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.
Indochina Kajima Development Limited and partners celebrate the topping out of the first Wínk hotel in Ho Chi Minh City and the groundbreaking of another Wínk hotel in Danang.
Indochina Kajima Development Limited, a joint-venture between Indochina Capital and Kajima Corporation, has kicked off construction for the second Wínk Hotel in the core central business district of Danang and topped out the Wínk Saigon Center Hotel.
Located on one of Danang’s most active streets, Wínk Hotel 178 Tran Phu marks the brand’s breakthrough in Central Vietnam.
The 244-room Wínk Hotel brings an innovative product to the hospitality market, characterized by its tasteful design, multifunctional common spaces, state-of-the-art technology and a new take on the traditional business center – a co-working space.
Wínk Saigon Center Hotel, comprising of 237 rooms, rises at 75 Nguyen Binh Khiem, District 1, nestled in Ho Chi Minh CIty’s central business district. Set to open in the third quarter next year, Wínk Saigon Center Hotel’s topping out marks the building reaching its maximum height and the transition to interior fit-out.
The hotel’s design seeks to emulate the brand’s signature characteristics of modernity, minimalism and efficiency, all of which are underpinned with Vietnamese values.
“This marks yet another milestone for us in delivering the first international standard hospitality brand to Vietnam and the region,” notes Peter Ryder, CEO of Indochina Capital and Chairman of Indochina Kajima.
He reveals that after Wínk Saigon Center Hotel and Wínk Hotel 178 Tran Phu, Danang, the joint venture will look to provide this elevated hotel experience in Hanoi, as well as many emerging secondary cities such as Can Tho, Tuy Hoa, Hai Phong, and Vung Tau.
“Indochina Capital has always pushed the boundaries for creativity, and we are excited and committed to developing more high-quality and innovative projects across Vietnam,” said Ryder.
Designed by AW2, a Paris-based architecture company who worked with Indochina Capital in the development of Four Seasons The Nam Hai and Six Senses Con Dao, Wínk aims to redefine hospitality norms in the region by delivering the essential elements of a hotel in a sleek and streamlined style while delivering high-quality service.
The hotel will be operated by Indochina Vanguard Hotels, a joint venture between Indochina Capital, Kajima Corporation and Vanguard Hotels.
“We aim to disrupt the hospitality industry by introducing a hotel product that will be the first of its kind in this incredible country. We want to bring to life a Vietnamese brand that is celebrated by the entire Vietnamese population, fusing old and new Vietnam into a tantalizing hospitality experience that will be sure to excite the young-at-heart travelers from Vietnam and around the world,” shares Michael Piro, the CEO of Wínk Hotels and COO of Indochina Capital.
“Wínk will strive to ensure guests have a vivid and lasting impression of Vietnam,” 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.