 m², up 11% YoY representing 57% of stock.
Stock is almost 300% higher than 2012 with the entries of four large-scale Vingroup
projects: Vincom Mega Mall Royal City with 161,300 m², Vincom Mega Mall Times City with
73,000 m², Vincom Centre Nguyen Chi Thanh with 65,300 m² and 45,000 m2 in Vincom
Centre Tran Duy Hung.
▪
Retail Podium: Stock of 184,200 m2 from 35 projects represents a 12% share. With
continuous Residential and Commercial development, Retail Podium has grown 10% pa on
average for five years, faster than the Department Store and Shopping Centres.
▪
Supermarket: 122 projects with 224,700 m² represented a 14% share. Key players include
Central Group with Big C, and VinCommerce with Vinmart. In early December 2019,
VinCommerce merged with Masan Consumer Holdings and Masan Group will be operator
of the new venture.
▪
Wholesale Centre: Supplying 65,700 m² for a 4% share, stock remained unchanged from
the three Mega Market Vietnam centres, formerly Metro Cash & Carry.
Figure 1.4
Supply by type
Department store
1,800,000
Shopping centre
Retail podium
Supermarket
Wholesale center
m2
1,500,000
1,200,000
900,000
600,000
300,000
0
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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2.
PERFORMANCE
2.1.
OVERALL
Wholesale Centres and Supermarkets are typically self-owned and fully occupied, ground floor
asking rents are unavailable. Our analysis focuses on Department Store, Shopping Centre and
Retail Podium performance.
COVID-19 effects saw average GF gross rent drop -2% QoQ and -4% YoY to US$41/m²/mth.
Average occupancy was 95%, down -1 ppts QoQ and stable YoY.
Figure 2.1
50
Retail performance 2015 – Q1/2020
Avg. GF gross rent
US$/m2/mth
Occupancy
%
100
40
90
30
80
20
70
10
60
0
50
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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2.2.
BY LOCATION
Rents and occupancy shrank in most areas with non-CBD projects having the steepest declines.
CBD average GF gross rent has remained within US$100-110/m²/mth for two years, and this
quarter was at US$104/m²/mth, stable QoQ but down -4% YoY. Most projects remained fully
occupied with consistent rents. CBD rent was nearly triple that in the non-CBD. Average
occupancy increased 3 ppts QoQ and 5 ppts YoY to 99% after improvements in Trang Tien
Plaza, Central Building, Pacific Place and the Press Club.
The Secondary area is the largest supplier and had the greatest performance fluctuation.
Average GF gross rent fell -1% QoQ and -6% YoY to US$48/m²/mth, staying second to the CBD.
The sharpest drops were in Sun Plaza Ancora, Sun Plaza Thuy Khue, The Artemis and Sky City
Tower. Average occupancy of 94% was stable QoQ and YoY but eased in Shopping Centres,
such as The Artemis, Vincom Mega Mall Times City and Vincom Centre Metropolis. Occupancy
improved in Retail Podiums Ruby Plaza, Hapumedicentre and The Lancaster, and Lotte Centre
Department Store.
For five years, the West has seen rapid property and infrastructure development and robust
Retail performance, but this quarter saw rent and occupancy decline. Average GF gross rent was
US$40/m²/mth, down -4% QoQ and stable YoY after reductions in Discovery Complex, Bamboo
Airway Tower and Keangnam Palace Landmark. Average occupancy eased -1 ppt QoQ and -1
ppt YoY to 97% after lower performance in Discovery Complex, Vincom Centre Tran Duy Hung
and Vincom Plaza Bac Tu Liem. The West occupancy was highest in the five study areas.
The East is an increasingly appealing destination for entertainment. Average GF gross rent was
US$31/m²/mth, stable QoQ but 2% higher than last year; rents stayed unchanged in Vincom
Centre Long Bien and Savico Mega Mall but were reduced in Mipec Riverside. Average
occupancy dropped -5 ppts QoQ and -4 ppts YoY to 94%, after decreases in all projects except
Savico Mega Mall.
The ‘Others’ had the lowest rent of the five study areas. Average GF gross rent slumped -8%
QoQ and -16% YoY to US$16/m²/mth after rent adjustments in multiple projects, notably
Melinh Plaza Ha Dong, Truong Dinh Plaza and Machinco. However, average occupancy was up
2 ppts QoQ and 1 ppt YoY at 96%, after growth in the recently launched large-scale Aeon Mall
Ha Dong.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Figure 2.2
GF gross rent by location
CBD
140
Secondary
The West
The East
Others
US$/m2/mth
120
100
80
60
40
20
0
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Figure 2.3
100
Occupancy by location
CBD
Secondary
2015
2016
The West
The East
Others
%
90
80
70
60
50
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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2.3.
BY TYPE
Department Store
Average occupancy has stayed above 95% since 2015 and over 98% for four years. Q1/2020
average occupancy reached 97%, up 1 ppt QoQ and stable YoY, after improvements in Aeon
Mall Ha Dong. Average GF gross rent was US$52/m²/mth, stable QoQ and up 4% YoY. Revenue
sharing was applied in Robins Department Store and two Aeon Malls.
The Garden customer base is mostly Korean expats and nearby residents. Lotte Centre targets
mid- to high-end customers. Robins Department Store focuses on the growing middle class
while Aeon Mall concentrates on youth and young families.
Shopping Centre
Average occupancy at 94%, down -1 ppt QoQ and stable YoY was the lowest in the three
segments. The largest decreases were in The Artemis, Vincom Centre Long Bien and Vincom
Centre Metropolis. Average GF gross rent dropped -1% QoQ and -3% YoY to US$42/m²/mth
after many projects reduced rent, notably Truong Dinh Plaza, Melinh Plaza Ha Dong and Syrena
with minimum -20% reductions.
Retail Podium
Average occupancy was 95%, stable QoQ and down -4 ppts YoY. Most CBD projects increased
or were full occupancy, whilst several non-CBD projects decreased, such as Keangnam Palace
Landmark, Golden Palace and The Legend. Average GF gross rent was US$29/m²/mth, down 9% QoQ and -14% YoY, and the steepest segment falls. Rents were reduced most in Keangnam
Palace Landmark, Golden Westlake and Golden Palace.
CBD podiums are typically located in Grade A Office and high occupancy 5-star Hotels with
rents from US$35/m²/mth to US$180/m²/mth. Non-CBD podiums are in high-rise residential
buildings and usually Convenience outlets or Supermarkets. Average GF gross rent was
US$27/m²/mth in the Secondary and West areas, and US$14/m²/mth in the ‘Others’.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Figure 2.4
GF gross rent by type
Department store
60
Shopping centre
Retail podium
US$/m2/mth
50
40
30
20
10
0
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Figure 2.5
Occupancy by type
Department store
100
Shopping centre
Retail podium
%
90
80
70
60
50
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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3.
DEMAND ANALYSIS
Take-Up
Q1/2020 take-up was -8,900 m², the lowest for two years, mainly due to the softer performance
in Eastern area Shopping Centres. Highest take-ups were in Department Stores and the ‘Others’
after occupancy improvements in the recently launched Aeon Mall Ha Dong.
Figure 3.1
Take-up by type
Department store
200,000
Shopping centre
Retail podium
m2
150,000
100,000
50,000
0
(50,000)
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Figure 3.2
Take-up by location
CBD
200,000
Secondary
The West
The East
Others
m²
150,000
100,000
50,000
0
(50,000)
2015
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Tenant Trends
Savills conducted a recent Retail survey on COVID-19 and retailer demands. In the survey, 65%
of respondents stated that their businesses have been affected since February whilst the other
35% saw March as the tipping point. Footfall declining in February fell precipitously in midMarch after the first Hanoi infection was reported. Concerns led to temporary closures of Malls,
Restaurants, Cinemas, Social-Entertainments and Fitness Centres. Examples include CGV
shuttered March 15th, Golden Gate restaurant chain March 16th, Dream Game March 24th, Trang
Tien Plaza March 26th, TiniWorld, March 28th, Aeon Malls March 28th and Vincom malls on March
27th. The survey found 55% had revenue drop by over -50% QoQ. Most categories were affected
and only Supermarkets registered up to 20% growth.
Figure 3.3
Category revenue changes
Others
Supermarket
Healthcare
Entertainment
Education & Entertainment
Furniture, Houseware & Electronics
F&B
Fashion & Cosmetics
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Down >50%
Down 30-50%
Down <30%
Stable
Up 10-20%
Up >20%
Source: Savills Research & Consultancy
Mall occupancy stayed high since well-known brands are better equipped to endure and
wanted to avoid losing security deposits or risk legal action. Street Retail had more widespread
closures with smaller business more sensitive to economic fluctuations. Brands with outlets in
both initially closed their street stores. Small and large street retailers suffered with rents
accounting for up to 50% of total operation costs.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Lease amendments were proposed by struggling tenants. Operating tenants have suggested
rent exemptions over the lockdown and up to -50% reductions for three to 12 months. Many
are continuing to negotiate further reductions in other business expenses, and some will not
renew their leases. New tenants considering entry have been renegotiating rents or have
postponed finalizing contracts. Our survey found 57% were seeking up to -50% reductions and
31% seeking exemptions.
Figure 3.4
Tenant proposals by category
Others
Supermarket
Healthcare
Entertainment
Education & Entertainment
Furniture, Houseware & Electronics
F&B
Fashion & Cosmetics
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Rent reduction
Stop the lease
Rent being paid on monthly basis
Others
Rent exemption
Temporary store shutdown
Extension of the payment schedule
Source: Savills Research & Consultancy
Landlords had varying responses. Big developers implemented approaches early including up
to -50% rent reductions or even exemptions, depending on how each business was affected. To
retain quality and improve loyalty, tenants were engaged to find equable solutions such as
deferrals and concessions. Relief requests have been handled individually in the last two
months. Smaller developers adopted a wait-and-see approach, but most would reduce by
around -30 percent. Suggestions to develop sustainable outcomes for landlords include:
▪
Close tenant engagement, review case-by-case and provide flexible support.
▪
Make reductions dependant on location and sales.
▪
Rent suspension during lockdown.
▪
Rents paid monthly.
▪
Extend payment schedules.
▪
Reduce service charges to minimum and switch to monthly payments.
▪
Explore integrating online opportunities. E-commerce trends point to an increased share
when the crisis ends.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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The pandemic has hit classic retail, accelerated e-commerce and amplified home delivery
opportunities. Our survey revealed 28% retailers were using online channels and 28% are solely
online seeing 30% growth in online sales. The related surge in F&B moving to delivery platforms
is an innovative way to stay operating. Mid- and high-end restaurant brands were immediately
affected, but most switched to home-delivery. Low-end had less changes with many already
prioritizing online channels for cost savings.
Fewer shopping trips effected by lockdown stocking up saw a move away from street Retail and
convenience stores to hypermarkets, supermarkets and minimarkets with their large range of
better priced products and home-delivery services. E-commerce and home delivery are
expected to grow as a result of pandemic affected consumer sentiment and behaviour.
The survey found 61% occupiers were positive about recovery if the pandemic ends in Q2; but
if it continues, 86% felt recovery would take at least six months. F&B, Entertainment, Education
and Fitness Centres are anticipated the first to bounce back as local consumers will want to
rapidly embrace ‘normality’ after extended social isolation. Categories such as Fashion &
Cosmetics; or Furniture, Households & Electronic goods may take longer to recover.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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Economic Factors
In Q1/2020, total goods and service retail sales, were approx. VND 135.7 trillion (or US$5.9
billion), up 2.3% YoY, 7.8 ppts lower YoY. Growth eased from 11.7% in January to 7.6% in
February and fell -3% in March.
Retail sales have increased 10% pa on average the five years. Q1/2020 sales of VND 87.6 trillion
(or US$3.8 billion), maintained high 9.3% YoY growth. Despite incomes and purchasing power
under pressure, growth was attributed to temporary higher demand from stocking up
household essentials and increased moves to e-commerce.
Accommodation and F&B sales fell -20.2% YoY, apart from COVID-19 effects, stricter drinkdrive laws in Decree No. 100/2019/ ND-CP, effective since January 2020, has seen a significant
drop in tourists and locals drinking and eating out.
Figure 3.5
Total
Hanoi retail sales growth Q1/2020
Retail sales
Accomodation, F&B services
Tourism
Other services
20%
10%
0%
-10%
-20%
-30%
-40%
Jan
Feb
Mar
Q1/2020
Source: Ha Noi Statistics Office
CPI has been on a downward trend over three months. The index increased 1.07% MoM in
January but decreased -0.07% in February and -0.89% MoM in March. Five of 11 groups
reported sharp falls, including Transportation; Culture, Entertainment & Tourism; Food,
Foodstuffs & Catering; Housing, Electricity, Water, Fuel & Construction Materials; Beverages &
Tobacco.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Figure 3.6
Ha Noi CPI Q1/2020
2%
Transportation
0%
Culture, entertainment &
tourism
-2%
Food, foodstuff & catering
service
-4%
Housing, electricity, water,
fuel & construction material
Beverage & tobacco
-6%
Jan
Feb
Mar
Source: Ha Noi Statistics Office
Retail sales growth has been relatively higher than regional peers. In Q1/2020, sales reached
VND 985.8 trillion, or US$42.8 billion, were up 7.7% YoY. Viet Nam is forecast to have strong
compared to regional peers in 2020.
Figure 3.7
16
%
Regional retail sales 2016 – 2020E
Viet Nam
Indonesia
China
Philippines
Malaysia
Singapore
Thailand
14
12
10
8
6
4
2
0
-2
2016
2017
2018
2019
2020E
-4
Source: Focus Economics, Viet Nam General Statistics, National Bureau of Statistics of China,
Singapore Department of Statistics, Retail Group Malaysia, Trading Economics
Urbanization growth was approximately 3% pa, more than double population growth and
regionally among the highest. As of April 2020, urbanization at 38% was low among regional
peers at is expected to reach 40% in 2020 and 50% by 2030.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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Figure 3.8
Regional urbanisation Q1/2020
Population
300
Urbanization rate
million people
%
250
100
80
200
60
150
40
100
20
50
0
0
Indonesia
Philippines
Viet Nam
Thailand
Malaysia
Singapore
Source: United Nations
The Asian Development Bank forecasts Vietnam will maintain economic stability and growth.
GDP growth is forecast to ease to 4.8% in 2020 but rebound to 6.8% in 2021 - if the COVID-19
pandemic is contained within 1H/2020. Vietnam will retain its position as one of the fastest
growing SE Asian nations.
Figure 3.9
Regional GDP growth 2020E - 2021E
2020F
2021F
8%
6%
4%
2%
0%
-2%
-4%
-6%
Source: Asian Development Bank
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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Vietnam participates in many free trade agreements (FTAs), including the ASEAN-China FTA,
ASEAN-Korea FTA, ASEAN-Japan Comprehensive Economic Partnership, Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP), ASEAN-Australia-New Zealand
FTA, Vietnam-Japan Economic Partnership Agreement, Vietnam-Korea FTA, Vietnam-Chile FTA,
Vietnam-EEU FTA and the Vietnam-Israel FTA.
Most will affect Retail performance due to tariff commitments, enhanced competition,
innovation, increasing FDI and economic growth.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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4.
OUTLOOK
4.1.
SUPPLY
From Q2/2020 onwards, approximately 503,000 m² will enter, mostly in the Secondary and West
areas.
In 2020, thirteen projects with 154,400 m² are scheduled to launch. One was completed, 11 are
in fit-out, and one is under construction. The most significant projects include Vincom Mega
Mall Smart City with 44,000 m² in the West, Vincom Mega Mall Ocean Park with 36,000 m² in
the East, and 21,000 m² from Hinode City in the Secondary area.
In 2021, six new projects will enter, supplying 40,900 m². And 2022 anticipates the entry of Lotte
Mall with 39,000 m².
Figure 4.1
2020E – 2021E supply by status
12%
7%
Completed
6%
Fitting out
Under construction
Foundation
75%
Source: Savills Research & Consultancy
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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Figure 4.2
2020E – 2021E supply by location
1%
9%
CBD
28%
Secondary
19%
The West
The East
Others
43%
Source: Savills Research & Consultancy
Large-scale projects such as Lotte Mall and Vincom Mega Malls are expected to affect their
surrounding areas. Most future projects are in fast-growing Residential and Commercial areas
with new and developing infrastructure. Retail as a component of residential complexes attract
tenants and local shoppers with convenient amenities. By 2022, these will account for 88% of
Hanoi projects and 82% of NLA.
Vingroup will retain market leadership with new large-scale projects, Vinhomes Galaxy,
Vinhomes Gallery, Vinhomes Ocean Park and Vinhomes Smart City Tay Mo Dai Mo. Vingroup
intends to open 13 projects throughout Vietnam, increasing the number of Vincom Shopping
Centres to seventy-nine. By 2021, if project timelines are not delayed, the developer will have
launched 200 centres.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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4.2.
DEMAND PROSPECTS
According to The Conference Board, consumer confidence was high in early 2020 but COVID19 was causing increasing concern. As COVID-19 cases escalated, consumers reported personal
health as their primary concern, surpassing previously top of mind worries about the economy.
The Conference Board predicted consumer confidence would significantly decline in the coming
months. Government lockdowns saw weakened consumer demand and job losses affect
personal finances and curb spending intentions.
In 2019, around 66% of the total population, or 64 million were regular internet users, 96% of
via mobile devices and 64%, or 62 million were active social media users; 94% via mobile
devices. The 25-34-year-old group was the most engaged, followed by the 18-24-year-old
group. The mindset of local consumers has been rapidly evolving with technology. Consumers
are easily influenced by word of mouth and social media but also quick to react, requiring
retailers to innovate to catch up with emerging trends and survive in the fiercely competitive
environment. The Industry 4.0 revolution has been creating further digital technology and
platform opportunities.
Vietnam E-commerce Association (VECOM) found 83% of consumers rely on online product
reviews and 74% seek social network commentary before any purchase. According to a Vietnam
Report in 2019, in a survey of retail businesses, the three main online product categories
included travel, airline tickets and hotels (54.4%), clothing and footwear (41.2%) and household
appliances (38.2 percent). The survey revealed the top three Retail trends for the next three
years will be eco-friendly products (72.7%), customer experience (72.7%), and artificial
intelligence (63.64 percent).
The Government E-commerce development master plan for 2016 - 2020 estimates 50% of
enterprises will have websites and 80% will be e-commerce enabled. The plan targets 20% pa
growth to US$10 billion in e-commerce turnover, representing 5% of Retail sales by 2020.
VECOM is more optimistic predicting over 30% pa growth to US$13 billion by 2020. Deloitte
believes the e-commerce market will be worth US$15 billion by 2025, the second largest in SE
Asia, only behind Indonesia.
The Hanoi ‘Plan on E-commerce Development in 2020’, aims for online shopping accounting
for 75% of internet users, up 7 ppts YoY. The city also expects its e-business index to remain
the second nationwide, 90% of retailers and 25% gas stations enabled for digital payments, and
95% of enterprises to have websites.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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24
Although local consumption patterns remain tied to wet markets for daily basics, preferences
are aligning to modern Retail. Nielsen found traditional Retail accounts for a 74% market share
yet has only increased 1% pa, while modern Retail accounts for 26% and 12% pa growth. The
proportion of modern Retail in Vietnam is relatively lower than the Philippines (33%), Thailand
(34%), China (51%) and Malaysia (60%) indicating significant room for growth. The Ministry of
Industry and Trade estimates traditional Retail share will drop to 60% by 2020.
Nielsen projected Vietnamese middle class would increase to 44 million with US$310 billion
consumption by 2020: and 95 million with US$940 billion pa consumption by 2030. As average
income increases, consumers are willing to pay for higher-quality products. The shift will create
new recreation and personal services demand and push more consumers to modern retail
channels. Most shopping malls such as Vincom projects, Big C Thang Long and Lotte Centre
included Supermarkets allowing consumer access to new shopping options and steadily
changing purchasing habits.
Steadily rising urbanization has led to more hectic lifestyles and an increased need for
convenience. Competition from Convenience Stores is healthy with the continuous expansion
of existing chains and new entries. According to Deloitte’s ‘Retail in Vietnam - Navigating the
Digital Retail Landscape’ found Convenience Stores in Vietnam had 37.4% pa compound annual
growth rate (CAGR), outperforming the Philippines (24.2%), Indonesia (15.8%), Malaysia (10.5%),
India (10.3%), China (7.1%) and Thailand (6.6%).
In the high-end segment, online channels are becoming popular for consumers looking for
premium products with exclusive product ranges and more compelling deals. According to
Nielsen, the majority (69%) of consumers prefer purchasing premium products from classic
Retail in their home country, whereas 48% prefer local E-tailers. Twenty-three percent
purchased premium products overseas outlets while 27% purchased from overseas E-tailers.
Foreign investors are increasingly attracted to the fast-growing retail sector in Viet Nam. The
Ministry of Industry and Trade reported foreign enterprises to have a significant share in local
Retail: 17% of Shopping Centres and Supermarkets, 70% of Convenience Stores, 15% of
Minimarts and 50% of Online and TV shopping channels. Aeon and Lotte Groups are planning
two large-scale projects in Hoang Mai and Tay Ho districts.
Aeon will launch 20 shopping centres by 2025 in suburban areas with large land banks, while
simultaneously developing urban area Supermarkets. South Korean E-Mart will build its first
hypermarket in Hanoi in Starlake urban area and aim to open 50 stores in the next five years.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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25
Japanese Convenience Store Lawson Inc. has shown interest in entering Vietnam. Key Ecommerce players are Chinese, including Alibaba Group with Lazada and Tencent Holdings Ltd.
with Shopee and Tiki. Amazon supports Vietnamese SMEs via Amazon Fulfilment services.
Amazon cooperated with Vietnam Post to build a large-scale warehouse near Noi Bai airport
and introduced order portal services.amazon.vn and the official Vietnamese Amazon Global
Selling Facebook page.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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26
5.
SWOT
The SWOT analysis considers strengths, weaknesses, opportunities and threats to this market
segment and is a brief overview of factors apparent from our research. The details of the report
cover many other aspects and the SWOT analysis should not be read in isolation.
Strengths
▪
Wider product ranges and improved customer service.
▪
Foreign retailers establishing a stronger presence.
▪
Domestic retailers increasingly investing in modern Retail.
▪
More tenant choices.
▪
Decreased rent and occupancy QoQ.
▪
Take-up at a two-year low.
▪
Poorly defined target groups have resulted in several shopping centres
Weaknesses
Opportunities
restructuring.
▪
Traditional retail near residential areas dominate.
▪
Local owners lack management and leasing experience.
▪
Limited quality retail space below international tenant requirements.
▪
Strong regional growth of Retail sales, GDP, consumption, urbanization.
▪
Young and educated, upper and middle-income groups increasing.
▪
Consumers evolving,more willing to spend on big-ticket items,
Recreation and Personal Services.
▪
Modern Retail rapidly expanding.
▪
Robust growth of E-commerce expected.
▪
Convenience Stores expanding fast..
▪
Most future supply is a component of residential complexes.
▪
Rents and occupancy under pressure from sizeable future supply.
▪
Fierce competition between Domestic and Foreign Retailers due to
Threats
WTO commitments, CPTPP and FTA participation.
▪
Online shopping threatening Classic Retail.
▪
COVID-19 affecting consumer confidence and purchasing power.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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27
Research Parameters
Data collection: methods include observation, personal interview, telephone survey, internet
survey, mail survey, and Savills inter-department group discussions.
Analysis methods: direct comparison, descriptive analysis, in-depth analysis, trend analysis,
event-history analysis.
