Luxury apartment prices soar in Hanoi amid supply shortage
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
Alma, a 196-pavilion and 384-suite resort that commands 74 acres of beachfront, 14 sublime food and beverage outlets and a cascade of 12 beachfront swimming pools, will reopen in Vietnam’s new “it” destination on May 31 in the wake of Covid-19.
Alma has unveiled an awe-inspiring host of world-class facilities, such as an eclectic selection of restaurants helmed by leading chefs, a food court with an array of local and international cuisine, a classical bar, pool bar and beach bar, and mini supermarket.
Other drawing cards include a science museum, waterpark, 13-treatment room spa, art gallery, cinema, convention centre, amphitheatre, youth centre with virtual reality games, kid’s club, water sports centre, gymnasium and yoga room and an 18-hole putting green.
The resort first opened on December 29, 2019 but closed its doors April 5 as the Vietnamese government applied restrictions to prevent the spread of Covid-19.
As a complement to Cam Ranh’s aquamarine waters and dramatic headlands, Alma’s design sets a contemporary tone with a neutral palette of whites, earthy colours and soft blues, accentuated with modern yet minimalist decor. Floor-to-roof glass panels usher in an abundance of natural light in the resort’s 580 oversized accommodations that all afford spectacular vistas of Long Beach, where sampans and coracles ply the waters and islands loom offshore.
“With a broad spectrum of inspiring things to see and do, this ambitious resort is emblematic of what Vietnam is just now becoming — a destination not merely for travelers but for people on holiday,” said general manager Herbert Laubichler-Pichler, an Austrian hospitality veteran with life-long experience including 14 years in Vietnam managing three of the country’s most acclaimed hotels.
Alma's nine categories of spacious accommodations include one-, two- and three-bedroom ocean view suites spanning 71, 114 and 165 square metres respectively, and the two- and three-bedroom ocean view and ocean front pavilions ranging from 144 to 224 square metres.
All suites and villas feature master bedrooms with soaking bathtubs and separate rainwater showers, huge living rooms with massive sofas, kitchens and dining areas. The three-bedroom pavilions and two-bedroom ground floor pavilions boast private swimming pools, and the two-bedroom upper floor pavilions feature private jacuzzis. Inland from the villas, the suites are housed in two V-shaped towers, affording panoramic sea views.
Fourteen diverse food and beverage venues entice diners from outlets casual enough for gourmet burgers and refined enough for a grand piano. Alma Garden beats at the heart of the resort with live cooking stations that evoke a marketplace atmosphere.
Asiana brings the finest in modern Asian cuisine to Cam Ranh, and Atlantis, with its vast deck for al fresco dining that sits above Alma’s strand, specialises in fresh local seafood. Serving evening meals in true Tuscan style direct from its open kitchen, the sophisticated Italian trattoria La Casa prepares a wide selection of classic Italian dishes.
Alma Food Court is a happening culinary hub with six different food outlets, and the resort's rousing bar landscape comprises Alma Lounge, American Bar, Pool Bar and Beach Bar.
In 13 separate treatment villas named after Vietnamese flowers, Le Spa leverages Aromatherapy Associates product for treatments that range from massages and facials, to body wraps and scrubs to nail care and hair care.
The 12 pools cascading down to the beach include a 75-metre beachfront pool for laps and an adults-only pool. Cabanas and loungers dot the pools’ terraces. A lazy river runs through Alma’s 6000sqm Splash Water Park, which also features a wave pool, kid’s pool, water slides, and two American-style food trucks.
Adjacent to a huge kids-only pool with fountains and water games, the Kids’ Club is home to trampolines, ball pens, climbing frames and arts and crafts. The Active Youth Club lures teens with virtual reality games, table football and billiards tables.
One of the first of its kind in Vietnam, the Science Museum promotes interactive learning through exhibits focused on discoveries that changed the world such as electricity generation, moving images, magnetic fields, pulley systems and more.
Seating 400, Alma Amphitheater hosts live concerts and cultural shows, and the Alma Convention Center is comparable to convention centres found in major cities worldwide. A 70-seat cinema, complete with a popcorn concession, airs three films daily, and the art gallery sells works by local artists and holds art classes.
Sporting facilities include a water sports centre offering pursuits such as kayaking and bodyboarding, a beachfront football field, tennis, basketball and volleyball courts, an outdoor archery range, 18-hole mini putting green, open-air exercise stations and giant chess board.
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
Vietnam's hospitality industry is undergoing a major transformation with a brand repositioning strategy that emphasizes unique, sustainable, and community-focused experiences.
High demand and limited supply drive transactions in major urban areas despite soaring costs.
Despite the real estate market's lackluster performance, several companies are accelerating land acquisition efforts.
Hanoi is set to receive a significant future supply of over 100,000 apartments starting from 2025, a tenfold increase compared to the current availability.
Hanoi’s apartment prices are expected to continue rising until supply and legal bottlenecks are resolved, according to experts.