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$398m condo ready to set hearts racing
A $398 million condominium project is to turn heads in the capital.
Hanoi People’s Committee has given the Vietnamese developer Hai Dang Investment Joint Stock Company the green light to build Hai Dang City project in Tu Liem district with 2,127 apartments. The developer plans to start work on the project this quarter, with completion expected in 2016.
The project was approved at the time when the apartment market across the country was put on the back foot. Property consultant CBRE forecasted 2012 would be a challenging year in terms of economic performance, continuing its negative impacts on the condominium market.
Trading volume ground to a halt by the end of last year and is expected to lower this year, dampening overall sales rates. In the past, speculators actively bought and sold units, thereby inflating trading volume. Presently, fewer speculators are willing to participate, and those that are willing to, have their capital stuck in their existing portfolio and cannot speculate further, according to a CBRE report.
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