Scope of study: fourteen urban and rural districts including Hoan Kiem, Ba Dinh, Dong Da, Hai
Ba Trung, Tay Ho, Thanh Xuan, Cau Giay, Tu Liem, Hoang Mai, Long Bien, Gia Lam, Ha Dong,
Dong Anh and Hoai Duc.
Research limitations: Savills quarterly report reflects an overview of the current property
market and is indicative research only. Savills recommends that the reader obtain a detailed
market study of the specific sector of interest should a deeper understanding of the market be
required.
Note: the exchange rate used is VND 23,050/US$1.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
28
Term Definitions
Terms
Anchor tenant
Definitions
A well-known commercial retail business such as a national chain store strategically
placed in a shopping centre so as to generate the most customers for all of the stores
located in the shopping centre.
Department
A large retail establishment with an extensive assortment in variety and range of goods,
store
organized into separate departments. All departments are housed under the same roof,
and all goods purchased from all categories and brands are paid at common counters
to facilitate buying, customer service, merchandising and control. The number of
counters depends on size of the department store.
Shopping
A building or set of buildings that contain a variety of retail units, with interconnecting
centre
walkways enabling visitors to easily navigate the area. Goods are for sales in different
shops leased by different tenants. Tenancy mix is one of most important points for
conceptualizing a shopping centre. It consists of which tenants can lease the location
and how to mix these tenants, resulting in who the target customers are, create shopper
flows, and result in the operations of the centre. In a shopping centre, each shop has its
own counter.
Retail podium
A retail podium is a podium of a building that contains a variety of retail units, with
interconnecting walkways enabling visitors to easily walk from unit to unit. Goods are for
sale in different shops leased by different tenants. It is smaller in size compared with a
shopping centre.
Supermarket
Large retail store operated on a self-service basis, selling groceries, produce, meat,
bakery and dairy products, and sometimes non-food goods. Supermarkets usually offer
products at low prices. Customers usually shop by placing their selected merchandise
into baskets (self-service) and pay for the merchandise at the check-out.
Wholesale
The sale of goods, generally in large quantity, to a retailer for resale purposes.
Gross floor area
The area included within the surrounding exterior walls of a building, exclusive of vent
(GFA)
shafts, elevator shafts, stairwells, second story atriums and lobbies.
Net floor area
Usable floor area after deducting stairs, walls, mechanical areas, corridors, vents,
(NFA)
balconies, etc.
CBD
Central business district (CBD). In Hanoi, it refers to the Hoan Kiem district.
Secondary
The Secondary area includes Dong Da, Ba Dinh, Hai Ba Trung, Thanh Xuan and Tay Ho
districts, which are old districts of Hanoi surrounding the CBD. The “secondary” term
could be defined differently between office and other real estate sectors in Savills
reports.
The West
The West area includes Cau Giay and Tu Liem districts
The East
The East area includes Long Bien and Gia Lam districts
Others
‘Others’ area includes Ha Dong, Dong Anh, Hoang Mai and Hoai Duc districts
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
29
Appendix 1: Existing Supply
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
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30
Appendix 1: Existing Supply
Please note: rents are ground floor asking rents, including service charge, but excluding VAT.
No.
Project
District
NLA (m²)
Rent
(US$/m²/mth)
Occupancy
rate (%)
1
The Garden
Tu Liem
20,211
43
98
2
Robins Department Store
Thanh Xuan
10,000
N/A
99
3
Lotte Center Hanoi
Ba Dinh
20,000
61
100
4
Aeon Mall Long Bien
Long Bien
71,000
N/A
99
5
Aeon Mall Ha Dong
Ha Dong
74,000
N/A
98
6
Vincom Center Ba Trieu - Tower
A&B
Hai Ba Trung
17,506
115
98
7
Big C Thang Long
Cau Giay
12,402
39
100
8
Melinh Plaza
Dong Anh
68,707
13
95
9
Syrena
Tay Ho
4,513
30
89
10
Vincom Center Ba Trieu Tower C
Hai Ba Trung
10,974
90
100
11
Vincom Center Long Bien
Long Bien
29,000
28
70
12
Savico MegaMall
Long Bien
32,000
26
100
13
Indochina Plaza Ha Noi
Cau Giay
17,663
50
100
14
Melinh Plaza Ha Dong
Ha Dong
36,193
16
94
15
Trang Tien Plaza
Hoan Kiem
12,000
120
100
16
Vincom Mega Mall - Royal City
Thanh Xuan
161,317
43
91
17
Vincom Mega Mall - Times City
Hai Ba Trung
72,950
40
97
18
Lotte Mart Dong Da
Dong Da
10,000
35
99
19
Ho Guom Plaza
Ha Dong
17,535
25
98
20
Xuan Mai Park State
Ha Dong
8,000
7
93
21
Vincom Center Nguyen Chi
Thanh
Dong Da
65,328
68
97
22
Mipec Riverside
Long Bien
30,866
39
97
23
Vincom Center Pham Ngoc
Thach
Dong Da
27,000
61
94
24
Vincom Plaza Bac Tu Liem
Tu Liem
20,000
30
98
25
Gemek Tower
Hoai Duc
11,000
9
99
26
Ha Noi Center Point
Thanh Xuan
13,200
27
100
27
The Artemis
Thanh Xuan
24,000
30
73
28
Truong Dinh Plaza
Hoang Mai
6,474
23
98
29
Discovery Complex
Cau Giay
24,794
28
98
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
31
No.
Project
District
NLA (m²)
Rent
(US$/m²/mth)
Occupancy
rate (%)
30
Machinco
Ha Dong
8,357
30
93
31
Sun Plaza Thuy Khue
Tay Ho
9,750
48
92
32
Vincom Center Metropolis
Ba Dinh
24,507
65
93
33
D’ Le Roi Soleil
Tay Ho
13,000
44
100
34
Sun Plaza Ancora
Hai Ba Trung
16,124
30
97
35
Vincom Plaza Skylake
Tu Liem
13,000
40
99
36
Vincom Center Tran Duy Hung
Cau Giay
45,000
60
99
37
Bamboo Airways Tower
Cau Giay
14,846
43
98
38
Stellar Palace
Thanh Xuan
15,000
50
100
39
Hoang Thanh Tower
Hai Ba Trung
900
70
87
40
Metropole Arcade
Hoan Kiem
650
182
100
41
Ha Noi Tower
Hoan Kiem
2,515
50
100
42
63 Ly Thai To Building
Hoan Kiem
651
153
100
43
Central Building
Hoan Kiem
550
71
100
44
ICC Building
Dong Da
725
12
100
45
Pacific Place
Hoan Kiem
2,300
83
100
46
Opera Business Centre
Hoan Kiem
370
100
100
47
Ruby Plaza
Hai Ba Trung
2,400
40
100
48
Press Club
Hoan Kiem
300
137
100
49
Sun City
Hoan Kiem
861
35
100
50
Asia Tower
Hoan Kiem
500
70
73
51
Golden Westlake
Tay Ho
1,000
25
94
52
Sky City Tower
Dong Da
5,400
17
100
53
Han Viet Tower
Hai Ba Trung
600
35
94
54
Rainbow Tower
Ha Dong
900
10
100
55
Hapumedicenter
Thanh Xuan
18,500
20
100
56
Nam Do Complex
Hoang Mai
4,200
12
85
57
The Lancaster Ha Noi
Ba Dinh
3,123
23
100
58
Mandarin Garden Residential
Cau Giay
11,000
25
98
59
CTM
Cau Giay
2,336
23
100
60
Watermark
Cau Giay
747
32
100
61
Golden Palace
Tu Liem
19,500
23
97
62
Keangnam Palace Landmark
Tu Liem
31,994
53
87
63
Handico Tower
Tu Liem
1,500
33
100
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
32
No.
Project
District
NLA (m²)
Rent
(US$/m²/mth)
Occupancy
rate (%)
64
T1 Thang Long Victory
Hoai Duc
6,000
9
100
65
Thang Long Garden
Hai Ba Trung
4,249
13
100
66
Victoria Van Phu
Ha Dong
25,000
20
100
67
Sun Square
Tu Liem
1,950
14
100
68
Home City
Cau Giay
8,916
13
97
69
Ellipse Tower
Ha Dong
3,575
18
76
70
The Legend
Thanh Xuan
8,205
28
90
71
Goldmark City
Tu Liem
7,200
30
98
72
Rivera Park Ha Noi
Thanh Xuan
2,600
19
100
73
BID Tower
Thanh Xuan
3,000
18
76
1,272,434
41
95
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
33
Appendix 2: Future Supply
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
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Appendix 2: Future Supply
No.
Project
District
Est. completion
NLA (m²)
Status
1
Sunshine Centre
Tu Liem
2020
14,366
Completed
2
Samsora Premier
Ha Dong
2020
7,720
Fitting out
3
Hinode City
Hai Ba Trung
2020
20,762
Fitting out
4
3A Quang Trung
Hoan Kiem
2020
2,736
Fitting out
5
Hateco La Roma
Dong Da
2020
2,400
Fitting out
6
Hatay Millennium
Ha Dong
2020
4,000
Fitting out
7
Capital Place
Ba Dinh
2020
6,007
Fitting out
8
Golden Park
Cau Giay
2020
6,177
Fitting out
9
H9-CT1 Starlake
Tu Liem
2020
6,134
Fitting out
10
PCC1 Thanh Xuan
Thanh Xuan
2020
3,510
Fitting out
11
Syrena
Tay Ho
2020
N/A
Under construction
12
Vincom Mega Mall Ocean Park
Gia Lam
2020
36,400
Fitting out
13
Vincom Mega Mall Smart City
Tu Liem
2020
44,200
Fitting out
13
Subtotal 2020
14
Summit Building
Cau Giay
2021
6,400
Fitting out
15
The Zei
Tu Liem
2021
6,000
Under construction
16
Sun Grand City
Dong Da
2021
12,500
Foundation
17
The Terra An Hung
Ha Dong
2021
6,000
Under construction
18
QMS Tower
Ha Dong
2021
N/A
Under construction
19
Lancaster Luminaire
Dong Da
2021
10,000
Foundation
6
Subtotal 2021
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
154,412
40,900
35
No.
Project
District
Est. completion
NLA (m²)
Status
20
DLC Complex
Thanh Xuan
Onwards
N/A
Under construction
21
Mipec Xuan Thuy
Cau Giay
Onwards
N/A
Under construction
22
Lotte Mall Ha Noi
Tay Ho
Onwards
39,000
Foundation
23
Manhattan Tower
Thanh Xuan
Onwards
6,154
Under construction - Pending
24
Mo Market
Hai Ba Trung
Onwards
5,306
Fitting out - Pending
25
Vietinbank Tower
Tay Ho
Onwards
38,911
Under construction - Pending
26
Diamond Tower
Tu Liem
Onwards
N/A
Planning
27
Heritage West Lake
Tay Ho
Onwards
15,904
Foundation
28
Ha Noi Time Tower
Ha Dong
Onwards
5,171
Under construction - Pending
29
VIC Tower
Cau Giay
Onwards
3,689
Under construction - Pending
30
Vincom Le Thanh Tong
Hoan Kiem
Onwards
12,000
Planning
31
Bac Qua Trade Centre
Hoan Kiem
Onwards
5,800
Planning
32
Western Bank Tower
Ba Dinh
Onwards
12,000
Foundation - Pending
33
1283 Giai Phong Complex
Hoang Mai
Onwards
3,750
Planning
34
Thuong Dinh Plaza
Thanh Xuan
Onwards
4,929
Planning
35
Ha Noi Petrolimex Building
Long Bien
Onwards
6,789
Planning
36
Xuan La Tower
Tay Ho
Onwards
5,115
Planning
37
Thang Long Royal Plaza
Cau Giay
Onwards
10,000
Under construction
38
PVT Diamond Tower
Cau Giay
Onwards
10,000
Planning
39
Ha Noi Time Square
Cau Giay
Onwards
12,908
Planning
40
ParkCity Mall
Ha Dong
Onwards
33,150
Planning
41
Khuong Dinh Commercial Centre
Thanh Xuan
Onwards
6,500
Planning
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
36
No.
Project
District
Est. completion
NLA (m²)
Status
42
Thaco Building
Long Bien
Onwards
N/A
Planning
43
Cuu Long Trade & Service Centre
Thanh Xuan
Onwards
2,600
Planning
44
Vinhomes Gallery
Dong Da
Onwards
29,250
Planning
45
Phung Khoang NUA
Thanh Xuan
Onwards
17,500
Planning
46
Sunshine Boulevard
Thanh Xuan
Onwards
N/A
Site clearance
47
Viet Nam Airlines Tower
Tu Liem
Onwards
16,705
Site clearance
48
Sunset Tower Hanoi
Tay Ho
Onwards
1,243
Foundation
49
E-mart
Tay Ho
Onwards
N/A
Site clearance
50
CJ
Tay Ho
Onwards
N/A
Site clearance
51
Vinhomes Galaxy
Thanh Xuan
Onwards
N/A
Site clearance
52
Newtatco Complex
Tu Liem
Onwards
3,300
Planning
53
Aeon Mall Hoang Mai Giap Bat
Hoang Mai
Onwards
N/A
Planning
34
Subtotal onwards
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
307,673
37
Disclaimer
The property market research is verified to the best of Savills Vietnam ability. Savills quarterly
report reflects an overview of the current property market and is indicative research only. Savills
Vietnam does not guarantee the accuracy of research and forecasts contained herein. Savills
Vietnam does not accept any responsibility for losses arising from reliance on the research and
forecasting. Savills recommends that the reader obtain a detailed market study of the specific
sector of interest should a deeper understanding of the market be required.
Reproduction of this report, in any manner whatsoever, in whole or in part, without written prior
consent from Savills Vietnam is prohibited. Approval should be obtained from Savills Vietnam
before any reference to this report can be made in any statement, published document, or
circular.
Where information is given without reference to another party, it shall be taken that this
information has been obtained or gathered through Savills best efforts and to Savills best
knowledge. Processed data references there from shall be taken as Savills opinion and shall not
be freely quoted without acknowledgement.
Hanoi Quarterly Market Report Q1/2020 - Retail Sector
Nam Long Corporation
38
18th Floor, Continental Tower
6th Floor, Sentinel Place,
81-85 Ham Nghi Street, District 1,
41 A Ly Thai To Street, Hoan Kiem District,
Ho Chi Minh City, Viet Nam
Ha Noi, Viet Nam
T: +84 8 3 8239 205
T: +84 4 9461 300
Contents
...................................................................................................... 4
................................................................................................................... 5
1.1.
OVERALL ........................................................................................................................................................ 5
1.2.
PRIMARY SUPPLY ....................................................................................................................................... 6
1.3.
SECONDARY SUPPLY .............................................................................................................................. 10
................................................................................................... 11
2.1.
OVERALL ...................................................................................................................................................... 11
2.2.
PRIMARY MARKET ................................................................................................................................... 12
2.3.
SECONDARY MARKET ............................................................................................................................ 15
.............................................................................................................. 16
3.1.
DEMOGRAPHY .......................................................................................................................................... 16
3.2.
AFFORDABLE DEMAND ......................................................................................................................... 18
3.3.
FOREIGN BUYERS ..................................................................................................................................... 19
............................................................................................................. 20
4.1.
SUPPLY ......................................................................................................................................................... 20
4.2.
DEMAND PROSPECTS ............................................................................................................................ 23
................................................................................................................... 27
Research Parameters .................................................................................................. 28
Definitions................................................................................................................... 29
Appendix 1: Primary Projects ................................................................................... 30
Appendix 2: Average Constant Basket Secondary Asking Prices .......................... 36
Appendix 3: Future Supply ........................................................................................ 57
Disclaimer.................................................................................................................... 63
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
Tables
Table 1.1
Summary................................................................................................................................................................... 5
Table 1.2
Launches ................................................................................................................................................................... 7
Figures
Figure 1.1
Primary & secondary stock ............................................................................................................................... 5
Figure 1.2
Newly launched units .......................................................................................................................................... 6
Figure 1.3
Primary stock by district ..................................................................................................................................... 8
Figure 1.4
Primary stock by grade ....................................................................................................................................... 9
Figure 1.5
Secondary stock ..................................................................................................................................................10
Figure 2.1
Yearly sales ............................................................................................................................................................11
Figure 2.2
District absorption ..............................................................................................................................................12
Figure 2.3
District performance ..........................................................................................................................................13
Figure 2.4
Grades performance ..........................................................................................................................................14
Figure 2.5
Average secondary prices ................................................................................................................................15
Figure 3.1
Ha Noi demography 2009 v. 2019 ...............................................................................................................16
Figure 3.2
Household occupancy, 2009 v. 2019 ..........................................................................................................17
Figure 3.3
Sales by price range ...........................................................................................................................................18
Figure 3.4
Korean billionaire preferred ............................................................................................................................19
Figure 4.1
Future yearly supply ...........................................................................................................................................20
Figure 4.2
Future supply by grade.....................................................................................................................................21
Figure 4.3
Future districts Grade supply ..........................................................................................................................22
Figure 4.4
Future supply status ...........................................................................................................................................22
Figure 4.5
APAC Proptech disclosed funding ...............................................................................................................23
Figure 4.6
National remittances 2015 - 2019................................................................................................................24
Figure 4.7
Corporate Bond value by source 2019 .......................................................................................................24
Figure 4.8
Asia Pacific stimuli ..............................................................................................................................................25
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
Pandemic performance
Five new, and the next phases of six existing projects, provided approximately 4,800 units, to
see new supply down -64% quarter-on-quarter (QoQ) and -50% year-on-year (YoY). Launches
were at their lowest in five years as developer plans changed rapidly. Primary supply decreased
-17% QoQ and -19% YoY to 27,900 units.
There were approximately 4,900 sales, down - 53% QoQ and -50% YoY. Low quarterly
performance, initially from Tet in January, was further affected by social distancing. Local buyers
are avoiding crowded sales events and travel bans have limited foreign purchasers. First quarter
absorption was 18%, decreasing -14 ppts QoQ and -11 ppts YoY.
Grade B suffers
Grade B had the lowest absorption, down -16 ppts QoQ and -14 ppts YoY to 17% after sales
fell -57% QoQ and -51% YoY. Grade B sales eased to 70% from 75% in Q4/2019. With abundant
supply, developers face severe competition to maintain performance. Primary prices decreased
-2% QoQ but increased 5% YoY.
Long-term demand drivers
By 2019, Hanoi population reached 8.1 million, driven by steady 2.2% pa growth for ten years.
The urban population, up 8 ppts over 2009, represent 49% of the total. Average household sizes
are on a downward trend and currently at 3.5 people/household. Apartment living rates of
12.9% are the highest nationwide with 2.8% of this group planning to buy new units.
There was increased foreign interest in high-end products, with 30% project quotas quickly
taken up.
Outlook
In 2020, approximately 39,600 units from four existing, and 24 future projects will enter, and
Grade B will continue to lead segment share. Of the 28 projects announced, 43% are under
construction and 36% at foundation. Leading future suppliers are Tu Liem district with 37% of
stock, Gia Lam with 24% and Hoang Mai with 23 percent.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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1.1.
OVERALL
Stock increased to 280,923 units from 112 active and 391 fully sold projects, up 2% QoQ and
13% YoY.
Table 1.1
Summary
Type
Projects
Primary supply
Secondary supply
Units
Active primary
112
27,892
61,204
89,096
Fully sold
391
0
191,827
191,827
Total
503
27,892
253,031
280,923
Source: Savills Research & Consultancy
Tu Liem district led with 61,687 units, followed by Hoang Mai district with 43,332 units and Ha
Dong district with 36,166 units.
Figure 1.1
Primary & secondary stock
Units
Primary stock
Secondary stock
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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1.2.
PRIMARY SUPPLY
New Projects
Five new projects and the next phases of six existing projects provided 4,812 units, down -64%
QoQ and -50% YoY. New launches were at their lowest for five years as developer plans rapidly
changed in response to the pandemic.
Grade B led with an 83% market share from 4,018 units in six projects. Grade C had 514 units
from four projects, equivalent to an 11% share. Grade A supplied 280 units from one project.
Tu Liem provided 2,771 units or 58% of new supply, Long Bien had a 16% share, representing
779 units and Gia Lam supplying 550 units was equivalent to an 11% share.
Figure 1.2
Newly launched units
Grade A
40,000
Grade B
Grade C
Units
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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Table 1.2
Launches
Project
Entry approach
District
Grade
Launched
The Matrix One
Newly Launched
Tu Liem
A
280
Park Kiara
Newly Launched
Ha Dong
B
432
Newly Launched
Tu Liem
B
1,020
The Park Home
Newly Launched
Cau Giay
B
49
Duyen Thai
Newly Launched
Thuong Tin
C
17
Vinhomes Ocean Park - Sapphire
Added
Gia Lam
B
550
Vinhomes Smart City - Sapphire
Added
Tu Liem
B
1,471
Mipec Rubik360
Added
Cau Giay
B
496
The Terra An Hung
Added
Ha Dong
C
287
Anland Lake View (Block A & B)
Added
Ha Dong
C
60
Gardenia Hong Ha Eco City
Added
Thanh Tri
C
150
Vinhomes Smart City - Sapphire
Parkville
Total
4,812
Source: Savills Research & Consultancy
One Grade A project entered In Q1/2020.
▪
Developed by MIK Group, The Matrix One has two 44-level towers offering 740 two- to
3-bedroom units from 87 m2 to 113 m2, with an average asking price of US$2,620/m2.
Well located near the new CBD and set in a 14-ha park, high-quality facilities including
a pool, yoga, gym, library, co-working space, schools, tennis court, billiards room,
football pitch and basketball court.
Three new Grade B projects entered:
▪
Park Kiara was the first Park City NUA Apartment project in Ha Dong district.
Comprising two 31-level towers with 432 units from 60 m2 to 233 m2 priced at
approximately US$1,735/m2. Utilities include a pool, gym, spa, yoga, lounge, library and
BBQ area.
▪
Vingroup launched three 35-level towers in Vinhomes Smart City - Sapphire Parkville
with approximately 1,020 units with an average asking US$1,400/m2 price. Product mix
is studio to 3-bedroom units from 25 m2 to 102 m2. Utilities include sports facilities,
playgrounds, schools, hospitals and shopping malls.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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The Park Home is a 29-level tower with 398 units developed by Handico 52. Units are
▪
two- and four-bedrooms from 80 m2 to 154 m2 with an average asking price of
US$1,420/m2. The project is Cau Giay district located with good connectivity to public
facilities.
One Grade C project entered:
Duyen Thai is a 12-level tower developed by Hacomland Duyen Thai in Thuong Tin
▪
district. The project supplies 63 two-bedroom units ranging from 45 m2 to 60 m2 with
an average asking price of US$630/m2.
By Location
Primary stock was approximately 27,900 units from 112 active projects. Tu Liem and Gia Lam
districts supplied approximately 14,700 units, equivalent to a 53% market share.
Tu Liem provided 9,000 units or 32% of primary stock. Notable projects include
▪
Vinhomes Smart City, The Matrix One, The Zei and Iris Garden.
Gia Lam with 5,700 units in Vinhomes Ocean Park was the second-largest primary
▪
supplier, representing a 21% share.
Ha Dong district had 12 projects with 3,400 units and a 12% share. Districts Hai Ba Trung, Cau
Giay, Long Bien, Hoang Mai and Tay Ho supplied 52 projects and a combined 7,000 units
accounted for a 25% share. The balance, including districts Thanh Xuan, Dong Anh, Thanh Tri,
Hoai Duc, Dong Da, Ba Dinh and Thuong Tin accounted for the smallest share of 10 percent.
