New powers dominate the real estate market

By Ha May - Oct 02, 2017 | 11:54 AM GMT+7

TheLEADERIn addition big companies such as Vingroup and Bitexco, a new generation of real estate investors has emerged and overshadowed popular names such as Vinaconex (Vietnam Construction and Im-export JSC), HUD (Housing and Urban Development Corporation) or Sudico (Song Da Urban & Industrial zone Investment and Development Joint Stock Company).

New powers dominate the real estate market
Vinhomes Skylake is one of the large project of Vingroup with 1,855 apartments. Photo: Vingroup

Geleximco (Ha Noi Export-Import Company) had a spectacular breakthrough when it rose to the second rank in the list of investors who have the most qualified houses.

In the past, Geleximco was not a big name in the real estate market. The first project to be implemented was Le Trong Tan urban area. However, when the real estate market fell into recession, more than 1,000 villas in this metropolitan area were uncompleted and the name Geleximco also became blurred memory.

However, over the past two years, Geleximco unexpectedly reappeared with a number of ambitious projects. The first project was the re-launch of Gemek and Gemek Premium apartment blocks in Le Trong Tan urban area. Moreover, it invested and put into use nearly 2,000 apartments of Green Stars project on Pham Van Dong Street.

In addition, the company also owned large-scale projects such as An Binh City and Gelexia Riverside. In total, Geleximco has 6,300 housing units eligible to open for sale which is only lower than that of the largest investor Vingroup.

It is no surprise that Vingroup still ranked first in the list of enterprises with the largest supply of housing in Hanoi. Most of the projects have thousands of housing units such as Vinhomes Green Bay (1,604 apartments), Vinhomes Skylake (1,855 apartments), Vinhomes Metropolis (1,576 apartments), Vinhomes Gardenia (2,374 apartments) and Time City (2,368 apartments).

Mystic Sunshine Group

One of the new names that was most mentioned in the real estate market in Hanoi recently is Sunshine Group with a series of large project.

There are Sunshine Center located on Pham Hung Street with a total investment of VND1,600 billion (US$70,4 million), Sunshine Garden and Sunshine Riverside with investment of VND3,000 billion (US$132 million) and VND2,500 billion (US$110 million) respectively.

In addition, Sunshine Group announced the Sunshine City project with a total investment of VND5,000 billion (US$220 million) and it also had a plan of investing VND1,500 billion (US$66 million) in Sunshine Boulevard project in Khuat Duy Tien street.

Sunshine Group suddenly became a new power in the real estate market but its strength is still a mystery to both real estate investors and customers.

Hai Phat, TNR Holdings and MIK Group in the new race

Not famous as Sunshine Group but Hai Phat is expanding its influence in the real estate market.

This company had three projects including Roman Plaza, HPC Landmark 105 and The Vesta with more than 3,000 units in total.

Although in the past, Hai Phat had such a difficult time that it had to reduce the selling price of Tan Tay Do project and sell the 36 Pham Hung project to FLC to complete The Pride project, it has recently developed strongly.

Meanwhile, MIK Group is also showing its great ambition.The next project of this company is Imperia Sky Garden with 1,800 apartments on Minh Khai street. In addition, it is developing a small project in Long Bien District with 366 apartments.

Like the MIK Group, TNR Holdings also expressed its ambitions with large-scale projects such as Goldmark City, Goldsilk Complex and Gold Season with 8,000 units.