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Door opens to new second home frontiers
Real estate developers are moving beyond beach resorts to build second homes in mountainous and suburban areas.
Hanoi property market changes as apartments are out and houses are in
Most second home projects for sale to date have been developed in the coastal areas of Danang, Hoi An, Phan Thiet and Vung Tau. However, developers are now looking to areas surrounding Hanoi and Ho Chi Minh City or other tourism destinations to provide weekend retreats.
Ninh Van Bay Travel Real Estate Joint Stock Company, which has successfully developed the Six Senses Hideaway Resort in Nha Trang, is now focusing on a new development in southern Dong Nai province.
The first phase of the Six Senses Saigon River is being developed on 32.5 hectares on the banks of the Dong Nai River in Nhon Trach district, which is close to a cluster of industrial parks, pending modern townships and an international airport.
This is the first internationally-branded resort residence being developed outside beach resorts. Others such as Hyatt Regency Danang Residences, The Nam Hai and Fusion Alya all have been or are being built in beach resort areas.
The first phase of Six Senses Saigon River is designed with 154 condominiums and villas with development cost estimated at $36 million. The developers expect to complete the sample houses and foundations for the first 51 villas in the middle of this year and the phase will be opened in June, next year.
The project will sell 51 villas at the price that Vu Ngoc Tu, General Director of Ninh Van Bay Travel Real Estate, said that “will be no less than $1 million per unit”. Tu said home buyers at Six Senses Saigon River would benefit from asset value appreciation and rental revenues. The resort aimed to attract tourists going to Nha Trang, Dalat or Hue via Ho Chi Minh City and well-wheeled Vietnamese.
Tu said although Six Senses Saigon River was located in Dong Nai province, it was actually 20 minutes by speed boat from Bach Dang wharf in the downtown Ho Chi Minh City or just a few minutes from another wharf the company would build in District 9.
Six Senses Saigon River is among a number of residential resorts the company is pursuing. Tu said the company was working on another project, the Ana Mandara in central Quang Nam province’s Hoi An old town. The project will have 30 villas for sale along with 90 condominiums the developers will retain for lease to tourists.
In addition to these projects, Dong Duong International Commercial Investment Company is preparing for commencement of a second home resort in northern mountainous town of Sapa where the company last week broke ground for construction of an 88-room hotel. The resort will feature 82 villas with a number of hotel rooms.
Duong Duong chairman Bui Quoc Hoan said the company was working with consultants on the sale of villas to local buyers under the long-term leases. Also, Gia Tue Investment Company recently announced it would develop 40 villas for sales and a 100-room hotel in the mountainous Ba Vi district of Hanoi.
VietNamNet, VIR
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