Figure 1.3
10,000
Units
Primary stock by district
Grade A
Grade B
Grade C
No. of projects
Projects
20
8,000
16
6,000
12
4,000
8
2,000
4
0
0
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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By Grade
Primary stock was down -17% QoQ and -19% YoY to approximately 27,900 units. Grade B
continues to lead with a 73% share.
Grade A provided approximately 1,300 units, up 3% QoQ and -17% YoY. Tu Liem district with
29% had most primary supply. With one newly launched project - The Matrix One; and 17 active
projects, Grade A accounted for 5% of primary supply. Developers Tan Hoang Minh and MIK
had a combined 44% share.
Grade B remained the largest primary supplier with 20,400 units but first quarter supply
decreased -16% QoQ and -9% YoY. Tu Liem district was the largest Grade B supplier with a 41%
share. Vingroup with over 12,500 units, or a 61% share, was the largest segment developer.
Grade C supply of 6,200 units, was down -23% QoQ and -40% YoY and equivalent to a 22%
share. Grade supply was strong in Ha Dong at 33%, while in Dong Anh and Hoang Mai, both
further from the CBD, had 15% each. Notable projects included the Eurowindow River Park with
2,058 units; Gelexia Riverside with 1,485; and The Terra An Hung supplying 1,328 units.
Figure 1.4
Primary stock by grade
Grade A
70,000
Grade B
Grade C
Units
60,000
50,000
40,000
30,000
20,000
10,000
0
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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1.3.
SECONDARY SUPPLY
Secondary supply was approximately 253,000 units, increasing 4% QoQ. Seventy-six percent are
from 100% sold projects, the balance from active primary projects. By Q4/2019, secondary
market supply was nine times higher than primary supply.
Leading secondary suppliers included Tu Liem district with 21% of stock; Hoang Mai, 17% and
Ha Dong representing 13% of secondary supply.
Districts Thanh Xuan, Cau Giay and Hai Ba Trung had a combined 25% market share.
Gia Lam, Long Bien, Tay Ho, Thanh Tri, Hoai Duc, Dong Da, and Ba Dinh districts each had
between a 2- and 5% share.
Figure 1.5
Secondary stock
Secondary stock
60,000
Market share
Units
%
24
50,000
20
40,000
16
30,000
12
20,000
8
10,000
4
0
0
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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2.1.
OVERALL
Q1/2020 saw approximately 4,900 sales, down - 53% QoQ and -50% YoY. Local buyers are
avoiding crowded sales events and travel bans have limited foreign purchase. First quarter
absorption was 18%, decreasing -14 ppts QoQ and -11 ppts YoY.
From 2016-2019, Grade B represented between 43% and 73% of sales, alongside increasing
end-user demand. Grade C transactions were high but consistently less than Grade B. Grade A
had the lowest sales due to limited supply, high average prices and large floor areas.
Figure 2.1
40,000
Yearly sales
Grade A
Units
Grade B
Grade C
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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PRIMARY MARKET
By Location
Absorption
Tu Liem district led with approximately 1,000 sales and 11% absorption for a 21% share. Most
completed deals were from the large-scale Vinhomes Smart City and An Binh Plaza.
Hoang Mai district was the second-best performer with an 11% share after good performance
in Bea Sky, Sky Central and the Zen Residence.
Ha Dong, Gia Lam, Tay Ho and Thanh Xuan districts had approximately 1,900 sales, equivalent
to a 38% share. The most robust performance was from Park Kiara, Vinhomes Ocean Park, 6th
Element and 90 Nguyen Tuan.
Figure 2.2
District absorption
Grade A
Sales
Grade B
Grade C
Absorption rate
%
1,200
100
900
75
600
50
300
25
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
Thuong Tin
Dong Da
Hoai Duc
Thanh Tri
Hai Ba Trung
Dong Anh
Cau Giay
Long Bien
Thanh Xuan
Tay Ho
Gia Lam
Ha Dong
0
Hoang Mai
0
Tu Liem
2.2.
12
Primary Price
Primary prices were stable QoQ and up 10% YoY to US$1,460/m2. Unless COVID-19 restrictions
continue into 2H/2020, a sharp primary price correction is unlikely. District average primary
asking prices varied from US$630/m2 in Thuong Tin, to US$3,290/m2 in Ba Dinh.
Dong Da, Cau Giay and Tay Ho districts average asking prices ranged from US$2,030/m2 to
US$2,530/m2.
Prices in Hai Ba Trung, Tu Liem, Thanh Xuan, Gia Lam, Long Bien, Hoang Mai, Dong Anh and Ha
Dong districts ranged from US$1,110/m2 to US$1,630/m2.
Hoai Duc and Thanh Tri districts at US$630/m2 to US$920/m2 had the lowest average asking
prices.
Figure 2.3
District performance
Primary stock
10,000
Sales
Average asking price
Units
US$/m2
4,000
7,500
3,000
5,000
2,000
2,500
1,000
0
0
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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By Grade
Grade A
Grade A had 257 sales, up 8% QoQ but down -40% YoY, with 19% absorption: the average
asking price was US$3,170/m2, up 1% QoQ and 7% YoY. Despite new projects having lower
asking prices, some active projects with limited inventory, high rental yield and capital growth
potential saw primary prices increase, such as: D'.El Dorado Phu Thanh, D'Le Roi Soleil and
Sunshine Crystal River.
Grade B
Grade B had the lowest absorption, down -16 ppts QoQ and -14 ppts YoY to 17% after sales
fell -57% QoQ and -51% YoY. Grade sales eased to 70% from 75% in Q4/2019. With abundant
supply, developers are facing strong competition to maintain performance. Primary prices
decreased -2% QoQ but increased 5% YoY.
Grade C
Sales decreased -48% QoQ and -49% YoY to 2,350. This Grade with 20% had the highest
absorption, fuelled by increasing demand for more affordable units. The average price was
US$1,070/m2, up 1% QoQ and 13% YoY.
Figure 2.4
Grades performance
Primary stock
25,000
Sales
Avg. primary asking price
US$/m²
Units
3,500
20,000
2,800
15,000
2,100
10,000
1,400
5,000
700
0
0
Grade A
Source: Savills Research & Consultancy
Grade B
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
Grade C
14
2.3.
SECONDARY MARKET
To analyse secondary price movement, 1,800 samples in fully sold projects from the early 2000s
to Q4/2019 have been utilised.
Secondary price was up 2% QoQ and YoY to US$1,165/m2, Thanh Tri was stable QoQ. Ba Dinh
and Dong Anh districts were down -4% to -8% QoQ, whilst the ‘Other’s saw 1% to 5% QoQ
increase. Cau Giay had the highest QoQ. secondary market price increase.
With new supply limited, occupiers are increasingly considering the secondary market, where
price increases were 95% from completed projects and the rest under construction.
The highest secondary asking price of US$3,171/m2 was in Hoan Kiem district, which only has
Grade A projects. Ba Dinh district had the second-highest asking price of US$2,228/m2.
Tay Ho, Hai Ba Trung, Dong Da, Cau Giay, Gia Lam, Thanh Xuan and Tu Liem districts average
prices were between US$1,232-1,694/m2.
Other districts Long Bien, Hoang Mai, Thanh Tri, Ha Dong, Dong Anh, Hoai Duc and Dan
Phuong. had lower asking prices of US$532/m2 to US$991/ m2.
Figure 2.5
3,500
Average secondary prices
US$/m2
3,000
2,500
2,000
1,500
1,000
500
0
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
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3.1.
DEMOGRAPHY
Strong population growth, high urbanization and new household formation have all
contributed to strong housing demand. By 2019, Hanoi population was 8.1 million, driven by
steady 2.2% pa growth for ten years. Delivering approx. 120,000 babies pa and gaining up to
100,000 immigrants pa, Ha Noi growth is higher than the national 1.1 percent; and the urban
population up 8 ppts over 2009, represents 49% of the total.
The 2019 Population and Housing Census reported approximately 2.2 million households in Ha
Noi. Average household sizes are on a downward trend and currently at 3.5 people/household.
Apartment living was the highest nationwide at 12.9%, with 2.8% planning to buy new units.
NFA per capita was 26.1 m2/person in 2019, up from 23.6 m2/person in 2014.
Figure 3.1
Ha Noi demography 2009 v. 2019
Urban population
9
Rural population
Households
Million people
Million households
3
6
2
3
1
0
Source: GSO
0
2009
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
2019
16
Figure 3.2
Household occupancy, 2009 v. 2019
1 ppl
2 ppl
3-4 ppl
5-6 ppl
>= 7 ppl
2019
2009
0
20
40
60
80
100 %
Source: GSO
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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3.2.
AFFORDABLE DEMAND
There is escalating demand for products priced between US$1,000-1,500/m2; from 2016Q1/2020 the Affordable Segment has accounted for 38-66% of sales. In 2019, there were 26,000
sales up 54% YoY from a substantial pool of end-users. Affordable projects are mostly in districts
Tu Liem, Gia Lam, Ha Dong, Long Bien and Hoang Mai.
Price ranges are as follows:
▪
Luxury (>US$3,000/m²)
▪
High-end (US$2,501-3,000/m²)
▪
Upper middle (US$2,001-2,500/m²)
▪
Middle (US$1,501-2,000/m²)
▪
Affordable (US$1,000-1,500/m²)
▪
Other (<US$1,000/m²)
Figure 3.3
Sales by price range
Luxury
100
High-end
Upper middle
Middle
Affordable
Other
%
90
80
70
60
50
40
30
20
10
0
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Hanoi average annual income is US$5,134. With an average 1.8 employees per household,
average household income was US$9,241. Given an average US$1,380/m2 price and typical 70
m2 unit sizes, this equates to a unit US$96,600 price , equivalent to 10.5 years of total household
income. Despite these figures being under-reported compared to actual equity, it indicates the
time to purchase. Hanoians renting were 15.8%, higher than the national 11.7% average.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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3.3.
FOREIGN BUYERS
There was increased overseas interest in high-end products, with 30% project quotas for foreign
buyers quickly taken up. Launched in Q1/2020, Park Kiara and The Matrix One gained a great
deal of attention from wealthy locals and foreigners, mostly from Hong Kong and Korea. This
trend is expected to continue for well located, premium projects. Regionally, Hanoi prices are
very competitive and capital growth prospects together with appealing yields are piquing
foreign interest.
Korea with US$7.92 billion was the leading FDI source in 2019, followed by Hong Kong with
US$7.87 billion. In Q1/2020, Korea ranked 4th while Hong Kong ranked 5th for scale of Vietnam
investment.
The ‘Korea Wealth Report 2019’ published by KB Financial Group Research Institute, found Viet
Nam is now most preferred for Real Estate investment by 57% of surveyed Korean billionaires;
next for 32% was Singapore; China had 31% and Malaysia, 26 percent. However, the effects of
COVID-19 will affect each country differently. Vietnam having the most successful containment
measures may see interest increased post pandemic.
Figure 3.4
Korean billionaire preferred
With assets worth less than W5 bil.
With assets worth more than W5 bil.
0
30
Viet Nam
Singapore
China
Malaysia
Europe
US
Hong Kong
Japan
10
20
Source: KB Financial Group Research Institute
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
40
50
60
%
19
4.1.
SUPPLY
By Year
In 2020 approximately 39,600 units from 28 combined existing and new projects, will enter and
Grade B will continue to lead segment share. Of the 28 announced, 43% are under construction
and 36% at foundation. Leading future suppliers are Tu Liem district with 37% of stock, Gia Lam
with 24% and Hoang Mai with 23 percent.
When containment restrictions are lifted, developers will offer more flexible payment terms,
smaller deposits and extended payment schedules.
In 2021 around 47,600 units will enter and 85% will be in Grade B. From 2022 onwards, 32,300
units from 58 projects will come online.
Figure 4.1
Future yearly supply
Grade A
60,000
Grade B
Grade C
Projects
Units
Projects
60
50,000
50
40,000
40
30,000
30
20,000
20
10,000
10
0
0
2020
2021
2022 onwards
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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By Grade
Grade B will provide 88,300 units from 56 projects; Grade C will supply 20,800 units from 44
projects and Grade A has the lowest share of nine percent.
Figure 4.2
Future supply by grade
17%
9%
Grade A
Grade B
Grade C
74%
Source: Savills Research & Consultancy
By Location
Districts Tu Liem, Gia Lam and Hoang Mai were the three top suppliers.
▪
Tu Liem district will provide 33% of future supply, equivalent to 39,400 units from 22
projects.
▪
Gia Lam district will supply 25,000 units from seven projects for a 21% share.
▪
Hoang Mai district expects 13,300 units from 17 projects.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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Figure 4.3
50,000
Future districts Grade supply
Units
Grade A
Grade B
Grade C
Market share
%
35
40,000
28
30,000
21
20,000
14
10,000
7
0
0
Source: Savills Research & Consultancy
By Status
Of the 116 announced projects, 77% are in planning, 21% are under construction or at
foundation; and 2 projects, or 2% are fitting out.
Figure 4.4
Future supply status
Under
construction, 8%
Fitting out, 2%
Foundation, 13%
Planning, 77%
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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4.2.
DEMAND PROSPECTS
Technology
Two recent app launches, Vingroup introducing ‘Online Trading Floor’ and Sunshine releasing
their ‘Sunshine App’ are supported by 66% of Vietnamese being online with a high average
daily use of 6 hours and 42 minutes. 148% have mobile phones and 45% of mobile connections
are 3G & 4G. However, technology will not completely replace the role of personal interaction
in developing buyer confidence.
Property management will implement 4.0 technologies to remotely connect with residents.
Developed by Savills, ‘Property Cube’ enables real-time communication between investors,
residents and property management teams. Property Cube has improved property
management for all stakeholders and ensures any Savills managed property runs smoothly, with
refined data for analytics to enhance the next iteration UX.
There has been a growing focus on the SE Asia PropTech start-up scene. In 2019, SE Asian
property focused start-ups raised US$72.9 million, out of Asia Pacific’s total US$625.9 million of
disclosed funding. Of the total 38 deals in Asia Pacific in 2019, SE Asia accounted for eleven;
usurping India to become second to China in disclosed funding and deal volume.
Figure 4.5
APAC Proptech disclosed funding
China
1,200
Southeast Asia
India
Others
US$ million
1,000
800
600
400
200
0
Source: Tech in Asia
2017
2018
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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2019
23
Wider Capital Sources
2019 remittances reached a new high of US$16.7 billion, making Viet Nam the ninth largest
beneficiary globally. Funds moving into Real Estate investments were 16% of the total through
2015-2017, to over 20% in 2019.
Figure 4.6
20
National remittances 2015 - 2019
US$ billion
16
12
8
4
0
2015
2016
2017
2018
2019
Source: World Bank
The recent Corporate Bond boom demonstrated continuing high demand for capital and capital
mobilization channels. As of 2019, Viet Nam Corporate Bond Value was equivalent to 11% of
GDP and up 2 ppts YoY. Real Estate firms in 2019 issued bonds worth over US$4.6 billion
representing a 38% share and second only to commercial banks; the average coupon was 10.3%
and the average maturity was 3.7 years.
Figure 4.7
Corporate Bond value by source 2019
10%
3%
4%
Banks
Real estate
5%
41%
Energy & minerals
Financial institutions
38%
Infrastructure
development
Others
Source: HNX, SSI
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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Promising Future
The scale of pandemic relief and stimulus programs have Viet Nam in the global top twenty.
Key measures include: tax cuts to VAT, CIT and PIT; land rental deferrals up to five months; firms
and worker Pension Fund and Survivorship Fund contributions allowed to defer up to 12 months
without interest penalty; potentially lower CIT rates for SMEs and micro firms; cash transfer
packages for affected entities; and temporarily cutting electricity prices by a maximum 10% for
3 months to better support business and households.
The World Bank projects economic expansion in Vietnam may decline to around 4.9% in 2020,
-1.6 ppts lower than their pre Covid-19 forecast. However, mid-term prospects for the local
economy remain favourable with growth projected to rebound to 7.5% in 2021 and around
6.5% in 2022.
Figure 4.8
Asia Pacific stimuli
Japan
20.0
Singapore
12.2
Australia
9.9
Thailand
8.9
Viet Nam
3.0
Indonesia
2.6
China
2.5
South Korea
0.8
India
0.8
Philippines
0.2
0
5
10
15
Source: IMF
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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20
25
% of GDP
25
Changing Demand
New regulations will also help reshape supply. Technical regulations on Apartment buildings
state units must have a minimum 25 m2 NLA; and units less than 45 m2 must not exceed 25%
of the total project units. Decreased unit sizes helps lower unit prices and reach further into an
already wide pool of potential purchasers.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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The SWOT analysis will consider strengths, weaknesses, opportunities and threats to this market
segment. The details of the report cover many other aspects: the SWOT analysis should not be
read in isolation.
▪
Mid-end the most significant primary supplier and sales leader.
▪
High-end continues to attract demand with increasing primary
prices.
Strengths
Weaknesses
▪
Increasing YoY primary prices.
▪
Affordability improving.
▪
Lowest new launches for five years.
▪
Sales and absorption damaged by COVID-19 effects.
▪
Obstacles in foreign ownership, slow LURC process.
▪
Momentum from good demographics and economic outlook.
▪
Strong population growth, high urbanisation and decreasing
household sizes supporting demand.
▪
Opportunities
Threats
Increasing HNWI and middle-income classes nurturing demand for
Grade A and B projects.
▪
Increased foreign interest in high-end products.
▪
Infrastructure improvements.
▪
Mobile apps and property management 4.0 technologies.
▪
Government initiatives and stimulus.
▪
Wider capital sources such as Remittances and Corporate Bonds.
▪
Short-term COVID -19 economic impact will be significant.
▪
High inventory and new supply.
▪
Tightening Real Estate credit.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
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Research Parameters
Data Collection: Methods of data collection include observation, personal interviews,
telephone surveys, internet surveys, mail surveys, and Savills inter-departmental discussions.
Analysis Methods: Direct comparison, descriptive analysis, in-depth analysis, trend analysis
and event-history analysis.
Scope of Study: Fifteen urban and rural districts including Hoan Kiem, Ba Dinh, Dong Da, Hai
Ba Trung, Tay Ho, Thanh Xuan, Cau Giay, Tu Liem, Hoang Mai, Thanh Tri, Long Bien, Gia Lam,
Ha Dong, Hoai Duc and Dan Phuong.
Research Limitation: Savills quarterly report reflects an overview of the current property
market and is indicative research only. Savills recommends that the reader obtain a detailed
market study of the specific sector of interest should a deeper understanding of the market be
required.
Note: The exchange rate used is VND 23,050/US$.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
28
Definitions
Terms
Definitions
Primary market projects launching their sales phase before or in the studied
Active projects
quarter but not yet fully sold.
Refers to apartments for sale in active projects in the study quarter. Buyers
Primary stock
Secondary stock
buy apartments directly from developers.
Refers to the volume of primary supply sold before the study period.
Savills Vietnam have reviewed Ministry of Construction Circular 14/2008/TTBXD issued 02 June 2008) and have applied a modified Apartment Grading
system since Q2/2009 for all nationwide apartment projects.
Apartment
Grading
Vietnam have adapted twelve of Circular 14’s twenty-four criteria. Three
Grades: Grade A (high-end); Grade B (medium end) and Grade C (low-end) are
applied.
Please note the apartment grading-related analysis is for reference only.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
29
Appendix 1: Primary Projects
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
30
Appendix 1: Q1/2020 Primary Projects
No.
Project
District
Units
Launched
units to end
Q1/2020
Expected
Completion
Est. sales to
end Q1/2020
Avg. primary price
(US$/m2) Q1/2020
Hai Ba Trung
192
192
2014-Q4
96%
3,569
Hoang Mai
500
500
2022-Q4
49%
907
1
Hoang Thanh Tower
2
Sky Garden
3
Kinh Do Tower
Ba Dinh
64
64
2022-Q4
70%
2,721
4
Capital Garden
Dong Da
416
416
2016-Q3
100%
1,321
5
D'LePont D'or
Dong Da
308
308
2016-Q1
97%
1,972
6
New Horizon City
Hoang Mai
1,244
1,244
2017-Q1
100%
1,025
7
Vinafor Building
Ha Dong
688
519
2019-Q4
29%
828
8
Goldmark City - Sapphire
Tu Liem
2,184
2,184
2017-Q4
82%
1,440
9
Comatce Tower
Thanh Xuan
100
100
2017-Q3
91%
1,183
10
D'Le Roi Soleil
Tay Ho
498
498
2018-Q4
94%
3,254
11
Tabudec Plaza
Thanh Tri
252
252
2017-Q4
88%
670
12
The Link - L3,L4, L5
Tay Ho
594
594
2018-Q3
93%
1,913
13
Eco City Viet Hung
Long Bien
412
412
2018-Q2
100%
1,203
14
Vien Dong Star
Hoang Mai
294
294
2020-Q1
63%
1,045
15
The Legend
Thanh Xuan
460
460
2018-Q1
96%
2,288
16
Gelexia Riverside
Hoang Mai
1,485
1,485
2018-Q3
99%
769
17
Viet Duc Complex
Thanh Xuan
704
704
2018-Q2
90%
1,203
18
Paragon Tower
Cau Giay
495
495
2018-Q3
91%
1,518
19
The Golden Palm Le Van Luong
Thanh Xuan
405
405
2018-Q2
95%
1,479
20
Anland Complex
Ha Dong
534
534
2018-Q2
100%
1,085
21
Hoang Cau Skyline
Dong Da
168
168
2018-Q2
100%
2,248
22
Osaka Complex
Hoang Mai
360
360
2018-Q4
90%
887
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
31
No.
Project
District
Units
Launched
units to end
Q1/2020
Expected
Completion
Est. sales to
end Q1/2020
Avg. primary price
(US$/m2) Q1/2020
Ha Dong
762
762
2018-Q4
69%
1,065
23
HPC Landmark 105
24
Thong Nhat Complex
Thanh Xuan
528
528
2019-Q2
96%
1,282
25
Eco Lake View
Hoang Mai
1,218
1,218
2018-Q4
98%
1,380
26
My Dinh Pearl
Tu Liem
984
984
2019-Q1
90%
1,873
27
Mandarin Garden 2
Hoang Mai
640
640
2018-Q1
100%
1,282
28
Stellar Palace
Thanh Xuan
368
368
2019-Q4
83%
1,499
29
Emerald Center Park
Tu Liem
1,344
1,344
2019-Q2
98%
1,380
30
Vinata Tower
Thanh Xuan
216
216
2018-Q2
93%
1,302
31
Northern Diamond
Long Bien
200
200
2018-Q3
96%
1,085
32
Booyoung
Ha Dong
5,000
756
2018-Q2
9%
1,203
33
HDI Tower
Hai Ba Trung
56
56
2019-Q3
70%
3,412
34
Sunshine Garden
Hai Ba Trung
1,263
1,263
2019-Q4
58%
1,459
35
Tay Ho Riverview
Tay Ho
236
236
2018-Q2
77%
1,085
36
PentStudio
Tay Ho
319
319
2018-Q4
94%
2,268
37
The Zen Residence
Hoang Mai
927
927
2019-Q3
90%
1,420
38
Sky Park Residence
Cau Giay
496
496
2018-Q4
94%
2,189
39
Sunshine City
Tay Ho
1,790
1,790
2019-Q4
91%
1,814
40
Roman Plaza
Tu Liem
804
804
2019-Q4
85%
1,420
41
One18
Long Bien
220
220
2019-Q1
86%
1,282
42
Dreamland Bonanza
Cau Giay
386
386
2020-Q1
90%
1,400
43
Sakura Hong Ha Eco City
Thanh Tri
150
150
2018-Q4
100%
907
44
Green Pearl
Hai Ba Trung
504
504
2019-Q3
94%
1,420
45
Imperia Sky Garden
Hai Ba Trung
1,866
1,866
2019-Q2
62%
1,558
46
Eco Dream
Thanh Tri
506
506
2020-Q1
100%
1,163
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
32
No.
