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Southern real-estate firms see Ha Noi as land of opportunity
Highly professional southern real estate firms were heading north, attracted by the residential property market in Ha Noi where demand exceeded supply, said Nguyen Tran Nam, Deputy Minister of Construction.
Nam said the real estate market in Ha Noi had an unsatisfied demand for apartments and houses, made worse by the fact 800 apartment and house projects had been placed on hold until the capital's 10-year urban development plan was completed.
Southern trademark real estate firms saw great potential in Ha Noi where similar brands were lacking and real estate projects being developed by companies that were former State-owned enterprises.
Marketing and sales activities in the real estate market were not strong in Ha Noi, he said.
One of those heading north was the Green Land Group, which launched its Northern Green Land Real Estate and Service Joint Stock Company in Ha Noi.
"Property enterprises in Ha Noi have ignored the property segment for low-income people," said Luong Tri Thin, Green Land Group General Director.
The expansion of Ha Noi in 2008 brought many opportunities for developing urban projects, Thin said.
Many differences
However, there were many differences in devel-opment and the business culture between Ha Noi and HCM City that had to be overcome, he said.
Customers in the north were not so open-minded, which made contact with them difficult and required a period of education and the use of the local workforce.
Nguyen Do Viet, Deputy Director of the Song Da Thang Long Joint Stock Company, said the answer to that problem was for southern companies to co-operate with northern partners, initially.
"The experiences of northern firms would be useful," Viet said "Meanwhile, the northern firms will have to improve their operations and business methods to compete against southern rivals which had professional operations," Viet said.
Another firm to see the potential in the north was the HimLam Land Trading Corporation.
The HimLam Land Real Estate Trading Floor in Ha Noi opened in May and sold around 20 apartments in the company's Him Lam Riverside resident apart-ment project, said Nguyen Ngoc Thuy, HimLam Land General Director.
Marc Townsend, CB Richard Ellis Company Ltd managing director, said foreign investors who went to HCM City first would move investment to Ha Noi.
Ha Noi had potential and was a good investment opportunity for foreign investors, Townsend said.
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