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.
Savills Vietnam has been appointed as the exclusive leasing agent for Friendship Tower, a new Grade A project from the developer CZ Slovakia in Ho Chi Minh City, Vietnam.
Friendship Tower is a boutique professional office building, provide a conference centre and café with F&B services, which is located on the broad avenue Le Duan, District 1 and is scheduled to open for tenants in early 2020.
This building is designed with the aim to achieve LEED Silver Certification (Leadership in Energy and Environmental Design) with a total investment of roundly $50 million.
The 21-storey building has a gross floor area of 19,000 sqm and overlooks the US and French Consulates ,which is set to be the prime location for discerning tenants seeking high quality office space.
Friendship Tower is also a symbol of the close connection between the two countries, with diplomatic ties established since 1950.
According to CZ Slovakia, a location surrounded by the well-known and iconic buildings of Ho Chi Minh City is a unique advantage for the new development. This project represents a symbol of friendship between the two nations, which explains the name of the tower.
Additionally, the basic and long-lasting architectural design is a combination of western and eastern culture, which creates perfect harmony for the building.
“Besides providing a flexible, modern and exceptional working environment, the carefully selected building materials and technologies will be used for the construction to achieve a ‘green building’ and ecological target,” said Nguyen Trong Mai Lam, general director of CZ Slovakia Vietnam Ltd.
“By combination of the contemporary design standards and a high quality execution, the building is expected to meet all the criteria of class A standard,” he added.
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.