Project
District
Units
Launched
units to end
Q1/2020
Expected
Completion
Est. sales to
end Q1/2020
Avg. primary price
(US$/m2) Q1/2020
47
Housinco Grand Tower
Thanh Tri
350
350
2019-Q4
94%
1,104
48
D' Palais de Louis
Cau Giay
238
238
2019-Q4
3%
6,113
49
Sun Tower
Tay Ho
160
160
2020-Q1
81%
1,873
50
Intracom Riverside Vinh Ngoc
Dong Anh
1,036
1,036
2019-Q4
100%
927
51
Samsora Premier 105
Ha Dong
696
696
2019-Q2
90%
1,025
52
Eurowindow River Park
Dong Anh
2,058
2,058
2020-Q1
72%
1,183
53
Dong Phat Resident
Thanh Tri
1,092
35
2020-Q4
0%
907
54
The Sun
Tu Liem
270
270
2019-Q4
92%
1,538
55
6th Element
Tay Ho
1,176
1,176
2019-Q4
100%
1,834
56
Hinode City
Hai Ba Trung
1,100
1,100
2019-Q4
85%
2,228
57
Sky Central
Hoang Mai
902
902
2019-Q4
100%
1,203
58
Kosmo Tay Ho
Tay Ho
648
648
2019-Q4
100%
1,735
59
Golden Park Tower
Cau Giay
360
360
2020-Q4
79%
2,051
60
Iris Garden
Tu Liem
1,400
1,400
2019-Q4
72%
1,400
61
Gold Tower
Thanh Xuan
170
170
2019-Q4
95%
1,696
62
Amber Riverside
Hai Ba Trung
285
285
2019-Q3
100%
1,183
63
Sunshine Center
Tu Liem
208
208
2019-Q3
90%
1,854
64
Udic Westlake
Tay Ho
408
408
2019-Q3
78%
1,617
65
Ha Tay Millennium
Ha Dong
683
485
2020-Q3
41%
1,085
66
FLC Garden City - HH01
Tu Liem
384
384
2019-Q3
41%
848
67
Vinhomes West Point
Tu Liem
904
904
2020-Q3
100%
2,110
68
Tecco Skyville Tower
Thanh Tri
704
704
2019-Q3
91%
749
69
Ruby City - CT3
Long Bien
1,120
1,120
2019-Q2
74%
868
70
H9 Starlake
Tay Ho
603
603
2020-Q3
87%
2,485
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
33
No.
Project
District
Units
Launched
units to end
Q1/2020
Expected
Completion
Est. sales to
end Q1/2020
Avg. primary price
(US$/m2) Q1/2020
Tay Ho
252
252
2020-Q2
93%
2,465
71
D'. El Dorado Phu Thanh
72
Thang Long Capital
Hoai Duc
540
540
2020-Q3
69%
848
73
Hateco La Roma
Dong Da
281
281
2019-Q4
62%
2,702
74
Anland Premium
Ha Dong
575
575
2020-Q2
81%
1,144
75
90 Nguyen Tuan
Thanh Xuan
832
832
2019-Q4
100%
1,124
76
King Palace
Thanh Xuan
410
410
2020-Q1
73%
2,149
77
Vinhomes Ocean Park - Sapphire
Gia Lam
15,700
16,250
2020-Q1
72%
1,380
78
Premier Berriver
Long Bien
216
216
2019-Q4
84%
1,499
79
Luxury Park Views
Cau Giay
119
119
2019-Q4
94%
1,775
80
Bea Sky
Hoang Mai
441
441
2020-Q2
85%
1,459
81
Pandora Tower
Thanh Xuan
286
286
2020-Q2
73%
1,104
82
Vinhomes Smart City - Sapphire
Tu Liem
10,900
12,371
2020-Q3
69%
1,400
83
Sunshine Golden River
Tay Ho
217
80
2020-Q4
25%
2,386
84
The Zei
Tu Liem
891
891
2021-Q1
39%
1,637
85
The Terra An Hung
Ha Dong
1,328
885
2021-Q4
27%
947
86
Five Star Westlake
Tay Ho
32
32
2020-Q4
75%
2,702
87
Vinhomes Ocean Park - Ruby
Gia Lam
12,000
1,244
2021-Q2
8%
1,873
88
The Legacy
Thanh Xuan
252
252
2019-Q4
84%
1,440
89
HC Golden City
Long Bien
512
512
2019-Q4
60%
1,499
90
Summit Building
Cau Giay
288
288
2020-Q3
76%
2,702
91
PHC Complex
Long Bien
117
117
2020-Q1
67%
1,479
92
An Binh Plaza
Tu Liem
280
280
2022-Q1
93%
1,223
93
E2- Chelsea Residences
Cau Giay
322
322
2020-Q4
84%
1,656
94
Athena Complex Phap Van
Hoang Mai
400
400
2021-Q1
43%
907
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
34
No.
Project
District
Units
Launched
units to end
Q1/2020
Expected
Completion
Est. sales to
end Q1/2020
Avg. primary price
(US$/m2) Q1/2020
Long Bien
328
328
2020-Q1
69%
1,163
95
TSG Lotus Sai Dong
96
Sunshine Crystal River
Tay Ho
950
60
2021-Q4
1%
3,451
97
Phu Thinh Green Park
Ha Dong
532
532
2021-Q2
10%
986
98
Skyview Plaza
Thanh Xuan
924
84
2021-Q4
7%
1,341
99
PCC1 Thanh Xuan
Thanh Xuan
480
480
2020-Q2
85%
1,361
100
Le Grand Jardin
Long Bien
1,120
250
2020-Q2
16%
1,223
101
Anland Lake View (Block A & B)
Ha Dong
606
240
2021-Q1
16%
1,124
102
BID Residence
Ha Dong
804
350
2021-Q3
13%
907
103
Grandeur Palace - Giang Vo
Ba Dinh
78
72
2020-Q4
38%
3,550
104
Mipec Rubik360
Cau Giay
976
976
2021-Q4
33%
1,696
105
Vinhomes Smart City - Ruby
Tu Liem
2,900
573
2021-Q2
18%
1,775
106
Gardenia Hong Ha Eco City
Thanh Tri
250
250
2020-Q3
40%
986
107
Vinhomes Symphony
Long Bien
1,508
800
2020-Q3
42%
1,854
108
Park Kiara
Ha Dong
432
432
2022-Q1
35%
1,735
109
Vinhomes Smart City - Sapphire Parkville
Tu Liem
3,060
1,020
2020-Q4
2%
1,400
110
The Park Home
Cau Giay
398
49
2021-Q4
5%
1,420
111
Duyen Thai
Thuong Tin
63
17
2022
16%
631
112
The Matrix One
Tu Liem
740
280
2021-Q4
0%
2,623
Note: The average primary price excludes VAT.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
35
Appendix 2: Average Constant Basket Secondary Asking Prices
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
36
Appendix 2: Average Constant Basket Secondary Asking Prices
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
1
Dinh Cong NUA
Hoang Mai
922
2
North Linh Dam Dwelling
Hoang Mai
729
3
Linh Dam Peninsula Area
Hoang Mai
818
4
Dai Kim - Dinh Cong NUA
Hoang Mai
815
5
A6 Giang Vo
Ba Dinh
1,615
6
Housing for the preferential objects in Yen Hoa Urban Area
Cau Giay
1,288
7
Thang long international village
Cau Giay
1,188
8
299 Cau Giay
Cau Giay
1,156
9
27 Huynh Thuc Khang
Dong Da
1,213
10
Thanh Cong Tower
Dong Da
1,108
11
27 Lang Ha Highrise Apartment
Dong Da
1,131
12
Ciputra (South Thang Long NUA)- Phase I
Tay Ho
1,475
13
My Dinh II NUA
Tu Liem
898
14
Yen Hoa pubic facilities and dwelling area
Cau Giay
1,276
15
18 Yen Ninh
Ba Dinh
1,454
16
Nghia Do-Dich Vong NUA
Cau Giay
1,411
17
Dich Vong NUA (4B2 and 6B2 Blocks)
Cau Giay
1,173
18
M3-M4 Thanh Cong Dwelling Quarter
Dong Da
1,279
19
Spring Garden Apartment
Dong Da
1,194
20
Ha Thanh Plaza
Dong Da
1,191
21
Kinh Do Building
Hai Ba Trung
1,642
22
Northern Linh dam II Expanded Residential Area (X1)
Hoang Mai
785
23
Northern Linh dam II Expanded Residential Area (X2)
Hoang Mai
819
24
Phap Van -Tu Hiep Urban Area
Hoang Mai
650
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
37
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
25
Vimeco Building
Tu Liem
1,153
26
Me Tri Ha NUA
Tu Liem
1,089
27
Project of Ba Dinh Construction JS Co.
Tu Liem
-
28
Project at 124 Minh Khai
Hai Ba Trung
1,058
29
Project at 38 Quan Nhan
Cau Giay
1,025
30
Me Tri Dwelling Quarter – CT3B – CT2
Tu Liem
880
31
Project at 130 Doc Ngu
Ba Dinh
1,407
32
671 Hoang Hoa Tham
Ba Dinh
1,219
33
15-17 Ngoc Khanh
Ba Dinh
1,510
34
195 Doi Can
Ba Dinh
1,337
35
Artex Building
Ba Dinh
1,505
36
6 Doi Nhan
Ba Dinh
1,234
37
Project of Water Electrical Mechanical installation and Construction JSC
Cau Giay
1,134
38
Trung Hoa - Nhan Chinh NUA
Cau Giay
994
39
Trung Yen NUA
Cau Giay
1,117
40
Vimeco's Vocational School, Kindergarten cum Residential Complex
Cau Giay
1,057
41
M5 Tower
Dong Da
1,130
42
151A Nguyen Duc Canh Apartment Project
Hai Ba Trung
776
43
10 Hoa Lu
Hai Ba Trung
1,596
44
Pacific Place
Hoan Kiem
2,666
45
96 Dinh Cong
Hoang Mai
756
46
Licogi 13's Residential Project
Thanh Xuan
971
47
My Dinh I NUA (C6 Block)
Tu Liem
1,107
48
Construction Co. No. 34's project
Thanh Xuan
957
49
Hacisco Building
Dong Da
1,174
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
38
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
50
My Dinh - Me Tri NUA
Tu Liem
891
51
Project at 25 Tan Mai
Hoang Mai
868
52
Project at 229 Pho Vong
Hai Ba Trung
1,052
53
141 Truong Dinh
Hai Ba Trung
916
54
789 Company's Residential Project
Tu Liem
892
55
181 Nguyen Luong Bang
Dong Da
1,279
56
Silver Wing
Long Bien
1,166
57
An Lac Building
Tu Liem
853
58
Van Quan New Urban Area
Ha Dong
832
59
Bien Bac Project
Ba Dinh
1,315
60
Xuan Thuy Tower
Cau Giay
1,129
61
Chelsea Park
Cau Giay
1,309
62
Phap Van -Tu Hiep Urban Area (NO9+NO19+NO20)
Hoang Mai
706
63
Viet Hung NUA (low-rise Blocks - Lot K, P, H)
Long Bien
648
64
Vuon Dao Apartment (Lot E)
Tay Ho
1,260
65
Tam Da Public service, office and residential complex
Tay Ho
2,034
66
Ciputra (Two Parklane Apartment Towers of Phase II)
Tay Ho
1,392
67
Trung Van NUA (CT1 Block)
Tu Liem
989
68
Co Nhue - Xuan Dinh NUA (OTC3B, OTC3C, OTC3D)
Tu Liem
723
69
Trung Yen 1
Cau Giay
993
70
335 Cau Giay
Cau Giay
1,110
71
102 Truong Chinh
Dong Da
1,322
72
Dich Vong NUA (N09B1)
Cau Giay
1,167
73
The Garden-Officetel
Tu Liem
1,456
74
Viet Hung NUA (Highrise Blocks- Lot K, P, H)
Long Bien
655
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
39
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Hai Ba Trung
1,077
75
Skylight Twin Towers
76
131 Thai Ha
Dong Da
1,316
77
Happy House Garden (T1, T3, T9, T10)
Long Bien
671
78
45 Nguyen Son
Long Bien
977
79
The Manor
Tu Liem
1,601
80
Golden West Lake
Ba Dinh
2,117
81
N05 - Vinaconex's Project
Cau Giay
1,187
82
Vinaconex 6 Tower
Thanh Xuan
1,071
83
15 - storey residential building at Trung Hoa Nhan Chinh NUA
Thanh Xuan
1,299
84
A1-A4 My Dinh I
Tu Liem
814
85
Residential, commercial and hotel complex at 1 Lac Long Quan
Tay Ho
897
86
Van Khe Residential Area
Ha Dong
584
87
Bac Ha Residential Area
Ha Dong
852
88
La Khe - Van Khe
Ha Dong
587
89
Song Da - Ha Dong Tower
Ha Dong
677
90
Nang Huong Project
Ha Dong
862
91
N09B2 - Dich Vong NUA
Cau Giay
1,203
92
B14 Kim Lien
Dong Da
1,576
93
CT1 Linh Dam
Hoang Mai
804
94
Ho Dac Di Apartment Project
Dong Da
1,238
95
1 Luong Yen
Hai Ba Trung
2,304
96
Phung Khoang Housing Area
Tu Liem
818
97
CT4-Trung Van NUA
Tu Liem
834
98
Project at 310 Minh Khai
Hai Ba Trung
1,002
99
Vincom Park Place
Hai Ba Trung
2,984
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
40
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
100
Sky City Towers
Dong Da
1,578
101
CT2A - Nghia Do NUA
Tu Liem
1,202
102
GP Building
Dong Da
1,380
103
151 Nguyen Duc Canh
Hoang Mai
783
104
Megastar Dominium West Westlake
Tu Liem
722
105
CT1 & CT2 - Dang Xa NUA
Gia Lam
628
106
Xa La New Urban Area
Ha Dong
561
107
Mipec Tower
Dong Da
1,354
108
Licogi 13 - Phase II
Thanh Xuan
987
109
28-level Residential Complex Building
Cau Giay
1,170
110
Vinaconex 7 Tower
Hoang Mai
884
111
CT3 - Dang Xa NUA
Gia Lam
647
112
57 Vu Trong Phung Street
Thanh Xuan
1,030
113
CT1- Co Nhue NUA
Tu Liem
987
114
Sakura Tower
Thanh Xuan
954
115
CT4 & CT5 - Dang Xa NUA
Gia Lam
599
116
Ba Hang A Apartments
Hoang Mai
655
117
Hoa Binh Green
Ba Dinh
1,272
118
Song Hong Park View
Dong Da
1,232
119
Licogi 12 Office and Residential Complex
Hoang Mai
889
120
Pacific Place (Phase 2)
Hoan Kiem
2,459
121
Vinaconex 1's project
Thanh Xuan
1,028
122
Lilama Plaza
Hoang Mai
704
123
B4 Kim Lien Project
Dong Da
1,413
124
Project at 671 Hoang Hoa Tham (Phase II)
Ba Dinh
1,252
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
41
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Tay Ho
1,984
125
Ciputra Link
126
Hoa Phat Giai Phong Building
Dong Da
1,246
127
The Westa
Ha Dong
773
128
SME Hoang Gia
Ha Dong
656
129
Euroland - TSQ
Ha Dong
816
130
Hemisco
Ha Dong
643
131
Binh Vuong Tower
Ha Dong
579
132
CT3 - Trung Van New Urban Area
Tu Liem
915
133
City View
Ha Dong
677
134
Hong Kong Tower
Dong Da
1,768
135
The Light - CT2 Trung Van
Tu Liem
948
136
Tincom Phap Van
Hoang Mai
758
137
Intracom 2' s Project
Tu Liem
843
138
Rainbow Building
Ha Dong
989
139
Canal Park
Long Bien
710
140
Green Park Towers - Unit A
Cau Giay
1,289
141
Packexim 1
Tay Ho
933
142
FLC Landmark Tower
Tu Liem
766
143
VNT Building
Thanh Xuan
1,120
144
N 07- Dich Vong NUA
Cau Giay
1,161
145
183 Hoang Van Thai
Thanh Xuan
1,196
146
7 Tran Phu Street
Ha Dong
876
147
Dream Tower
Tu Liem
749
148
Central Linh Dam Plaza - VP3
Hoang Mai
918
149
My Dinh Plaza
Tu Liem
1,035
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
42
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
150
Richland Southern
Cau Giay
1,239
151
C7 Giang Vo
Ba Dinh
1,907
152
Udic Complex (N04 South East Tran Duy Hung NUA)
Cau Giay
1,468
153
Trung Yen 2
Cau Giay
1,381
154
Ha Do Parkview
Cau Giay
1,385
155
Spring Home
Thanh Xuan
1,103
156
85 Ha Dinh
Thanh Xuan
863
157
BMM Xa La
Ha Dong
662
158
Ngoc Khanh Plaza
Ba Dinh
1,203
159
Golden West Lake (Phase 2)
Ba Dinh
2,652
160
Keangnam Hanoi Landmark Tower
Tu Liem
1,551
161
Indochina Plaza Ha Noi
Cau Giay
1,858
162
Dolphin Plaza
Tu Liem
1,113
163
Watermark
Cau Giay
2,091
164
Hoang Thanh Tower
Hai Ba Trung
3,397
165
Vinhomes Royal City
Thanh Xuan
1,453
166
Star City Le Van Luong
Thanh Xuan
1,269
167
Thang Long No.1
Tu Liem
1,418
168
Eurowindow Multi Complex
Cau Giay
1,472
169
Mandarin Garden
Cau Giay
1,878
170
Times city (T1-T11, T18)
Hai Ba Trung
1,364
171
Lancaster Ha Noi
Ba Dinh
2,667
172
MulberryLane (Block A-B-D-E)
Ha Dong
903
173
Star Tower
Cau Giay
1,152
174
Hillstate
Ha Dong
934
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
43
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
175
New Skyline
Ha Dong
814
176
Cleve_CT2
Ha Dong
1,064
177
Golden Land Building - Block A, B, C
Thanh Xuan
1,083
178
Hoa Binh Green City
Hai Ba Trung
1,279
179
Platinum Residences
Ba Dinh
1,827
180
D2 Giang Vo
Ba Dinh
1,933
181
Diamond Flower Tower
Cau Giay
1,388
182
Discovery Complex
Cau Giay
1,386
183
Green House
Long Bien
881
184
187 Tay Son
Dong Da
1,347
185
HP LandMark Tower
Ha Dong
787
186
The Sparks Le Van Luong - CT7 (A,B,C,D, E,F,G)
Ha Dong
630
187
The Sparks Le Van Luong Residentials - CT8 (A,B,C,D)
Ha Dong
564
188
The Sparks Le Van Luong , HH2 -Block D,E
Ha Dong
547
189
Nam Do Complex
Hoang Mai
989
190
HUD3 Tower
Ha Dong
722
191
Sail Tower (A)
Ha Dong
586
192
CT3 Le Duc Tho
Tu Liem
1,040
193
Green Life Tower (VP2-VP4)
Hoang Mai
1,143
194
Mefrimex Project at Cau Dien Town
Tu Liem
912
195
Ho Guom Plaza
Ha Dong
959
196
Thang Long Garden
Hai Ba Trung
1,132
197
Xuan Mai Park State
Ha Dong
867
198
Golden Palace Me Tri
Tu Liem
1,256
199
Phu Gia Residence
Thanh Xuan
1,150
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
44
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
200
Berriver Long Bien
Long Bien
1,228
201
Unimax Ha Dong
Ha Dong
587
202
Tay Ho Residence
Tay Ho
1,707
203
MD complex
Tu Liem
1,107
204
HEI Tower
Thanh Xuan
1,057
205
Phuc Thinh Tower
Dan Phuong
518
206
Cho Mo Shopping Centre
Hai Ba Trung
1,150
207
OCT2 Xuan Phuong
Tu Liem
798
208
Tay Ha Tower
Tu Liem
1,078
209
Sky Garden
210
Intracom 1 Trung Van
211
Sai Dong Residence
212
Hoang Mai
Tu Liem
814
Long Bien
665
136 Ho Tung Mau-A1
Tu Liem
971
213
CTM building
Cau Giay
1,183
214
Golden West - Phase 1
Thanh Xuan
1,233
215
Resco Co Nhue - Block A&B
Tu Liem
940
216
CT1B - Tan Tay Do
Dan Phuong
551
217
CT12 Van Phu
Ha Dong
835
218
South tower
Hoang Mai
824
219
Thăng Long Victory-T1
Hoai Duc
587
220
Lotus Lake View
Long Bien
1,124
221
Van Phu Victoria CT9 (V1-V2-V3)
Ha Dong
672
222
VP5 Linh Dam
Hoang Mai
936
223
Rainbow Linh Dam
Hoang Mai
996
224
CT12 - Golden Silk
Hoang Mai
697
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
45
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
225
CT3 - Co Nhue New Urban Area
Tu Liem
1,153
226
Dai Thanh CT8A,B,C - CT10A,B,C
Thanh Tri
555
227
CT2 - Co Nhue New Urban Area
Tu Liem
670
228
Splendora - Phase 1
Hoai Duc
1,077
229
Block D - CT2 Kim Van Kim Lu
Hoang Mai
962
230
CT3 Tay Nam Linh Dam
Hoang Mai
1,144
231
Mipec Riverside
Long Bien
1,548
232
VP6 Linh Dam
Hoang Mai
750
233
Hapulico Complex
Thanh Xuan
1,100
234
HH4 Linh Dam
Hoang Mai
701
235
Kinh Do Tower
Ba Dinh
-
236
Bac Ha Tower - C37 Bac Ha
Tu Liem
993
237
Dong Do - BQP
Tu Liem
1,122
238
Green Star - B4, B5
Tu Liem
1,131
239
Hoa Binh Green City - Tower B
Hai Ba Trung
1,420
240
Vinhomes Nguyen Chi Thanh
Dong Da
2,430
241
Homecity Trung Kinh
Cau Giay
1,429
242
HH3(A,B,C) Linh Dam
Hoang Mai
674
243
Sapphire Palace
Thanh Xuan
1,044
244
G3AB Yen Hoa
Cau Giay
1,384
245
Goldmark City - Block A (Ruby 1,2,3,4)
Tu Liem
1,201
246
Sun square
Tu Liem
1,193
247
The Golden Central Tower
Hoang Mai
706
248
Scitech Tower
Tu Liem
892
249
283 Khuong Trung - Tower B
Thanh Xuan
1,001
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
46
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Thanh Xuan
1,093
250
283 Khuong Trung - Tower A
251
CT2C Nghia Do
Tu Liem
1,400
252
CT2B Nghia Do
Tu Liem
1,372
253
My Son Tower
Thanh Xuan
975
254
Dreamhome CT36 Dinh Cong
Hoang Mai
935
255
Park Hill - Park 3 (Times City - Phase 2)
Hai Ba Trung
1,608
256
Five Star Garden
Thanh Xuan
1,196
257
Capital Garden
Dong Da
1,270
258
The One Residence
Hoang Mai
960
259
Gemek Tower
Hoai Duc
625
260
FLC Complex
Tu Liem
1,140
261
PCC1 Complex
Ha Dong
757
262
Yen Hoa Thang Long
Cau Giay
1,129
263
Helios Tower
Hoang Mai
1,139
264
Diamond Blue
Thanh Xuan
710
265
379 Doi Can tower
Ba Dinh
1,347
266
HH1 (A,B,C) Linh Dam
Hoang Mai
690
267
The Crown - Mulberry Lane
Ha Dong
979
268
CT2A - B Hoang Quoc Viet
Tu Liem
1,134
269
The Golden An Khanh
Hoai Duc
725
270
The Sun Garden
Ha Dong
750
271
D'LePont D'or
Dong Da
1,716
272
Xuan Mai Sparks HH2 ABC
Ha Dong
761
273
New Horizon City
Hoang Mai
973
274
Hateco Hoang Mai
Hoang Mai
762
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
