Leon Cheneval from VNAnalytics sees the Vietnam property landscape changing and believes it has matured a lot in recent years. It was not that long back that innovative designs in the Vietnam property market were lacking. There were many developers setting new trends and forging into new markets but they were limited. He does not see that today.
“The Vietnam property market has grown up” he said. We have seen new and inspiring trends and we outline below the trends and trend setters. We see new and exciting times ahead and we list the top 5 trends on what’s new in real estate in 2016 in Vietnam.
1. Trendy Terraces
Designs are changing and terraces along that blend in with apartments and freestanding houses will allow a greater mix of people to live in new developments. Clean lines, glass and balconies and terraces will be focus incorporating green living. Quality finishes both local and imported will see new designs in both interior living and exterior beauty. HOLM have launched a new product in Thao Dien, District 2 while the price is not for the average buyer, they are truly offering a high end design, facilities and amenities. New and sheik designs are here, out with bland and basic painted surfaces, in with exciting exteriors and roof lines. This trend is here to stay we predict.
Holm Residence, Thao Dien, District 2.
We will see more and more developers providing creative and opulent not just essential landscaping in, around, between and even on buildings’ podium levels and rooftops – often with seating and barbecues offering an open living environment. Back to nature theme, it is said we are smarter when we are in nature and that seems as we see it as a good reason for developers to offer up new and exciting green spaces. This will become a huge hit in new developments.
There’s a desire from buyers and residents alike and now there’s a recognition from developers of its importance and how it’s become a pinnacle element and point of difference. It’s more than a new park, it’s about niche pockets of landscaping with seating for residents to sit and read in, to play with their children in a safe and useable spaces, and to socialize with each other to create a much greater sense of community.
EcoLake Binh Duong is a 226ha development that inspires by a desire to create a perfectly balanced environment in which to live. Developed by Setia Becamex JSC some years ago as a nature-inspired township to offer a new quality of life in and around My Phuoc Industrial Park some 40km North of Ho Chi Minh City.
3. Fancy facilities
In big developments, such as the upcoming Vinhomes Central Park and Times City and Park City in Hanoi, there’s a whole new level of communal amenities being provided. They include green sidewalks for the old, squares with fountains, play gyms for children, as well as shopping malls, outdoor café with free Wi-Fi for dynamic youngsters, outdoor and indoor pools, barbecue areas and quiet reflection areas. Maybe a putting green, even an outdoor gym or outdoor cinema. Costs like this can be implemented as the costs can be spread of the larger community but in return the residence gets a lot of exclusivity to those services when they want it and at their doorstep. The developer delivers to customers a resort life in the city. This we see as a likable new trend by the new and modern society and developers are delivering.
Park City offers luxury and modern villas in Hanoi. Park City villas was built with the idea of forming a miniature society for good living, innovation and promote community cohesion between the families living there. They offer fancy facilities on the fringe of Hanoi. The landscaped areas separate the villas to create a very new trend.
Proximity to public transport is set to become even more valuable with new developments in 2016. The city gate towers are likely to sell well on that factor alone. The new metros in both Ho Chi Minh and Hanoi will make an impact on people who need to commute quickly. This will also see commercial offices relocating to new locations as staff and clients can now access these areas conveniently. It won’t be at a fast pace at first but we predict this trend will grow and it’s a trend that developers should take note of. Diamond Riverside is an example for this trend. It takes 15mins to District 1, 35mins Tan Son Nhat airport and conveniently connects to hospitals, schools, bus stations and other sport and entertainment activities.
5. Named Architects
10 years ago developers used architects in competitions and 5 years ago they were used to improve the marketing of a project buy associating their name. We expect it to go well beyond that. The market is savvy and they will begin to understand what they can expect from particular architects. Our experience is architects want to provide the kind of designs that are going to create healthy communities within new urban projects. It won’t just be for the high end products, design and function will see its way into the mid-range market. Developers are beginning to understand the value of rerun buyers who want to live in vibrant and pleasing communities.
There are many notable developments where architecture is playing a dominant role. Water Point – Riverside Community by Nam Long Investment Corporation, Tien Phong Residence Project by An Phu Real Estate & Investment.
The Promenade (City Garden in District 1 HCM) boosts on their website that it is designed by the renowned Australia-based architect Koos de Kiejezer from DKO, is said to be modeled after the contemporary ‘wave’ tower design – unique and timeless. The design achieves good passive solar orientation, maximized benefits of daylight and sun shading while offering a stunning panoramic views of the city and its also dedicates 70% of its land for green space and facilities, amounting to about 17,000 square metres. That’s a notable trend.
Recently a great friend talked about this new apartment purchase in Ho Chi Minh City and while he recounted the cost but he was more enthused about the facilities and its outlook and most important how a sky garden would be at his front door. He spoke of how he and his family would not feel locked in and could enjoy the green environ. New and exciting times are ahead for the market in 2016. Developers see buyers demanding better design, quality and management. In 2016 it would be worthwhile to check out some of these new trends and take advantage of a new and real living environment. As I always say when buying real estate do your homework and look out for some of these trends in the projects you are buying in.
Leon Cheneval is a certified valuer in Vietnam and has some 30 years property experience he has worked extensively on many projects as a consultant and advisor. He has recently worked and consulted on projects in Hai Phong, Hanoi, Phu Quoc Island and Nha Trang and sees the market moving in a stronger direction. He is the Research Director and Senior Consultant at VNAnalytics.