47
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Cau Giay
1,609
Hoang Mai
676
275
Trang An Complex
276
HH2 (A, B, C) Linh Dam
277
Parkview Residence
Ha Dong
744
278
Thanh Ha Apartment
Ha Dong
500
279
Ecogreen city
Thanh Tri
1,116
280
A1,2 D1,2 CT2 Linh Dam
Hoang Mai
994
281
Goldsilk Complex
Ha Dong
881
282
Thang Long Victory-T2
Hoai Duc
644
283
Ruby City
Long Bien
781
284
Golden Millennium
Ha Dong
866
285
VOV Complex
Tu Liem
1,060
286
Thanh Binh - Yen Hoa
Cau Giay
1,068
287
Dong Phat Park View
Hoang Mai
875
288
Handico - Handi Resco
Thanh Xuan
1,264
289
CT1A CT1B Nghia Do
Tu Liem
1,162
290
Green star - A3
Tu Liem
1,090
291
Imperia Garden
Thanh Xuan
1,345
292
Hoang Ngan Plaza
Thanh Xuan
1,074
293
Seasons Avenue
Ha Dong
1,116
294
Golden Palace Le Van Luong
Thanh Xuan
1,376
295
Vinafor Building
Ha Dong
296
HACC1 Complex
Thanh Xuan
1,270
297
Park Hill - Park 7, 8, 1 (Times City - Phase 2)
Hai Ba Trung
1,631
298
Happy House
Hoang Mai
667
299
Taseco Complex
Tay Ho
1,341
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
48
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Hoai Duc
385
Hoang Mai
1,660
300
TV Tower
301
Park Hill Premium - Park 9, 11 (Times City - Phase 2)
302
Packexim 2
Tay Ho
1,204
303
Aqua Spring
Thanh Xuan
947
304
FLC Twin Towers
Cau Giay
1,282
305
Central Point Trung Kinh
Cau Giay
1,590
306
Goldmark City - Sapphire
Tu Liem
1,220
307
PVV Vinapharm
Thanh Xuan
1,064
308
Ecolife Capitol
Tu Liem
1,199
309
Oriental Westlake
Tay Ho
1,453
310
CT4 Vimeco
Cau Giay
1,348
311
The Artemis
Thanh Xuan
1,886
312
Park Hill Premium - Park 12, 10 (Times City - Phase 2)
Hoang Mai
1,722
313
FLC Star Tower
Ha Dong
726
314
Comatce Tower
Thanh Xuan
1,148
315
317 Truong Chinh
Thanh Xuan
1,269
316
HD Mon City
Tu Liem
1,402
317
CT2E - Me Tri Plaza
Tu Liem
1,021
318
Gemek II
Hoai Duc
696
319
Him Lam Thach Ban
Long Bien
699
320
Ecolife Tay Ho
Tay Ho
1,144
321
Vinhomes Gardenia
Tu Liem
1,412
322
Anh Quan Strong
Ha Dong
853
323
D'Le Roi Soleil
Tay Ho
2,672
324
New Space Giang Bien
Long Bien
893
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
49
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
325
Lac Hong Lotus I
Tu Liem
1,404
326
Phu My Complex
Tu Liem
1,597
327
Tabudec Plaza
Thanh Tri
733
328
The Link - L3,L4, L5
Tay Ho
1,597
329
283 Khuong Trung - Tower C
Thanh Xuan
1,093
330
B1 B2 CT2 Linh Dam
Hoang Mai
973
331
Central Point My Dinh
Tu Liem
1,222
332
Tu Hiep Plaza
Thanh Tri
776
333
Xuan Mai Riverside
Ha Dong
966
334
Center Home
Hoang Mai
968
335
Gold Season
Thanh Xuan
1,308
336
The Two Residence
Hoang Mai
1,108
337
T&T Riverview
Hoang Mai
996
338
Eco City Viet Hung
Long Bien
1,214
339
Happy Star Tower
Long Bien
883
340
Park View City Yen Hoa
Cau Giay
1,308
341
FLC Garden City
Tu Liem
812
342
Hanhud Co Nhue
Tu Liem
990
343
N03-T3, T4 Diplomatic NUA
Tu Liem
1,262
344
Vien Dong Star
Hoang Mai
1,308
345
The Legend
Thanh Xuan
1,421
346
Hanoi Aqua Central
Ba Dinh
2,955
347
Vinhomes Metropolis
Ba Dinh
3,003
348
Sun Grand City
Tay Ho
2,468
349
Gelexia Riverside
Hoang Mai
817
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
50
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
350
Ecohome Phuc Loi
Long Bien
817
351
Viet Duc Complex
Thanh Xuan
1,140
352
Rivera Park Hanoi
Thanh Xuan
1,502
353
Paragon Tower
Cau Giay
1,459
354
Riverside Garden
Thanh Xuan
1,446
355
The Golden Palm Le Van Luong
Thanh Xuan
1,527
356
An Binh City (A1,A2,A7,A8)
Tu Liem
1,343
357
Garden Hill
Cau Giay
1,186
358
Anland Complex
Ha Dong
1,088
359
Hoang Cau Skyline
Dong Da
2,130
360
Imperial Plaza
Thanh Xuan
1,028
361
Osaka Complex
Hoang Mai
842
362
Sunshine Riverside
Tay Ho
1,448
363
Sunshine Palace
Hoang Mai
1,105
364
HPC Landmark 105
Ha Dong
874
365
C1C2 Xuan Dinh
Tu Liem
1,102
366
Lac Hong Lotus II
Tu Liem
1,306
367
FLC Green Home
Tu Liem
942
368
Thong Nhat Complex
Thanh Xuan
1,251
369
Eco Lake View
Hoang Mai
925
370
Vinhomes D’ Capitale
Cau Giay
2,245
371
HUD3 - Hanel Building
Hoang Mai
1,101
372
My Dinh Pearl
Tu Liem
1,588
373
Vinhomes Skylake
Tu Liem
1,816
374
Xuan Mai Complex (K,L)
Ha Dong
799
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
51
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
375
VC2 Golden Heart
Hoang Mai
944
376
Smile Building Trung Yen
Hoang Mai
956
377
An Binh City (A3,A4,A5,A6)
Tu Liem
1,338
378
Udic Riverside
Hoang Mai
1,049
379
Mandarin Garden 2
Hoang Mai
1,222
380
Ha Noi Center Point
Thanh Xuan
1,542
381
Stellar Palace
Thanh Xuan
1,248
382
Emerald Center Park
Tu Liem
1,190
383
Sun Grand City Ancora
Hai Ba Trung
2,112
384
Valencia Garden
Long Bien
984
385
Vinata Tower
Thanh Xuan
1,211
386
Viwaseen Tower
Tu Liem
508
387
South Building
Hoang Mai
839
388
Northern Diamond
Long Bien
1,186
389
Booyoung
Ha Dong
1,064
390
HDI Tower
Hai Ba Trung
3,287
391
Sunshine Garden
Hai Ba Trung
1,245
392
Tay Ho Riverview
Tay Ho
1,117
393
My Dinh Plaza 2
Tu Liem
1,253
394
Vinhomes Green Bay
Tu Liem
1,529
395
N01-T8 Diploma NUA
Tu Liem
1,404
396
CC1 Hado Park Side
Cau Giay
1,597
397
PentStudio
Tay Ho
2,211
398
The Zen Residence
Hoang Mai
1,294
399
Sky Park Residence
Cau Giay
1,961
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
52
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Hoai Duc
729
400
The Golden An Khanh phase 2 (Blocks A,B,C)
401
Thanh Xuan Complex
Thanh Xuan
1,341
402
534A-536A Minh Khai Apartment
Hoang Mai
1,184
403
Sunshine City
Tay Ho
1,461
404
Hateco Apollo
Tu Liem
945
405
N03-T5 Diploma NUA
Tu Liem
1,099
406
Hong Ha Tower
Hoang Mai
948
407
Start-up Tower
Tu Liem
685
408
Roman Plaza
Tu Liem
1,119
409
One18
Long Bien
1,317
410
Dreamland Bonanza
Cau Giay
1,337
411
Sakura Hong Ha Eco City
Thanh Tri
772
412
The Golden Armor
Ba Dinh
2,140
413
Green Pearl
Hai Ba Trung
1,324
414
Imperia Sky Garden
Hai Ba Trung
1,474
415
The K Park K3
Ha Dong
1,079
416
Eco Dream
Thanh Tri
1,091
417
Housinco Grand Tower
Thanh Tri
1,072
418
A10 Nam Trung Yen
Cau Giay
1,236
419
Cau Giay Center Point
Cau Giay
1,361
420
D' Palais de Louis
Cau Giay
5,069
421
Sun Tower
Tay Ho
1,611
422
Intracom Riverside Vinh Ngoc
Dong Anh
831
423
Samsora Premier 105
Ha Dong
1,046
424
Xuan Mai Spark Complex
Ha Dong
721
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
53
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
425
Eurowindow River Park
Dong Anh
743
426
ICID Complex
Ha Dong
721
427
Dong Phat Resident
Thanh Tri
-
428
Xuan La Westlake
Tay Ho
1,307
429
The Sun
Tu Liem
1,383
430
Mipec Kien Hung (M1, M2, M3)
Ha Dong
615
431
6th Element
Tay Ho
1,786
432
Hinode City
Hai Ba Trung
2,004
433
97 Lang Ha
Dong Da
1,672
434
Sky Central
Hoang Mai
1,054
435
Kosmo Tay Ho
Tay Ho
1,659
436
D'. El Dorado Phu Thuong 1
Tay Ho
2,409
437
Golden Park Tower
Cau Giay
1,693
438
@Home
Hoang Mai
832
439
Iris Garden
Tu Liem
1,081
440
Manhattan Tower
Cau Giay
1,183
441
Lieu Giai Tower
Ba Dinh
2,369
442
Gold Tower
Thanh Xuan
1,121
443
An Binh I
Hoang Mai
1,267
444
Florence
Tu Liem
1,243
445
Bohemia Hanoi
Thanh Xuan
1,186
446
Amber Riverside
Hai Ba Trung
1,291
447
Ha Noi Homeland
Long Bien
929
448
Sunshine Center
Tu Liem
1,428
449
CT15 Green Park Viet Hung
Long Bien
1,087
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
54
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
Tay Ho
1,462
450
Udic Westlake
451
Ha Tay Milenium
Ha Dong
1,063
452
FLC Garden City - HH01
Tu Liem
710
453
Vinhomes West Point
Tu Liem
1,880
454
Tecco Skyville Tower
Thanh Tri
696
455
Ruby City - CT3
Long Bien
802
456
H9 Starlake
Tay Ho
2,265
457
D'. El Dorado Phu Thanh
Tay Ho
2,387
458
Thang Long Capital
Hoai Duc
770
459
Hateco La Roma
Dong Da
2,436
460
Anland 2
Ha Dong
1,108
461
Rosa Hong Ha Eco City
Thanh Tri
748
462
90 Nguyen Tuan
Thanh Xuan
1,123
463
King Palace
Thanh Xuan
1,410
464
Vinhomes Ocean Park - Sapphire
Gia Lam
1,365
465
Premier Berriver
Long Bien
1,283
466
Luxury Park Views
Cau Giay
1,710
467
Bea Sky
Hoang Mai
1,228
468
Pandora Tower
Thanh Xuan
1,153
469
Housing for Government cipher committee
Thanh Xuan
988
470
N03-T7 Diplomatic NUA
Tu Liem
1,179
471
The Terra 83 Hao Nam
Dong Da
2,209
472
Vinhomes Smart City - Sapphire
Tu Liem
1,411
473
Sunshine Golden River
Tay Ho
2,081
474
The Zei
Tu Liem
1,268
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
55
No.
Project
Location
Secondary Price Q1/2020 (US$/m2)
475
The Terra An Hung
Ha Dong
975
476
Five Star Westlake
Tay Ho
2,537
477
T-place
Hoan Kiem
9,524
478
Vinhomes Ocean Park - Ruby
Gia Lam
1,241
479
The Legacy
Thanh Xuan
1,297
480
HC Golden City
Long Bien
1,412
481
Summit Building
Cau Giay
1,961
482
PHC Complex
Long Bien
1,380
483
An Binh Plaza
Tu Liem
1,284
484
E2- Chelsea Residences
Cau Giay
1,550
485
Athena Complex Phap Van
Hoang Mai
793
486
TSG Lotus Sai Dong
Long Bien
1,083
487
Sunshine Crystal River
Tay Ho
3,046
488
Phu Thinh Green Park
Ha Dong
863
489
Skyview Plaza
Thanh Xuan
1,153
490
PCC1 Thanh Xuan
Thanh Xuan
1,072
491
Le Grand Jardin
Long Bien
1,032
492
Anland Lake View (Block A & B)
Ha Dong
859
493
BID Residence
Ha Dong
852
494
Grandeur Palace - Giang Vo
Ba Dinh
3,337
495
Mipec Rubik360
Cau Giay
1,740
496
Vinhomes Smart City - Ruby
Tu Liem
1,548
497
Gardenia Hong Ha Eco City
Thanh Tri
801
498
Vinhomes Symphony
Long Bien
1,517
Note: Average secondary price excludes VAT.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
56
Appendix 3: Future Supply
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
57
Appendix 3: Future Supply
No.
Name
Location
Units
Status
Expected launch
1
BRG Grand Plaza
Ba Dinh
128
Fitting out
2020
2
Hai Dang Tower
Dong Da
176
Fitting out
2020
3
3A Quang Trung
Hoan Kiem
30
Under construction
2020
4
N03-T6 Diploma NUA
Tu Liem
170
Under construction
2020
5
Rose Town
Hoang Mai
1,452
Under construction
2020
6
AQH Riverside
Long Bien
378
Under construction
2020
7
BRG Park Residence
Thanh Xuan
405
Under construction
2020
8
Phuong Dong Green Park
Hoang Mai
960
Under construction
2020
9
QMS Tower
Ha Dong
210
Under construction
2020
10
T&T DC Complex
Hoang Mai
336
Under construction
2020
11
DLC Complex
Thanh Xuan
350
Under construction
2020
12
MIPEC Kien Hung (M5, M6, M7)
Ha Dong
765
Under construction
2020
13
Sunshine Diamond River
Tay Ho
932
Foundation
2020
14
N01-T6 Diploma NUA
Tu Liem
304
Foundation
2020
15
N01-T7 Diploma NUA
Tu Liem
304
Foundation
2020
16
Binh Minh Garden
Long Bien
494
Foundation
2020
17
Lancaster Luminaire
Dong Da
126
Foundation
2020
18
MHD Trung Van
Tu Liem
285
Foundation
2020
19
Thang Long Victory - T4
Hoai Duc
500
Foundation
2020
20
Berriver Long Bien (N02,N04,N05)
Long Bien
N/A
Foundation
2020
21
Panorama Hoang Mai
Hoang Mai
1,650
Foundation
2020
22
The Wings
Hoang Mai
1,500
Foundation
2020
23
Vinhomes Ocean Park
Gia Lam
9,350
Planning
2020
24
Vinhomes Smart City
Tu Liem
11,509
Planning
2020
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
58
No.
Name
Location
Units
Status
Expected launch
25
Vinhomes Galaxy
Thanh Xuan
2,000
Planning
2020
26
The Jade Orchid
Tu Liem
2,176
Planning
2020
27
The Manor Central Park
Hoang Mai
763
Planning
2020
28
Athena Fulland
Hoang Mai
2,393
Planning
2020
Total of 2020
29
Ha Noi Garden City
30
Sky Line
31
39,646
Long Bien
500
Foundation
2021
Tay Ho
234
Foundation
2021
Green Building
Dong Da
N/A
Foundation
2021
32
Ha Noi Golden City
Ba Dinh
500
Foundation
2021
33
Goldlight Complex
Thanh Xuan
1,000
Planning
2021
34
Five Star Ha Dong
Ha Dong
677
Planning
2021
35
Grandeur Palace - Pham Hung
Tu Liem
492
Planning
2021
36
BRG Sumitomo Smart City
Dong Anh
7,000
Planning
2021
37
Sunshine Boulevard
Thanh Xuan
686
Planning
2021
38
Heritage
Tay Ho
380
Planning
2021
39
63 Nguyen Huy Tuong
Thanh Xuan
N/A
Planning
2021
40
Vinhomes Ocean Park
Gia Lam
10,400
Planning
2021
41
Vinhomes Smart City
Tu Liem
10,300
Planning
2021
42
59-63 Huynh Thuc Khang
Dong Da
80
Planning
2021
43
Sunshine Empire
Tay Ho
N/A
Planning
2021
44
Galaxy Tower
Thanh Tri
1,044
Planning
2021
45
Him Lam Galaxy 2
Ha Dong
120
Planning
2021
46
Louis City
Tu Liem
600
Planning
2021
47
40 Thinh Liet
Hoang Mai
1,276
Planning
2021
48
Sao Vang - Hoanh Son (Lotus Sun City)
Thanh Xuan
N/A
Planning
2021
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
59
No.
Name
Location
Units
Status
Expected launch
49
Sunset Tower
Tay Ho
180
Planning
2021
50
Lilaha Complex
Tay Ho
N/A
Planning
2021
51
Rivera Park Nghia Do
Cau Giay
600
Planning
2021
52
Vinhomes Co Loa
Dong Anh
3,000
Planning
2021
53
Sunshine Sky Park
Long Bien
5,000
Planning
2021
54
A7 Nam Trung Yen
Cau Giay
400
Planning
2021
55
Rivera Park Long Bien
Long Bien
N/A
Planning
2021
56
Viha Complex
Thanh Xuan
468
Planning
2021
57
Sun Grand City Constrexim Xuan Thuy
Cau Giay
1,900
Planning
2021
58
Sun Grand City Lang Ha
Dong Da
725
Planning
2021
Total of 2021
59
Duoi Ca Building
60
47,562
Hoang Mai
N/A
Planning
2022
Gold Silk City
Ha Dong
318
Planning
2022
61
Sun Grand City 125 Van Cao Residence
Ba Dinh
N/A
Planning
2022
62
Vinhomes Ocean Park
Gia Lam
5,200
Planning
2022
63
Vinhomes Smart City
Tu Liem
10,300
Planning
2022
64
Imperia Smart City
Tu Liem
N/A
Foundation
2022
65
Minh Tan - Vinhomes Ocean Park
Gia Lam
N/A
Planning
2022
66
TCO - Vinhomes Ocean Park
Gia Lam
N/A
Planning
2022
67
Sunshine Dragon Twin Towers
Tu Liem
N/A
Planning
2022
68
Commercial housing for low-income
people
Dong Anh
423
Planning
2022
69
SV Tay Ha Noi - Vinhomes Smart City
Tu Liem
N/A
Planning
2022
70
SV Tay Ha Noi - Vinhomes Ocean Park
Gia Lam
N/A
Planning
2022
71
Gia Lam NUA
Gia Lam
N/A
Planning
2022
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
60
No.
72
Name
254 Hoang Quoc Viet
Location
Units
Status
Expected launch
Tu Liem
N/A
Planning
2022
Total of 2022
73
Lake Garden
74
16,241
Tu Liem
N/A
Planning
Onwards
Vinhomes Lo Duc
Hai Ba Trung
500
Planning
Onwards
75
Dragon Riverside
Thanh Tri
280
Planning
Onwards
76
Vinhomes Gallery Giang Vo
Ba Dinh
4,000
Planning
Onwards
77
Aurora Garden
Hoang Mai
863
Planning
Onwards
78
Sunshine Lake View Sky Villas
Tu Liem
1,536
Planning
Onwards
79
Newtatco Complex
Tu Liem
236
Planning
Onwards
80
SYM Cantavil Complex
Ha Dong
370
Planning
Onwards
81
370 Quang Trung
Ha Dong
233
Planning
Onwards
82
25-27 Truong Dinh
Hoang Mai
N/A
Planning
Onwards
83
BIDhomes Golden South
Hoang Mai
874
Planning
Onwards
84
VIC Tower
Cau Giay
405
Planning
Onwards
85
1283 Giai Phong
Hoang Mai
246
Planning
Onwards
86
Legend Park
Ha Dong
318
Planning
Onwards
87
Phuong Thanh Tranconsin
Cau Giay
200
Planning
Onwards
88
Orient Star
Long Bien
800
Planning
Onwards
89
Vinhomes Dan Phuong
Dan Phuong
N/A
Planning
Onwards
90
Thang Long Royal Plaza
Cau Giay
242
Planning
Onwards
91
An Thai Tower
Ha Dong
N/A
Planning
Onwards
92
Sky Palace
Tu Liem
1,170
Planning
Onwards
93
181 Nguyen Huy Tuong
Thanh Xuan
N/A
Planning
Onwards
94
Vinh Quynh Project
Thanh Tri
N/A
Planning
Onwards
95
93 Linh Nam
Hoang Mai
N/A
Planning
Onwards
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
61
No.
Name
Location
Units
Status
Expected launch
Hoang Mai
N/A
Planning
Onwards
96
1267 Giai Phong
97
HDB Plaza
Thanh Tri
N/A
Planning
Onwards
98
Green House project
Hoai Duc
N/A
Planning
Onwards
99
Landmark Lake view
Tu Liem
N/A
Planning
Onwards
100
48 Tran Duy Hung
Cau Giay
126
Planning
Onwards
101
Oriental Landmark Ha Dong
Ha Dong
N/A
Planning
Onwards
102
Thuong Dinh Plaza
Thanh Xuan
322
Planning
Onwards
103
Megastar Dominium Vinh Hung
Hoang Mai
950
Planning
Onwards
104
Premium Apartment Complex
Tu Liem
N/A
Planning
Onwards
105
New Space My Dinh
Tu Liem
N/A
Planning
Onwards
106
Dragon Plaza
Tu Liem
N/A
Planning
Onwards
107
Song Da 2 Van Phuc apartment
Ha Dong
N/A
Planning
Onwards
108
Thuong Dinh Residence
Thanh Xuan
N/A
Planning
Onwards
109
Kepler Land
Ha Dong
1,280
Planning
Onwards
110
Ao Trung
Long Bien
144
Planning
Onwards
111
Crystal Tower
Hai Ba Trung
100
Planning
Onwards
112
Hanoi Time Towers
Ha Dong
600
Planning
Onwards
113
Skyview Doi Cung
Hai Ba Trung
52
Planning
Onwards
114
Five Star An Khanh
Hoai Duc
N/A
Planning
Onwards
115
New Space Dinh Cong
Hoang Mai
N/A
Planning
Onwards
116
Hateco Thach Ban
Long Bien
187
Planning
Onwards
Total of Onwards
16,034
TOTAL
119,483
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
62
Disclaimer
The property market research is verified to the best of Savills Vietnam ability. Savills quarterly
report reflects an overview of the current property market and is indicative research only. Savills
Vietnam does not guarantee the accuracy of research and forecasts contained herein. Savills
Vietnam does not accept any responsibility for losses arising from reliance on the research and
forecasting. Savills recommends that the reader obtain a detailed market study of the specific
sector of interest should a deeper understanding of the market be required.
Reproduction of this report, in any manner whatsoever, in whole or in part, without written prior
consent from Savills Vietnam is prohibited. Approval should be obtained from Savills Vietnam
before any reference to this report can be made in any statement, published document, or
circular.
Where information is given without reference to another party, it shall be taken that this
information has been obtained or gathered through Savills best efforts and to Savills best
knowledge. Processed data references there from shall be taken as Savills opinion and shall not
be freely quoted without acknowledgement.
Ha Noi Quarterly Market Report Q1/2020 – Apartment Sector
Nam Long Corporation
63
Contents
Executive Summary ...................................................................................................... 4
1.
SUPPLY ................................................................................................................... 5
1.1.
OVERALL ........................................................................................................................................................ 5
1.2.
PRIMARY SUPPLY ....................................................................................................................................... 7
1.3.
SECONDARY SUPPLY .............................................................................................................................. 10
2.
PERFORMANCE ................................................................................................... 11
2.1.
PRIMARY MARKET ................................................................................................................................... 11
2.2.
SECONDARY MARKET ............................................................................................................................ 15
3.
DEMAND .............................................................................................................. 18
4.
OUTLOOK............................................................................................................. 21
4.1.
SUPPLY ......................................................................................................................................................... 21
4.2.
TRENDS ........................................................................................................................................................ 23
5.
SWOT ................................................................................................................... 26
Research Parameters .................................................................................................. 27
Definitions................................................................................................................... 28
Appendix 1: Primary Villa/Townhouse Projects ..................................................... 30
Appendix 2: Secondary Villa/Townhouse Projects ................................................. 33
Appendix 3: Future Projects ...................................................................................... 45
Disclaimer.................................................................................................................... 51
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse Sector
Nam Long Corporation
Tables
Table 1.1
Newly launched supply ...........................................................................................................................5
Table 1.2
Project sales .................................................................................................................................................5
Table 1.3
Primary share ...............................................................................................................................................8
Table 2.1
Average new supply prices ................................................................................................................. 14
Table 4.1
2020 – 2021 projects ............................................................................................................................. 21
Figures
Figure 1.1
District supply..............................................................................................................................................6
Figure 1.2
Districts primary stock .............................................................................................................................7
Figure 1.3
Developer share .........................................................................................................................................8
Figure 1.4
Secondary stock ...................................................................................................................................... 10
Figure 2.1
Primary performance ............................................................................................................................. 11
Figure 2.2
Primary absorption ................................................................................................................................. 12
Figure 2.3
District sales .............................................................................................................................................. 12
Figure 2.4
Newly launched performance ............................................................................................................ 13
Figure 2.5
Primary asking price .............................................................................................................................. 14
Figure 2.6
Secondary district asking prices ....................................................................................................... 15
Figure 2.7
Average secondary asking prices ..................................................................................................... 16
Figure 2.8
Zone prices ................................................................................................................................................ 17
Figure 3.1
Dwelling prices......................................................................................................................................... 18
Figure 3.2
Quarterly absorption ............................................................................................................................. 19
Figure 3.3
Average secondary prices by year ................................................................................................... 20
Figure 4.1
Future districts supply ........................................................................................................................... 22
Figure 4.2
New supply by year ............................................................................................................................... 23
Figure 4.3
Rural districts ............................................................................................................................................ 25
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse Sector
Nam Long Corporation
Executive Summary
New supply limited
Following a late 2019 rebound, the effects of Tet and mostly Covid-19, saw new supply down 76% (quarter on quarter) QoQ. The two first quarter launches, Green Center Villas in Tay Ho
district and Him Lam New Star in Long Bien, provided a total 130 dwellings: and the primary
market with 1,345 dwellings from 24 active projects. Ha Dong with over 50% share continued
to lead primary supply.
Low absorption
Quarterly absorption fell 21%, down -27 ppts QoQ and -16 ppts year on year (YoY) to its lowest
since 2017. However, first quarter absorption is typically the lowest of the year, with the highest
in the second or fourth quarters. With COVID-19 contained so far, absorption is likely to increase
in the following quarters.
Socially distanced
Social distancing has significantly limited activities, including construction. The government has
responded with financial support and policies to help business survive. However, post COVID19 more property related abatements may be required to stimulate demand.
Increased secondary prices
Villa average secondary prices of US$3,119/m², increased 1% QoQ and 7% YoY; the Townhouse
average was US$3,802/m², up 3% QoQ and 8% YoY. Shophouse was US$5,714/m², increasing
3% QoQ and 4% YoY. Since 2015, average Villa secondary prices have increased 7% YoY, and
Townhouse prices by 6% pa.
Outlook uncertain
New supply fell -42% YoY from 2019 but is forecast to remain steady in 2020. In the next nine
months, approximately 13 Villa/Townhouse projects will enter providing 2,100 dwellings, mostly
in districts Hoang Mai, Ha Dong, and Tu Liem. The pandemic has led to many 2020 launches
delayed for a minimum of a year. From 2020 to 2025, Hoai Duc, Gia Lam, Dong Anh, Dan
Phuong, and Thanh Tri are becoming new urban districts, boosting their appeal and demand.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
4
1.
SUPPLY
1.1.
OVERALL
The Villa/Townhouse market is subdivided into two zones of Hanoi districts.
▪
Zone 1: Ba Dinh, Hoan Kiem, Hai Ba Trung, Dong Da, Tay Ho, Hoang Mai, Long Bien,
Cau Giay, Tu Liem, Thanh Xuan, Thanh Tri and Gia Lam.
▪
Zone 2: Ha Dong, Hoai Duc, Quoc Oai, Dan Phuong, Chuong My, Dong Anh, Me Linh,
Thuong Tin and Thach That.
Stock from 217 projects was approximately 51,207 dwellings, up 3% QoQ and 7% YoY. Break
down is 21,437 Villas, 25,941 Townhouses and 3,829 Shophouses.
▪
Two newly launched projects provided 130 dwellings.
▪
Three active projects launched their next phases, adding a total 506 dwellings.
▪
One project added to the database provided 40 dwellings.
Table 1.1
Newly launched supply
Project
District
Type
Villa
Green Center Villas - Phase 1
Tay Ho
New project
6
Long Bien
New project
Him Lam New Star
Total
Town
house
Shop
house
Total
75
81
49
6
49
49
75
130
Source: Savills Research & Consultancy
The primary market had 1,345 dwellings from 24 active projects, accounting for a 3% share. In
the secondary market, 49,862 dwellings from 193 fully sold developments and 21 active projects
were equivalent to 97% of total stock. Zone 1 led with 26,694 dwellings, representing a 52%
share. With 24% of total stock, Ha Dong district in Zone 2 was the leading supplier.
Table 1.2
Project sales
Type
Projects
Primary
Secondary
Total
Active projects
24
1,345
2,856
4,201
Fully sold projects
193
-
47,006
47,006
Total
217
1,345
49,862
51,207
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
5
District supply
Zone 1
Thuong Tin
Chuong My
Dong Anh
Quoc Oai
Dan Phuong
Shophouse
Thach That
Me Linh
Hoai Duc
Townhouse
Others
Gia Lam
Long Bien
Tu Liem
Hoang Mai
Tay Ho
Villa
Ha Dong
Dwellings
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Cau Giay
Figure 1.1
Zone 2
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
6
1.2.
PRIMARY SUPPLY
Twenty-four active projects provided 1,345 dwellings: 580 villas, 445 townhouses and 320
shophouses.
Zone 1 had 16 projects, supplying 526 dwellings, equivalent to 39% of primary stock.
▪
Long Bien district led Zone 1 primary supply, providing 137 dwellings from five active
projects and a 10% share.
▪
Gia Lam district had 1 active project and 114 dwellings for an 8% share; Tay Ho District
with two active projects, providing 111 dwellings accounted for an 8% share. And
Hoang Mai district with three active projects and a total 96 dwellings , had a 7% share.
▪
The ‘Others’ districts; Ba Dinh, Tu Liem, Dong Da, and Hai Ba Trung, had a total five
projects providing 68 dwellings and a 5% share.
Eight projects in Zone 2 supplied 819 dwellings, representing 61% of primary stock.
▪
Ha Dong district had 684 dwellings, equivalent to a 51% share. Dong Anh district had
a 9% share from one project providing 121 dwellings.
▪
Thach That and Me Linh had two projects supplying 14 dwellings and representing 1%
of stock.
Figure 1.2
Districts primary stock
Dwellings
800
Villa
Townhouse
Shophouse
Projects
Projects
700
6
5
600
4
500
400
3
300
2
200
1
100
0
0
Long Bien Gia Lam
Tay Ho
Hoang
Mai
Others
Ha Dong Dong Anh Me Linh
Zone 1
Thach
That
Zone 2
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
7
Zone 1 Villas accounted for 24% of primary stock: Townhouses for 23%, and Shophouses, 53
percent. Zone 1 central locations with high population density had more Shophouses than Zone
two. Zone 2 Townhouses represented 40% of primary stock and Villas, fifty-five percent.
Table 1.3
Primary share
Zone
Zone 1
Zone 2
Total
Villa
Townhouse
Shophouse
Total
Projects
124
120
282
526
16
24%
23%
53%
100%
456
325
38
819
55%
40%
5%
100%
580
445
320
1,345
8
24
Source: Savills Research & Consultancy
Nam Cuong Group had 33% of primary stock from three active projects. GTC, 16% from TSQ
Galaxy, while Dong Anh Development JSC had a 9% share from Happy Land. Vimefulland and
Hai Phat Invest each had a 9% share: Bitexco, 7% and CenInvest, four percent.
Figure 1.3
Developer share
7%
4%
13%
Others
Nam Cuong Group
9%
GTC., JSC
9%
Dong Anh Development JSC
33%
9%
Vimefulland
Hai Phat Invest
16%
Bitexco
CenInvest
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
8
New supply was from two projects, Green Center Villas in Tay Ho district, and Him Lam New
Star in Long Bien.
Green Center Villas was developed by Vimefulland in the Ciputra International Urban Area, Phu
Thuong Ward, Tay Ho district. It has three blocks referenced as BT5A, BT5B and BT5C, providing
81 dwellings: and an entertainment complex with an outdoor pool, fitness, spa, golf range,
international school and shopping centre. It benefits from excellent local infrastructure and easy
access to Noi Bai Airport, E Hospital, My Dinh national sports complex and central Ha Noi.
Him Lam New Star developed by the Him Lam Corporation is on a 0.4ha site in Thuong Thanh
Ward, Long Bien district. The project launched all its 49 townhouses with land areas (LA) from
64 m2 to 83 m2. Project highlights are convenient local and regional connectivity: the central
districts are a 15 minute-drive, and Noi Bai Airport and the northern provinces easily accessible.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
9
SECONDARY SUPPLY
Stock was approximately 49,862 dwellings from 214 projects, comprising 20,857 Villas, 25,496
Townhouses and 3,509 Shophouses.
Zone One had 52% stock from 146 projects providing 26,168 dwellings made up of 11,285
Villas, 11,963 Townhouses, and 2,920 Shophouses.
▪
Hoang Mai in Zone 1 with 7,218 dwellings or 14%, led secondary supply. Tu Liem District
accounted had a 12% share from 6,023 dwellings. With 4,848 dwellings Long Bien District
represented 10% of secondary stock.
▪
The least supply was from the ‘Others’ districts - Thanh Tri, Thanh Xuan, Hai Ba Trung, Ba
Dinh and Dong Da – cumulatively 27 projects providing 1,682 dwellings for a 3% share.
Zone 2 had 48% of secondary stock from 68 projects and 23,694 dwellings: 9,572 Villas, 13,533
Townhouses and 589 Shophouses.
▪
Ha Dong district with approximately 11,713 dwellings from 32 projects was the largest Zone
2 secondary supplier. Hoai Duc followed with 7,153 dwellings, or 14% from 16 projects.
▪
Thach That, Dan Phuong, Quoc Oai, Dong Anh, Chuong My, and Thuong Tin had the lowest
secondary stock. Eleven projects supplying 2,832 dwellings, represented 6% of secondary
supply.
Secondary stock
Zone 1
Projects
Thuong Tin
Chuong My
40
35
30
25
20
15
10
5
0
Dong Anh
Quoc Oai
Projects
Dan Phuong
Thach That
Me Linh
Shophouse
Hoai Duc
Ha Dong
Gia Lam
Long Bien
Tu Liem
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Townhouse
Others
Villa
Tay Ho
Dwellings
Cau Giay
Figure 1.4
Hoang Mai
1.3.
Zone 2
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
10
2.
PERFORMANCE
2.1.
PRIMARY MARKET
By Year
From 2015-2017, segment sales increased 50% pa and from 2017 to 2019 yearly sales of 4,500
and absorption in 2019 was 87%, up 24 ppts YoY. However, first quarter absorption was its
lowest in three years with Townhouse and Shophouse accounting for 48% of sales.
Figure 2.1
Primary performance
Dwellings
5,000
Villa
Townhouse
Shophouse
Absorption rate
%
100
4,500
90
4,000
80
3,500
70
3,000
60
2,500
50
2,000
40
1,500
30
1,000
20
500
10
0
0
2016
2017
2018
2019
Q1/2020
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
11
Q1/2020
Absorption was 98%, down -0.7 ppts QoQ and up 2 ppts YoY. Quarterly absorption fell 21%,
down -27 ppts QoQ and -16 ppts YoY. There were just 281 sales, down -54% QoQ and -75%
YoY.
Figure 2.2
Primary absorption
Inventory
Dwellings
Sales
Absorption to date
800
100%
700
80%
600
500
60%
400
40%
300
200
20%
100
0
0%
Long
Bien
Gia Tay Ho Hoang Tu
Lam
Mai Liem
Ba
Dinh
Dong Hai Ba Ha Dong
Da Trung Dong Anh
Zone 1
Me
Linh
Thach
That
Zone 2
Source: Savills Research & Consultancy
Villas accounted for 52% of sales, Shophouses for 30% and Townhouses, nineteen percent. Ha
Dong district had 46% while Gia Lam District and Hoang Mai both made 14% of sales. Long
Bien and Tu Liem Districts each had 9%, and the ‘Others’ seven percent.
Figure 2.3
District sales
7%
Ha Dong
9%
Gia Lam
9%
46%
Hoang Mai
Long Bien
14%
Tu Liem
14%
Others
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
12
The two newly launched projects achieved 24 sales for a 9% share. Green Center Villas
absorption was 16% and Him Lam New Star was at twenty two percent.
Figure 2.4
90
Newly launched performance
Dwellings
Inventory
Sales
Absorption to date
100%
80
80%
70
60
60%
50
40
40%
30
20
20%
10
-
0%
Green Center Villas - Phase 1
Him Lam New Star
Source: Savills Research & Consultancy
Average Primary Prices
Villa average primary price was US$3,996/m², down -27% QoQ and -11% YoY. Townhouse was
US$4,082/m², down -7% QoQ but up 33% YoY; and the Shophouse average was US$6,216/m2,
down -24% QoQ and up 32% YoY.
The overall average price decline is a result of supply increases in lower priced outer urban
districts, mainly Ha Dong and Gia Lam.
Ba Dinh district had the highest average Villa primary price of US$15,776/m² and Ha Dong
district was lowest at approximately US$2,870/m².
Dong Da district had the highest average Townhouse primary price of approximately
US$10,325/m2, and Me Linh District was lowest at US$1,402/m².
Tay Ho District Shophouses had the highest average primary price of US$9,779/m² and Gia Lam
District at US$2,819/m², the lowest.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
13
Figure 2.5
Primary asking price
US$/m²
Villa
Townhouse
Shophouse
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Ba Dinh Dong Da Tay Ho
Hoang Tu Liem
Mai
Long
Bien
Gia Lam Ha Dong Dong
Anh
Zone 1
Me Linh
Zone 2
Source: Savills Research & Consultancy
Note: The price included land, bare shell construction cost
Newly launched Green Center Villas average primary price for Villas was US$10,189/m² and their
Shophouses were US$9,779/m². The Him Lam New Star Townhouse average was US$4,103/m².
Table 2.1
Average new supply prices
Project
District
Villa
(US$/m²)
Green Center Villas - Phase 1
Tay Ho
10,189
Him Lam New Star
Long Bien
Townhouse
(US$/m²)
Shophouse
(US$/m²)
9,779
4,103
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
14
SECONDARY MARKET
Average Villa secondary price was US$3,119/m², up 1% QoQ and 7% YoY; while the Townhouse
average secondary price was US$3,802/m², up 3% QoQ and 8% YoY; and Shophouse was
US$5,714/m², increasing 3% QoQ and 4% YoY.
Zone 1 average asking prices are higher than Zone 2, supported by a superior location,
infrastructure and public facilities.
▪
The average Zone 1 Villa price was approximately US$4,221/m² whilst Townhouses
averaged US$5,138/m²: and Shophouses, US$6,295/m².
o
Ba Dinh district in Zone 1 had the highest Villa asking price of US$17,494/m² but Dong
Da district had the highest Townhouse price of US$11,113/m² and the highest
Shophouse price of US$11,862/m².
o
Thanh Tri District had the lowest Villa price of US$2,519/m² and the lowest Townhouse
price of US$2,859/m². Gia Lam District had the lowest shophouse price of US$4,379/m².
▪
Zone 2 Villa average price was approximately US$1,798/m² and a Townhouse average of
approximately US$2,674/m² with Shophouses at US$3,823/m².
o
Ha Dong in Zone 2 had the highest Villa asking prices of US$2,721/m² with Townhouses
at US$3,093/m²; but Shophouse was highest at US$4,933/m².
o
The lowest Villa prices in Thach That District were US$781/m²; the lowest Townhouse
price of US$1,374/m² was in Me Linh district, while Quoc Oai district Shophouse prices
were lowest at US$1,559/m².
Zone 1
Thach That
Me Linh
Chuong My
Thuong Tin
Quoc Oai
Dan Phuong
Dong Anh
Shophouse
Hoai Duc
Ha Dong
Long Bien
Townhouse
Tu Liem
Thanh Xuan
Hoang Mai
Hai Ba Trung
Tay Ho
Cau Giay
Villa
Thanh Tri
US$/m²
Dong Da
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Secondary district asking prices
Gia Lam
Figure 2.6
Ba Dinh
2.2.
Zone 2
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
15
Unit Prices
Typical Townhouse/Shophouse LAs are 90 to 120 m²: and for Villas, between 150 to 300 m².
▪
Ba Dinh district at US$3,199,566 had the highest Villa asking price.
▪
Tay Ho district at US$887,695 had the highest Townhouse asking price .
▪
Cau Giay district with US$1,658,895 had the highest Shophouse asking price.
▪
The lowest Villa average asking price of US$235,716 was in Me Linh district.
▪
Lowest Townhouse average asking price of US$105,791 was in Chuong My.
▪
The lowest Shophouse asking price of US$225,217 was in Hoai Duc district.
Figure 2.7
Average secondary asking prices
US$/unit
3,500,000
Villa
Townhouse
Shophouse
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
Zone 1
Chuong My
Thuong Tin
Me Linh
Quoc Oai
Dan Phuong
Thach That
Dong Anh
Hoai Duc
Ha Dong
Thanh Tri
Gia Lam
Hoang Mai
Long Bien
Thanh Xuan
Tay Ho
Tu Liem
Hai Ba Trung
Dong Da
Cau Giay
Ba Dinh
0
Zone 2
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
16
Fifty-eight percent of Zone 2 average secondary prices were under US$300,000/dwelling.
Thirteen percent of Zone 1 average secondary prices were over US$1,000,000/dwelling, whilst
Zone 2 had none.
Zone 2
Zone prices
Villa/Townhouse/Shophouse
Zone 1
Figure 2.8
Villa/Townhouse/Shophouse
0%
≤ US$300,000
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
US$300,000 - 500,000
US$500,000 - 1,000,000
≥ US$1,000,000
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
17
3.
DEMAND
Overview
Dwellings priced below US$300,000 account for 35% of stock; 7% of stock was valued over
US$1,000,000 and the remaining 58% were from US$300,000 to US$1,000,000. Dwellings over
US$1,000,000 accounted for 4% of stock in 2015, since increasing to 10% in 2019. However,
only 7% of dwellings valued over US$1,000,000 in Q1/2020 were up for sale.
Figure 3.1
Dwelling prices
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2016
≤ US$300,000
2017
US$300,000 - 500,000
2018
2019
US$500,000 - 1,000,000
2020
≥ US$1,000,000
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
18
Low Absorption
Quarterly absorption fell 21%, down -27 ppts QoQ and -16 ppts YoY to its lowest in 3 years.
However, first quarter absorption is typically the lowest of the year alongside the highest sales
in the second or fourth quarters.
Figure 3.2
Quarterly absorption
70%
60%
50%
40%
30%
20%
10%
0%
Q1
Q2
Q3
Q4
2017
Q1
Q2
Q3
Q4
Q1
2018
Q2
Q3
2019
Q4
Q1
2020
Source: Savills Research & Consultancy
For five years, Q1 has represented around 18% of total sales, but Q1/2020 performance was
affected by seasonal factors, and more by COVID-19. Absorption is expected to be higher in the
following quarters if COVID-19 remains contained.
Social Distancing
Social distancing has greatly limited activities, including construction. According to Real Estate
Trading Law, Article 57, payment schedules are to align with construction progress. Any
construction delays would see a corresponding delay in payments, adding pressure on
developers to ensure their schedules are maintained as published.
Ha Noi Department of Construction recently issued a permit for all construction works in the
area to get underway again, but only through strict compliance with containment measures.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
19
Prices
By end Q1/2020, most developers by not reducing asking prices, kept prices stable and even
led to increases in some projects. With fluctuating Stock and Commodity Markets, Real Estate,
notably landed property, remains a favored investment. Should the pandemic continue,
developers may be pushed to offer price reductions or more flexible payment schedules.
Average secondary prices have steadily increased; since 2015 average Villa secondary prices
have increased 7% pa, and Townhouses by 6% pa.
Figure 3.3
Average secondary prices by year
Villa
4,000
Townhouse
US$/m2
3,500
3,000
2,500
2,000
2016
2017
2018
2019
2020
Source: Savills Research & Consultancy
From 2015 to 2017, average Villa and Townhouse secondary prices saw robust growth. The
average secondary Villa price in 2016 was US$2,480/m², up 11% YoY, whilst in 2017, the average
price was US$2,825/m², up 14% YoY.
The average secondary Townhouse price in 2016 was US$3,227/m², up 15% YoY; and in 2017,
the average was US$3,418/m², up 6% YoY. In Q1/2020, average Villa secondary prices were
US$3,119/m², Townhouse was US$3,802/m².
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
20
4.
OUTLOOK
4.1.
SUPPLY
From 2020 until year-end 2021, twenty-one projects will enter on a combined scale of
approximately 951 ha, including the BRG Smart City project with 272 ha in Dong Anh district. In
the next nine months, eleven projects will provide approximately 2,100 dwellings, mostly in
districts Hoang Mai, Tu Liem, Tay Ho, and Ha Dong.
Table 4.1
2020 – 2021 projects
Project
Developer
District
Units
Status
Sunshine Group
Tay Ho
27
Under Construction
CenInvest
Long Bien
44
Under Construction
Bac Ha
Tay Ho
10
Under Construction
Sunshine Group
Tay Ho
60
Infrastructure
Him Lam Corp
Ha Dong
222
Under Construction
Nam Cuong Group
Ha Dong
72
Under Construction
Vimefulland
Hoang Mai
43
Infrastructure
HD Mon Holdings
Tu Liem
20
Under Construction
Vimefulland
Tu Liem
238
Infrastructure
La Vong Group
Hoang Mai
503
Site Clearance
FLC
Tu Liem
145
Planning
Bitexco
Hoang Mai
508
Infrastructure
Sunshine Wonder Villas 2
Sunshine Group
Tay Ho
206
Infrastructure
Athena Fulland - Athens
Vimefulland
Thanh Tri
528
Site Clearance
An Vuong Villa - Phase 2
Nam Cuong Group
Ha Dong
420
Infrastructure
MIK
Tu Liem
22
Site Clearance
An Lac Investment Jsc
Hoai Duc
300
Under Construction
Sunshine Golden River
Binh Minh Garden
6th Element
Sunshine Crystal River
Him Lam Van Phuc
Sol Lake Villa
Aurora Garden
The Zei
Jade Orchid Garden
Louis City Hoang Mai
FLC Premier Park
The Manor Central Park
The Matrix One
An Lac Green Symphony
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
21
Project
Him Lam Vinh Tuy
Green Center Villas - Phase 2
BRG Smart city
Developer
District
Units
Status
Him Lam Corp
Long Bien
147
Infrastructure
Vimefulland
Tay Ho
150
Under Construction
BRG - Sumitomo
Dong Anh
N/A
Under Construction
Vingroup
Dong Anh
4,245
Planning
Vinhomes Co Loa
Source: Savills Research & Consultancy
From 2020 onwards, 130 new projects on a combined 9,287ha will enter mainly in Zone 2; and
in Zone 1 54 new projects will provide approximately 2,221 ha.
Figure 4.1
2,500
Future districts supply
Ha
Scale
Projects
Projects
30
25
2,000
20
1,500
15
1,000
10
Zone 1
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
Son Tay
Quoc Oai
Dan Phuong
Ha Dong
Me Linh
Hoai Duc
Thach That
Dong Anh
Cau Giay
Hai Ba Trung
Thanh Xuan
Tay Ho
Thanh Tri
0
Tu Liem
0
Hoang Mai
5
Long Bien
500
Zone 2
22
4.2.
TRENDS
New Supply
New supply has switched direction in the last five years. From 2016 to 2017 it increased over
150% from new projects increasing 48% YoY. However, in 2017-2019 new supply decreased 30% pa and new projects reduced from 34 to seventeen.
Figure 4.2
New supply by year
New Supply
6,000
New Projects
Projects
Dwellings
40
35
5,000
30
4,000
25
3,000
20
15
2,000
10
1,000
5
0
2016
2017
2018
2019
2020
Source: Savills Research & Consultancy
In Q1/2020, new supply of 676 dwellings included 130 dwellings from two newly launched
projects and 546 dwellings from active projects. New supply in 2020 is expected to be stable.
The pandemic has already resulted in delays for many 2020 launches.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
23
COVID-19
In response to social distancing, the Government released multiple policies to spur investment
and support recovery. These include credit packages with preferential interest rates; postponed
payments of VAT, corporate income tax, and land rent; plus, temporary suspension of social
insurance fund payments and union fees. Business continuity initiatives may mitigate any initial
damage, but in the longer term more property restrictions may need easing to stimulate
recovery post COVID-19.
Over recent years many restrictions have been applied to Real Estate. The State Bank of Vietnam
(SBV) regulates the rate of using short-term capital for medium and long-term loans to 40%, a
slight downturn of 5% compared to the former period. These changes would force commercial
banks to increase long-term mobilization and enterprises to engage with short-term loans
whilst creating pressure on liquidity and rotation of short-term cash flow. Besides, the increase
in risk weighting has squeezed credit flows in Real Estate.
Government response to COVID-19 has been highly appraised after mass mobilization of the
health care system and transparency in news and media. The situation was regularly updated
through trusted websites and VTV. A mobile app ‘NCOVI’ was created by the Information &
Communications and Health Ministries. For a Universal Health Declaration and situation
updates, when launched it became most downloaded app in App Store, Vietnam. A further app,
Ha Noi SmartCity monitored infections and those requiring quarantine and provided regular
updates of the situation in Ha Noi and Viet Nam.
COVID-19 has urged Government to move forward with the Smart City concept. Recently, BRG
and Sumitomo commenced a 271 ha Smart City project in Dong Anh. The project will be over
five phases and supply approximately 7,000 Apartments and Villa/townhouses. Major features
to be implemented include Smart Energy, Smart Mobility, Smart Governance, Smart Learning,
Smart Economy, and Smart Living.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
24
Urban Districts
Hoai Duc, Gia Lam, Dong Anh, Dan Phuong, and Thanh Tri are set to become new urban districts,
giving a boost to Real Estate in these areas. National Assembly Standing Committee Resolution
No. 1211/2016/ UBTVQH13 outlines the guidelines for urban district status: a minimum 150,000
population, an area of at least 35 km2; and a minimum 12 wards meeting defined structural and
socio-economic development standards.
Figure 4.3
Rural districts
Population
300
Area
Thousand People
Km2
200
180
250
160
140
200
120
150
100
80
100
60
40
50
20
0
0
Hoai Duc
Gia Lam
Dong Anh
Thanh Tri
Dan Phuong
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
25
5.
SWOT
The SWOT analysis will consider strengths, weaknesses, opportunities and threats to this market
segment. The details of the report cover many other aspects and the SWOT analysis should not
be read in isolation.
Strengths
▪
Landed properties remain most favoured.
▪
More affordable products.
▪
Shophouses are rising in popularity.
▪
Stable primary prices in most projects.
▪
Average secondary price increases.
▪
Low absorption due to COVID-19 and Tet.
▪
Large secondary supply.
▪
NUAs lacking essential infrastructure affects affordable landed
development.
Weaknesses
▪
Projects are generally located in outlying districts, lacking effective
infrastructure and long commutes.
Opportunities
Threats
▪
High unit price, small target market.
▪
Rural districts becoming urban districts in the next five years.
▪
Existing and new future infrastructure will ease congestion and
improve outlying area accessibility.
▪
Possible NUAs around priority Metro lines 2, 3 and 5 in 2018-2025.
▪
Social distancing and COVID-19 effects.
▪
Q1 and Q3 performance temporarily decreased.
▪
Increasing competition from affordable private landed houses.
▪
Lower short-term capital rates for medium and long-term loans and
higher risk weighting for Real Estate businesses.
▪
Inflation may lead to tighter SBV monetary policy.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
26
Research Parameters
Data Collection: methods include observation, personal interview, telephone survey, internet
survey, mail survey, and Savills inter-department group discussions.
Analysis Methods: direct comparison, descriptive analysis, in-depth analysis, trend analysis,
event-history analysis.
Scope of Study: focused on the Villa/Townhouse market in two zones: Zone 1: original Hanoi
districts: Ba Dinh, Hoan Kiem, Hai Ba Trung, Dong Da, Tay Ho, Hoang Mai, Long Bien, Cau Giay,
Tu Liem, Thanh Xuan, Thanh Tri and Gia Lam.
Zone 2 covers Ha Dong, Hoai Duc, Quoc Oai, Dan Phuong, Chuong My, Dong Anh, Me Linh,
Thuong Tin and Thach That.
Research Limitation: The Savills quarterly report reflects an overview of the current property
market and is indicative research only. Savills recommends that the reader obtain a detailed
market study of the specific sector of interest should a deeper understanding of the market be
required.
Note: the exchange rate used is VND 23,050/US$1.
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
27
Definitions
Term
Term explanation
Primary stock
Villas/Townhouses available for sale directly from the developer in the
studied quarter.
Secondary stock
Villas/Townhouses that have been offered by the original purchasers.
Quarterly
absorption
Number of primary Villa/Townhouses sold in a quarter over total available
primary stock.
Absorption to date
Number of primary Villa/Townhouses sales plus secondary dwellings over
total stock in the quarter.
Zone 1
Including the original city districts: Ba Dinh, Hoan Kiem, Hai Ba Trung, Dong
Da, Tay Ho, Hoang Mai, Long Bien, Cau Giay, Tu Liem, Thanh Xuan, Thanh Tri
and Gia Lam.
Zone 2
Including: Ha Dong, Hoai Duc, Quoc Oai, Dan Phuong, Chuong My, Dong
Anh, Me Linh, Thuong Tin and Thach That.
VAT
Value Added Tax of 10% payable by the buyer of a property.
NUA
New Urban Area
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
28
Appendix 1: Current Projects
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
29
Appendix 1: Primary Villa/Townhouse Projects
Launched dwellings
No.
Project
District
Total
Villa
Town
house
Absorption (%)
Shop
house
Total
Villa
Town
house
Primary price (US$/m²) excl. VAT
Shop
house
Villa
Town
house
Shop
house
1
Xanh Villas
Thach That
500
500
99%
99%
2
Khai Son Hill Long Bien
Long Bien
72
72
64%
64%
3
The Manor Central Park
Hoang Mai
558
123
56
91%
67%
100%
4
An Khang Villa
Ha Dong
395
353
42
96%
96%
100%
5
Porte De Villa Lang Ha
Dong Da
34
34
91%
91%
6
Green Park Vinh Hung
Hoang Mai
94
94
100%
100%
7
Golden Pearl
Hoang Mai
20
20
75%
75%
5,052
8
Park city - The Mansions
Ha Dong
146
146
86%
86%
5,266
9
An Vuong Villa
Ha Dong
475
475
10
Minori Village
Hai Ba Trung
42
4
11
Hateco Green Park
Tu Liem
54
26
12
Khai Son Town
Long Bien
210
210
100%
100%
5,316
13
TSG Lotus Sai Dong
Long Bien
21
21
90%
90%
5,914
14
Long Viet Riverside
Me Linh
136
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
379
4,268
43%
43%
38
100%
100%
100%
28
93%
85%
100%
136
95%
97%
6,232
9,468
4,073
10,325
3,275
95%
2,870
2,884
1,402
30
Launched dwellings
No.
Project
15
Thuan An Central Lake
16
Happy Land
17
Sunshine Wonder Villa
18
District
Total
Villa
Town
house
Absorption (%)
Shop
house
Total
250
70%
Villa
Town
house
Primary price (US$/m²) excl. VAT
Shop
house
Villa
Town
house
Gia Lam
250
Dong Anh
346
Tay Ho
237
141
Sol Lake Villa
Ha Dong
37
19
Grandeur Palace - Giang Vo
Ba Dinh
32
20
Binh Minh Garden
Long Bien
57
21
TSQ Galaxy
Ha Dong
315
6
22
Green Center Villas - Phase 1
Tay Ho
81
6
23
Him Lam New Star
Long Bien
49
49
22%
22%
4,103
24
Iris Garden Xuan Hoa
Tu Liem
40
40
45%
45%
5,369
Total
4,201
346
70%
65%
2,819
65%
2,073
87%
79%
37
14%
14%
1,913
32
84%
84%
15,776
1,775
96
252
1,281
57
23%
57
32%
100%
75
16%
67%
1,145
75%
100%
8,241
23%
76%
30%
4,987
33%
12%
69%
Shop
house
79%
4,891
10,189
3,996
8,606
9,779
4,082
6,216
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
31
Appendix 2: Secondary Projects
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
32
Appendix 2: Secondary Villa/Townhouse Projects
Dwellings
No.
Project
District
Total
Villa
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
1
Housing for the preferential objects in
Yen Hoa Urban Area
Cau Giay
96
96
2
Yen Hoa NUA
Cau Giay
206
86
120
2,226,485
746,204
7,454
8,291
3
Dich Vong NUA
Cau Giay
154
72
82
1,635,141
764,317
7,059
8,040
4
Trung Yen NUA
Cau Giay
704
62
642
1,686,551
622,397
7,666
8,288
5
Thang long international village
Cau Giay
95
55
40
1,334,779
825,163
6,674
7,501
6
Yen Hoa Dwelling Quarter and public
facilities
Cau Giay
38
38
7
Trung Hoa - Nhan Chinh NUA
Cau Giay
138
28
8
Vimeco 's Vocational School,
Kindergarten cum Residential Complex
Cau Giay
23
23
9
RichLand Southern
Cau Giay
19
10
Vinaconex 3's Residential Area
Tu Liem
20
20
744,324
11
Chelsea Park (in Yen Hoa NUA - Lot E1)
Cau Giay
10
10
1,704,881
12
Trung Hoa - Nhan Chinh Resettlement
Area (Ba Dinh)
Cau Giay
80
80
803,181
8,407
13
An Sinh Residences
Cau Giay
39
39
1,191,902
9,225
14
My Dinh II NUA
Tu Liem
205
205
15
My Dinh - Me Tri NUA
Tu Liem
234
132
16
Trung Van NUA
Tu Liem
110
110
17
My Dinh I NUA
Tu Liem
169
92
18
Me Tri Ha NUA
Tu Liem
86
86
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
1,420,824
5,857
1,995,174
110
1,337,039
8,260
597,469
1,431,128
19
515,401
1,150,990
598,698
631,092
1,156,021
5,727
4,285
5,443
9,970
4,653
1,017,874
765,727
77
8,270
10,601
795,452
102
6,508
6,010
8,529
4,497
518,091
5,136
5,373
6,025
33
Dwellings
No.
Project
District
Total
Villa
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
19
Trung Van Dwelling - Vinaconex 3
Tu Liem
147
82
65
765,727
598,698
4,497
5,443
20
Co Nhue - Xuan Dinh NUA
Tu Liem
113
66
47
724,986
315,172
2,815
2,987
21
Me Tri Thuong NUA
Tu Liem
64
64
748,030
5,320
22
Nghia Do NUA
Tu Liem
57
57
908,623
5,689
23
The Manor
Tu Liem
103
24
24
Dai Mo Residence Area
Tu Liem
20
25
Vimeco E9
Tu Liem
14
14
26
Vietnam International Exchange City
Urban Area
Tu Liem
448
8
346
27
Xuan Dinh Residential Complex
Tu Liem
100
40
28
Dream Town NUA
Tu Liem
50
29
Xuan Phuong NUA
Tu Liem
400
30
Licogi 13's Residential Project (Thanh
Xuan)
Thanh Xuan
14
14
31
Project at 38 Quan Nhan (Thanh Xuan)
Thanh Xuan
15
15
32
Ha Dinh NUA
Thanh Xuan
70
30
33
Project at 310 Minh Khai (Hai Ba
Trung)
Hai Ba Trung
9
9
1,021,692
7,046
34
Project at 229 Pho Vong (Hai Ba Trung)
Hai Ba Trung
31
31
1,036,009
8,101
35
Phap Van -Tu Hiep NUA
Hoang Mai
309
309
650,222
2,348
36
Linh Dam Peninsula NUA
Hoang Mai
174
174
780,965
2,931
37
Dinh Cong NUA
Hoang Mai
1,000
120
38
Northern Linh dam II Expanded NUA
(X2)
Hoang Mai
109
109
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
79
1,368,764
20
1,331,020
1,043,341
730,956
60
498,915
8
42
35
365
40
880
9,440
235,662
94
9,179
2,618
1,011,800
5,291
7,515
637,918
2,876
7,876
704,989
212,408
2,169
2,689
499,810
252,061
2,483
3,008
427,983
687,362
798,671
666,296
206,074
359,785
7,937
6,765
4,177
4,370
3,932
4,691
2,893
34
Dwellings
No.
Project
District
Total
Villa
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
39
Northern Linh dam I Expanded NUA
(X1)
Hoang Mai
109
90
19
614,384
498,626
3,119
4,350
40
North Linh Dam Dwelling
Hoang Mai
359
75
284
1,206,074
442,886
3,769
4,477
41
151 Nguyen Duc Canh's Residential
Area
Hoang Mai
60
60
42
Dai Kim - Dinh Cong NUA
Hoang Mai
1,060
60
43
Vinh Hoang Residential Area
Hoang Mai
110
44
Den Lu I Urban Area
Hoang Mai
345
45
Den Lu II Urban Area
Hoang Mai
46
Giap Bat Residential Area
47
Megastar Dominium Vinh Hung (Linh
Nam)
48
483,586
3,764
1,000
405,531
335,537
2,099
5,007
47
63
666,215
637,874
5,807
5,559
39
306
267,679
5,677
351
351
228,872
4,634
Hoang Mai
24
24
132,043
3,176
Hoang Mai
12
12
237,744
2,503
Lilama Plaza
Hoang Mai
15
15
49
South West Linh Dam Lake - TT1 - TT4
- TT6 - TT5 - TT2 - TT3
Hoang Mai
260
260
50
Gamuda Garden - Phase 1
Hoang Mai
344
124
220
920,463
316,377
3,185
3,515
51
Dang Xa I
Gia Lam
214
132
82
349,783
225,076
2,129
1,705
52
Lam Vien NUA
Gia Lam
70
21
49
314,577
226,291
2,383
1,714
53
Sai Dong NUA
Long Bien
240
120
120
676,790
272,736
3,384
3,315
54
Viet Hung NUA
Long Bien
600
440
160
656,440
383,861
3,451
3,286
55
Vinhomes Riverside
Long Bien
1,706
1,706
56
Project at 45 Nguyen Son
Long Bien
11
57
Thach Ban New City-Phase 1
Long Bien
173
173
58
Golden Westlake
Tay Ho
16
16
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
1,028,742
4,223
835,047
3,057
346,956
2,524
11
35
Dwellings
No.
Project
District
Total
Villa
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
59
Ciputra (South Thang Long NUA-Tay
Ho)
Tay Ho
825
825
801,591
5,401
60
Ciputra - Phase 3
Tay Ho
96
96
883,673
5,310
61
Cau Buou NUA (Thanh Tri)
Thanh Tri
200
200
62
Dai Thanh Mix-Use
Thanh Tri
345
45
300
63
Van Khe NUA
Ha Dong
926
94
832
450,343
202,805
64
Van Phu NUA
Ha Dong
2,600
530
2,070
414,946
231,236
65
Van Quan NUA
Ha Dong
1,236
19
1,217
708,677
66
Xa La NUA
Ha Dong
700
200
500
510,195
67
Bac Ha Residential Area
Ha Dong
120
22
98
68
Hyundai Hill State phase 1+2
Ha Dong
100
88
69
Vietnamese European Village
Ha Dong
530
256
70
Park city - Nadyne Gardens
Ha Dong
177
24
71
Chuom Ngo - Bong Do (South La Khe)
Ha Dong
123
10
72
La Khe - Van Khe apartment and
townhouse
Ha Dong
59
73
Duong Noi NUA Phase 1
Ha Dong
713
284
429
429,501
252,495
2,512
2,820
74
Phung Khoang NUA
Ha Dong
148
44
104
708,292
206,594
5,019
4,781
75
An Hung NUA
Ha Dong
800
300
500
669,957
291,323
2,564
3,420
76
Van Phuc Sub-NUA
Ha Dong
26
26
77
Kien Hung Residential Area (CT6)
Ha Dong
60
60
145,336
2,422
78
Ha Phong NUA - P1
Me Linh
278
278
273,631
1,544
79
Ba Dinh Residential Project
Me Linh
36
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
298,265
240,616
2,386
158,959
2,538
2,480
2,120
3,130
2,473
2,569
324,794
3,140
3,319
257,787
2,690
3,183
890,374
482,592
4,096
5,652
12
602,499
237,744
3,759
2,797
274
699,566
329,978
4,348
4,389
153
767,896
350,542
3,200
2,921
113
295,011
196,491
2,950
3,015
59
212,364
190,456
557,729
3,922
3,689
2,399
36
36
Dwellings
No.
Project
District
Total
Villa
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
80
Chi Dong NUA - P1
Me Linh
450
450
81
Quang Minh NUA - Long Viet
Me Linh
331
331
82
Tung Phuong P1
Me Linh
60
83
Kim Hoa - Phuc Thang NUA
Me Linh
154
40
114
84
Minh Giang Dam Va NUA - P1+2+3
Me Linh
408
324
84
85
Quang Minh NUA - Vinaconex 2
Me Linh
150
150
86
Le Trong Tan NUA - zone A
Hoai Duc
1,000
70
930
491,811
213,484
1,817
2,341
87
Le Trong Tan NUA - zone B, C, D
Hoai Duc
1,200
200
1,000
374,187
205,249
1,540
2,161
88
An Khanh - An Thuong NUA
Hoai Duc
340
200
140
405,748
251,627
1,179
1,258
89
Bao Son villas
Hoai Duc
90
90
472,046
1,752
90
Phuong Vien Villas
Hoai Duc
70
70
91
Hoa Phuong Villas
Hoai Duc
147
147
364,666
1,546
92
Duc Thuong Residential Area
Hoai Duc
200
Hoai Duc
500
380
120
318,364
151,844
1,744
1,997
Hoai Duc
553
236
317
732,104
285,524
2,664
2,139
251
509,761
216,078
1,649
1,937
93
94
North National Highway 32 Urban
Area
Splendora (North An Khanh) NUA Phase 1
181,279
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
784
318,807
60
859
60,547
165,744
144,625
366,811
200
569
949
142,911
1,748
95
Van Canh NUA
Hoai Duc
472
221
96
Orange Garden NUA
Hoai Duc
621
621
97
Kim Chung - Di Trach Phase 1
Hoai Duc
400
200
200
98
South An Khanh Phase 1
Hoai Duc
153
100
53
99
CEO Quoc Oai
Quoc Oai
350
350
281,475
1,010
100
New House Urban Area
Quoc Oai
265
265
230,051
1,056
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
323,183
1,318
194,360
281,955
1,178
965
241,944
1,944
1,253
1,501
37
Dwellings
No.
Project
District
Total
Villa
Town
house
174
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
101
Tan Tay Do Urban Area
Dan Phuong
289
115
102
The Phoenix Garden
Dan Phuong
468
468
103
Lexington (Ao Sao Urban Area)
Hoang Mai
277
104
Expanded Dai Kim - Dinh Cong New
Urban Area
Hoang Mai
35
105
The Premier
Cau Giay
55
106
Xanh Villas
Thach That
500
107
HDI - C9 Vu Pham Ham
Cau Giay
50
50
1,092,191
9,210
108
671 Hoang Hoa Tham
Tay Ho
33
33
922,256
7,980
109
Wall Street Residence
Cau Giay
30
110
TIG Dai Mo - Green Garden House
Tu Liem
46
111
Park city - Evelyne Gardens
Ha Dong
165
18
147
640,889
428,590
3,369
3,262
112
Gamuda Garden - Phase 2
Hoang Mai
235
111
124
589,841
335,792
3,172
3,681
113
HDI Homes Nguyen Tuan
Thanh Xuan
20
114
Tay Ho Residence
Tay Ho
28
28
115
FLC Garden City
Tu Liem
143
20
116
HD Mon City
Tu Liem
147
117
Five Star My Dinh
Tu Liem
53
118
A10 Nam Trung Yen
Cau Giay
182
182
119
Pandora
Thanh Xuan
104
86
120
Imperia Garden
Thanh Xuan
42
121
Goldsilk Complex
Ha Dong
47
47
122
Westpoint (Phase 1)
Hoai Duc
549
479
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
260,094
200,477
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
1,128
297,180
277
987
270,456
35
3,481
171,367
2,142
55
500
1,417,267
343,586
30
10,716
759
890,817
46
2,190,889
7,939
221,987
20
8,535
901,989
678,001
147
6,768
261,570
2,892
778,568
53
8,110
7,172
1,166,681
42
549,458
11,514
877,440
1,074,751
3,711
5,690
5,436
362,256
70
2,669
527,838
18
14,164
2,523
829,617
123
2,278
149,727
4,331
190,889
2,080
2,651
38
Dwellings
No.
Project
District
Total
Villa
100
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
123
Diplomatic Villas
Tu Liem
100
124
The Victoria Van Phu
Ha Dong
148
88
60
272,885
500,651
3,315
5,563
125
Vinhomes Gardenia
Tu Liem
364
38
93
233
1,851,302
528,069
983,485
5,617
7,008
7,146
126
Vinhomes Thang Long
Hoai Duc
781
593
115
73
391,063
246,317
258,134
2,548
2,700
2,450
127
96-96B Nguyen Huy Tuong
Thanh Xuan
60
19
41
789,588
577,585
4,935
8,489
128
Green Pearl
Hai Ba Trung
61
20
41
1,279,826
589,397
7,757
7,965
129
Athena Complex
Tu Liem
51
130
Trang An Complex
Cau Giay
31
131
Gamuda Gardens - The One Central
Hoang Mai
44
44
689,978
5,188
132
Gamuda Gardens - The Two Central
Hoang Mai
55
55
556,876
5,486
133
Gamuda Gardens - The Three Central
Hoang Mai
15
15
675,054
5,625
134
Phu Luong NUA
Ha Dong
1,060
391
135
An Phu Shop Villa
Ha Dong
246
246
136
La Casa Villa
Dong Da
25
16
137
FLC Ecohouse Long Bien
Long Bien
108
108
138
B4 Nam Trung Yen
Cau Giay
66
23
139
Shophouse Van Phuc
Ha Dong
130
140
Green Daisy (Gelex Le Trong Tan)
Ha Dong
190
49
141
236,443
165,050
1,333
1,255
141
Gamuda Gardens- Phase 3
Hoang Mai
210
77
133
750,412
390,456
3,833
4,338
142
Rice City Song Hong
Long Bien
58
143
Starlake (Tay Ho Tay)
Tu Liem
364
280
61
23
1,366,692
967,150
1,403,037
6,680
7,726
10,629
144
Tasco Xuan Phuong
Tu Liem
813
315
382
116
501,189
242,733
284,136
2,841
2,344
3,118
145
Vinhomes Green Bay
Tu Liem
390
266
80
44
2,277,657
856,833
1,232,278
9,286
8,397
9,355
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
1,392,769
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
51
11
5,066
201,232
20
1,162,961
669
460,738
2,854
606,276
5,017
160,521
1,920
456,030
9
2,568
2,719
1,159,983
1,361,388
7,323
252,972
43
6,714
1,207,520
130
12,155
3,203
1,567,028
10,063
370,499
58
11,063
6,175
189,119
3,502
39
Dwellings
No.
Project
District
Total
Villa
Town
house
Shop
house
Long Bien
1,499
687
754
58
16
43
146
Vinhomes The Harmony
147
Romantic Park
Tay Ho
59
148
Lavender-124 Vinh Tuy
Hai Ba Trung
34
149
Khai Son Hill Long Bien
Long Bien
72
150
Riverside Garden
Thanh Xuan
10
10
151
Sunshine Riverside
Tay Ho
48
48
152
The Manor Central Park
Hoang Mai
558
153
Dream Land
Tu Liem
46
154
82 Nguyen Tuan
Thanh xuan
48
155
Roman Plaza
Tu Liem
59
156
Gelexia Riverside
Hoang Mai
100
157
An Khang Villa
Ha Dong
395
158
Van Phu La Casta
Ha Dong
359
159
Hoa Vien - Dang Xa II
Gia Lam
67
20
160
Eurowindow Riverpark
Dong Anh
65
65
161
Porte De Villa Lang Ha
162
622 Minh Khai Townhouse
163
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
863,731
365,004
1,110,629
861,171
34
379
1,076,551
611,106
700,998
6,347
737,961
6,825
436,367
3,905
2,611
281,996
337,527
5,261
4,116
536,139
116
260,562
358,581
294,317
3,204
2,064
2,353
Dong Da
34
34
880,130
10,837
61
61
769,111
8,360
Green Park Vinh Hung
Hoang Mai
94
94
340,795
3,953
164
Golden Pearl
Hoang Mai
20
20
260,564
3,706
165
Loc Ninh Singashine
Chuong My
171
171
105,791
1,489
166
Splendora (North An Khanh) NUA Phase 2 (BT5)
Hoai Duc
77
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
723,698
3,409
1,968
Hai Ba Trung
77
8,273
6,005
271,688
42
6,173
606,508
100
47
4,824
5,919
559,653
39
243
9,108
603,037
981,866
48
353
6,941
3,780
4,217
46
20
3,875
4,299
766,450
56
3,493
255,965
72
123
1,125,553
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
2,475
40
Dwellings
No.
Project
District
Total
Villa
Tay Ho
161
161
Town
house
167
GardenVille Tay Ho Residence (K
Ciputra-Phase 3)
168
Park city - The Mansions
Ha Dong
146
169
The Eden Rose
Thanh Tri
233
52
181
170
Louis City
Tu Liem
571
28
307
171
An Vuong Villa
Ha Dong
475
475
172
Hateco 3
Tu Liem
58
36
173
319 Bo De Long Bien
Long Bien
93
93
174
Lucky House Hoang Mai
Hoang Mai
43
43
175
Phu Cat City
Thach That
336
336
176
Embassy Garden- VAD
177
Minori Village
178
2,140,774
146
340,998
236
22
472,885
323,210
628,254
256,659
2,842
406,074
375,792
130
53
42
4
Athena Fulland - Larissa
Hoang Mai
119
179
Shophouse Luxury 103 Nguyen Xien
Thanh Xuan
12
180
Shophouse 120 Dinh Cong
Hoang Mai
32
181
Gamuda Gardens- Phase 4
Hoang Mai
417
56
361
182
Hateco Green Park
Tu Liem
54
26
28
183
Khai Son Town
Long Bien
210
184
Imperia Plaza 360 Giai Phong
Thanh Xuan
45
185
Sunshine City Ciputra
Tu Liem
69
186
IA20 Ciputra
Tu Liem
46
46
187
689 Pham Van Dong Townhouse
Tu Liem
10
10
188
Rose Town 79 Ngoc Hoi UA
Hoang Mai
43
43
3,028
3,486
2,739
2,408
261,085
2,982
600,954
77
2,328
6,908
813
1,788,069
1,380,755
7,158
11,015
38
564,756
5,497
119
605,568
6,131
12
570,499
32
6,522
403,181
5,962
390,456
392,191
4,338
306,956
210
45
3,529
3,188
256,236
Tu Liem
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
5,255
558,152
Hai Ba Trung
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
2,724
2,819
442,516
1,176,009
69
5,022
6,720
1,020,738
5,546
405,423
3,796
351,410
3,254
41
Dwellings
No.
Project
District
Total
Villa
311
Town
house
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
407,918
4,274
189
Hacinco Nguyen Xien
Hoang Mai
190
TSG Lotus Sai Dong
Long Bien
21
191
Long Viet Riverside
Me Linh
136
136
109,761
1,508
192
Duyen Thai Residential
Thuong Tin
98
98
130,152
1,549
193
Thuan An Central Lake
Gia Lam
250
194
The Terra - Hao Nam
Dong Da
25
15
195
Happy Land
Dong Anh
346
346
196
Vinhomes Ocean Park
Gia Lam
2,421
197
CEO Sunny Garden City
Quoc Oai
72
72
244,396
1,559
198
Landcom Diamond
Ha Dong
12
12
237,657
3,772
199
Yen Nghia Townhouse
Ha Dong
88
200
Vinhomes Smart City
Tu Liem
98
98
201
Honor Village
Thanh Xuan
30
1
202
90 Nguyen Tuan Townhouse
Thanh Xuan
87
87
683,731
8,731
203
Nam Do Complex
Hoang Mai
15
15
570,065
7,309
204
The Terra An Hung
Ha Dong
166
205
Sunshine Wonder Villa
Tay Ho
237
141
206
The Legacy
Thanh Xuan
9
9
207
Hateco Apollo 6
Tu Liem
83
20
208
Kim Van - Kim Lu UA
Hoang Mai
50
50
689,610
3,912
209
Sol Lake Villa
Ha Dong
37
37
439,335
1,704
210
Grandeur Palace - Giang Vo
Ba Dinh
32
32
3,199,566
17,494
211
Elegant Park Villas
Long Bien
88
55
976,139
4,523
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
311
21
429,067
250
1,441
253
513,666
10
581,345
727
716,703
425,163
316,703
33
3,517
167,228
15
401,371
1,210,412
390,456
11,598
4,128
4,692
1,834
4,809
498,265
37
96
63
11,627
1,967
1,064,136
129
2,704
713,666
145,336
88
14
5,265
712,625
313,594
909,328
191,584
6,956
4,408
8,069
2,519
8,286
4,825
7,705
2,777
42
Dwellings
No.
Project
District
Total
Villa
Town
house
100
11
89
252
212
Hoang Thanh Villas
Ha Dong
213
Binh Minh Garden
Long Bien
57
214
TSQ Galaxy
Ha Dong
315
6
215
Green Center Villas - Phase 1
Tay Ho
81
6
216
Him Lam New Star
Long Bien
49
49
217
Iris Garden Xuan Hoa
Tu Liem
40
40
Total
51,207
Shop
house
Secondary asking price
(US$/dwelling)
Town
Shop
Villa
house
house
762,042
528,044
57
21,437
LA secondary asking price
(US$/m²)
Town
Shop
Villa
house
house
5,147
5,803
367,028
57
483,731
433,839
334,152
598,691
4,554
5,297
4,692
3,802
5,714
75
25,941
3,829
665,417
3,119
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
43
Appendix 3: Future Projects
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
44
Appendix 3: Future Projects
No.
Project
District
Developer
Expected launch time
Expected total scale (ha)
Tay Ho
Sunshine Group
2020
N/A
Long Bien
CenInvest
2020
4.0
Tay Ho
Bac Ha
2020
2.4
Tay Ho
Sunshine Group
2020
5.0
Ha Dong
Him Lam Corp
2020
7.0
Ha Dong
Nam Cuong Group
2020
22.9
Hoang Mai
Vimefulland
2020
N/A
The Zei
Tu Liem
HD Mon Holdings
2020
0.7
Jade Orchid Garden
Tu Liem
Vimefulland
2020
8.0
Hoang Mai
La Vong Group
2020
30.5
1
Sunshine Golden River
2
Binh Minh Garden
3
6th Element
4
Sunshine Crystal River
5
Him Lam Van Phuc
6
Sol Lake Villa
7
Aurora Garden
8
9
10
Louis City Hoang Mai
11
FLC Premier Park
12
The Manor Central Park
13
Tu Liem
FLC
2020
6.4
Hoang Mai
Bitexco
2020
90.0
Sunshine Wonder Villas 2
Tay Ho
Sunshine Group
2020
4.3
14
Athena Fulland - Athens
Thanh Tri
Vimefulland
2021
18.2
15
An Vuong Villa - Phase 2
Ha Dong
Nam Cuong Group
2021
138.6
16
The Matrix One
Tu Liem
MIK
2021
1.0
17
An Lac Green Symphony
Hoai Duc
An Lac Investment Jsc
2021
15.1
18
Him Lam Vinh Tuy
Long Bien
Him Lam Corp
2021
16.2
19
Green Center Villas - Phase 2
20
Vinhomes Wonder Park
21
Tay Ho
Vimefulland
2021
10.0
Dan Phuong
Vingroup
Onwards
133.0
BRG Smart city
Dong Anh
BRG - Sumitomo
2021
271.8
22
Vinhomes Co Loa
Dong Anh
Vingroup
2021
299.0
23
Cityland Luxury Villas
Tu Liem
Cityland
Onwards
6.0
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
45
No.
Project
District
Developer
Expected launch time
Expected total scale (ha)
24
An Vuong Villa - Phase 3
Ha Dong
Nam Cuong Group
Onwards
138.6
25
Doan Ket Villa
Tay Ho
Doan Ket Village Ltd.
Onwards
1.8
26
Van Tri Avenue Villas
Dong Anh
Noble (Vietnam) Co.,Ltd
Onwards
4.1
27
Green Planet
Tu Liem
THT Group
Onwards
0.2
28
NewTatco Complex My Dinh
Tu Liem
Newtatco Co., Ltd
Onwards
1.1
29
City of Dream
Tu Liem
Vimefulland
Onwards
3.5
30
MIC Tower 54 To Huu
31
Grand Sevilla
32
Vinhomes Me Linh - Villa
33
FLC Asia Park
34
Vinhomes Me Tri 2 - Villa +Shophouse
35
Van Tri Eco-Land
36
Vibex UA
37
38
39
Tu Liem
MIC
Onwards
1.6
Hai Ba Trung
Vimefulland
Onwards
10.2
Me Linh
Vingroup
Onwards
30.9
Quoc Oai
FLC
Onwards
50.0
Tu Liem
Vingroup
Onwards
35.0
Dong Anh
TIG
Onwards
36.0
Tu Liem
Vibex.,Jsc
Onwards
48.6
Ha Cau Housing area
Ha Dong
Van Phu invest
Onwards
2.3
Huu Hoa UA
Thanh Tri
Van Phu invest
Onwards
156.0
Hoang Van Thu New Urban Area
Hoang Mai
Hoang Mai Urban., JSC
Onwards
8.9
40
Torre Agbar Parkview
Hoang Mai
Vimefulland
Onwards
1.7
41
Ao Mo Eco urban area
Hoang Mai
Vimefulland
Onwards
22.9
42
Annecy Garden Hoang Mai
Hoang Mai
Vimefulland
Onwards
7.2
43
Dong Mai Residential Area
Ha Dong
Phong Phu Investment & Development Jsc
Onwards
209.8
44
Hanel Alphanam Urban Area
Long Bien
Hanel One member co., Ltd
Onwards
56.0
45
Phu Lam Residential area
Ha Dong
Van Phu invest + Hai Phat Invest
Onwards
12.9
46
Starlake Phase II
Tay Ho
Daewon E&C (THT)
Onwards
71.5
47
Kien Hung urban area
Ha Dong
Van Phu invest + Hai Phat Invest
Onwards
7.6
48
Lien Ninh urban area
Thanh Tri
N/A
Onwards
8.5
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
46
No.
Project
District
Developer
Expected launch time
Expected total scale (ha)
Onwards
8.0
49
Thanh Liet Low-rise
Thanh Tri
Telecommunication Technology Investment
JSC. & Thanh Tri Real Estate Investment JSC.
50
Bac Lam NUA
Ha Dong
Van Phu invest + Hai Phat Invest
Onwards
41.8
51
Highrise and Lowrise house, kinder garten
and commercial
Long Bien
Sai Dong Land.,Jsc
Onwards
1.0
52
Low rise (Plot TT-01-II, TT-02-III, TT-04-V)
Cau Giay
Indeco., JSC
Onwards
0.7
53
Nam An Khanh new urban station
Hoai Duc
Dat Quang Corp., JSC
Onwards
2.3
54
Thuong Thanh Urban Area
Long Bien
Onwards
124.3
55
Rose Valley Residences
Vinh Son JSC
Onwards
83.0
56
VIT Eco Villas
Me Linh
VIT
Onwards
11.2
57
Gamuda Lakes
Hoang Mai
Gamuda Land Vietnam
Onwards
73.0
58
South West Tan Lap NUA
Dan Phuong
DIA Investment and Development Ltd
Onwards
39.3
Hoai Duc
Viwaseen - MOC, Van Minh Import and Export
Ltd
Onwards
516.0
Hoang Mai
Handico 7
Onwards
1.8
Me Linh
Handico
59
An Thinh Hoai Duc NUA
60
Vinh Hung residential area
61
Thanh Lam - Dai Thinh 2
Me Linh
HUD
Onwards
55.0
62
Dong Truc - Ngoc Liep Eco-tourism Area
Quoc Oai
Geleximco
Onwards
250.6
63
South West Kim Giang 1 New Urban Area
Thanh Xuan
Housing and Urban Development Corporation
(HUD)
Onwards
49.9
64
Hong Thai NUA
Dan Phuong
Song Da 9.06 Joint Stock Company
Onwards
198.0
65
Son Dong New Urban Area
Hoai Duc
Licogic 18
Onwards
39.3
66
Yen Phu NUA
Hoai Duc
Vingroup
Onwards
N/A
67
Tay Do NUA
Hoai Duc
Lideco
Onwards
87.9
68
Duc Giang Petroleum NUA
Hoai Duc
PVFC Land
Onwards
58.0
69
Trung Kenh Function NUA
Hoang Mai
Ha Thanh
Onwards
19.6
70
Ngoc Thuy urban area
Long Bien
VINACONEX and Song Hong Corp.
Onwards
193.3
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
47
No.
District
Developer
Expected launch time
Expected total scale (ha)
71
Me Linh - Dai Thinh
Project
Me Linh
HUD
Onwards
142.0
72
Thanh Lam - Dai Thinh 1
Me Linh
HUD
Onwards
54.0
73
Wonderland NUA
Me Linh
Vietnam Real Estate Information JSC
Onwards
N/A
74
West Ring Road 4 NUA
Dan Phuong
N/A
Onwards
115.5
75
North Phu Cat NUA
Quoc Oai
VINACONEX Corporation
Onwards
N/A
76
Ngo Sai Residential Project
Quoc Oai
Cavico Land Development
Onwards
10.8
77
Metropole Villas
Quoc Oai
Ha Tay Praha JSC
Onwards
17.8
Quoc Oai
Song Da 7 Jsc and
Vinaconex
Onwards
118.6
78
Dong Quang Urban Area
79
Ngoi-Cau Trai
Tu Liem
HANHUD and Gia Loc Phat Jsc
Onwards
14.0
80
Eco-Minh Giang NUA
Dong Anh
Minh Giang Co.Ltd and Ocean Group
Onwards
300.0
81
Nam Hong NUA
Dong Anh
UDIC
Onwards
305.0
82
Song Ca Lo NUA
Dong Anh
Vinalines, VSG and TGEC of Switzland
Onwards
450.0
83
Dong Anh Eco-Tourism Area
Dong Anh
Mefrimex
Onwards
65.0
84
HBI - Dong Anh Complex
Dong Anh
Hoa Binh Investment and Development JSC
Onwards
50.0
85
HimLam NUA
Dong Anh
Him Lam Corporation
Onwards
300.0
86
Phan Trong Tue NUA
Thanh Tri
Lai Chau No. 1
Onwards
N/A
87
CEO Me Linh NUA
Me Linh
CEO Group
Onwards
20.2
88
Son Dong Sunshine City
Hoai Duc
Minh Duong
Onwards
28.8
89
Tay Thien Minh Eco-NUA
Quoc Oai
D&S International Trading JSC
Onwards
33.4
90
South Lang Hoa Lac NUA
Thach That
Geleximco
Onwards
948.0
91
Khuong Dinh NUA
Thanh Xuan
VNPT land
Onwards
30.0
92
Tien Duong NUA
Dong Anh
N/A
Onwards
125.0
93
Uy No NUA
Dong Anh
N/A
Onwards
81.0
94
Green Technology City NUA
Tu Liem
Blenheim Real Estate Group
Onwards
57.5
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
48
No.
Project
District
Developer
Expected launch time
Expected total scale (ha)
Tu Liem
N/A
Onwards
86.6
South Linh Dam Lake NUA
Hoang Mai
N/A
Onwards
148.0
97
Him Lam Dong Do NUA
Long Bien
Him Lam
Onwards
440.0
98
Him Lam City
Long Bien
Him Lam
Onwards
320.0
99
Me Tri - Trung Van house
Tu Liem
BIC Vietnam Jsc
Onwards
1.6
100
South An Khanh expanded Phase 3
Hoai Duc
HUD
Onwards
33.7
101
Phu La ward Residential area
Ha Dong
DLHC. Jsc
Onwards
0.4
102
Picenza My Hung
Son Tay
Picenza My Hung Jsc.
Onwards
4.5
103
Van La Residential area
Ha Dong
Sudico
Onwards
12.3
104
River Land
Me Linh
Tien Phong invest
Onwards
4.9
105
Vinhomes Hoang Mai
Hoang Mai
Vingroup
Onwards
N/A
106
Vinhomes Sai Dong
Long Bien
Vingroup
Onwards
N/A
107
Tan Hoang Mai NUA
Hoang Mai
Tan Hoang Minh
Onwards
1.2
108
Hoang Van Residential Area
Me Linh
Hoang Van Consruction .Ltd
Onwards
9.6
109
Tung Phuong P2
Me Linh
Tung Phuong Co. Ltd
Onwards
3.1
110
Cienco 5 Me Linh UA
Me Linh
Cienco 5
Onwards
49.9
111
Phuc Viet Eco UA
Me Linh
N/A
Onwards
23.7
112
Minh Duc Residential Area
Me Linh
Minh Giang CPC Co. Ltd
Onwards
17.4
113
Minh Giang Dam Va NUA - P2
Me Linh
Minh Giang CPC Co. Ltd
Onwards
3.6
114
AIC Me Linh NUA
Me Linh
AIC
Onwards
94.0
115
Red River Urban Area
Me Linh
Royal Red River Jsc
Onwards
46.6
116
Spring Hill City
Me Linh
N/A
Onwards
N/A
117
Hung Nga Me Linh
Me Linh
Hung Nga
Onwards
9.8
118
Tien Phong UA
Me Linh
CID18
Onwards
3.5
119
Cienco 5 Me Linh Expansion UA
Me Linh
507 Building and Construction Jsc
Onwards
N/A
95
Tay Tuu Urban Functional Area
96
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
49
District
Developer
Expected launch time
Expected total scale (ha)
120
No.
Phuong Vien Residential Area
Project
Me Linh
Phuong Vien Commercial Tourism Services Jsc
Onwards
30.9
121
BMC NUA
Me Linh
CEO Group
Onwards
40.6
122
An Thinh NUA
Me Linh
An Thinh Construction and Investment Ltd.
Onwards
77.3
123
Vietracimex Eco Residential Area
Me Linh
Vietracimex
Onwards
2.8
124
SYM Cantavil
Ha Dong
N/A
Onwards
1.1
125
Duc Giang, Thuong Thanh Urban
Functional Area
Long Bien
VIID
Onwards
13.4
126
Park city - Next Phase
Ha Dong
Perdana ParkCity
Onwards
75.0
127
Kien Hung NUA
Ha Dong
HUD 3 - Son Ha - Hop Phu - Tin Phu
Onwards
47.5
Hoai Duc
Lung Lo 5 Construction Investment and
Development JSC
Onwards
46.0
128
West Point (Phase 2 + 3)
129
Vinhomes Hoa Lac Urban Area 1
Thach That
Vingroup
Onwards
200.0
130
Vinhomes Hoa Lac Urban Area 2
Thach That
Vingroup
Onwards
300.0
Source: Savills Research & Consultancy
Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
50
Disclaimer
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report reflects an overview of the current property market and is indicative research only. Savills
Vietnam does not guarantee the accuracy of research and forecasts contained herein.
Savills Vietnam does not accept any responsibility for losses arising from reliance on the
research and forecasting. Savills recommends that the reader obtain a detailed market study of
the specific sector of interest should a deeper understanding of the market be required.
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before any reference to this report can be made in any statement, published document, or
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Ha Noi Quarterly Market Report Q1/2020 – Villa/Townhouse
Nam Long Corporation
51