"Rich" apartments cost over 200 million/m2, old collective houses are sky-high

"Shocked" with apartment prices for the "rich"

D'.Palais de Louis project at 6 Nguyen Van Huyen, Cau Giay district (Hanoi) was started construction by Tan Hoang Minh Group at the end of 2009.

Officially launched in 2012, the selling price was up to 145 million VND/m2, equivalent to about 13-27 billion VND/unit, this was the most expensive project in the Hanoi market at that time. However, due to slow progress, the investor had to return all deposits to customers.

After a long period of "inactivity", in mid-April, the project announced a name change to Hanoi Signature, the new investor is Ramond Holdings Real Estate Investment and Trading Joint Stock Company (Ramond Holdings).

Currently, on some real estate sales pages, information related to the project and the selling price of apartments in this apartment project has appeared.

Accordingly, the expected handover time of the apartment is in the second quarter of 2025, with a total red book. Apartments at Hanoi Signature have 3 forms of handover.

Specifically, with about 30 apartments in the rough handover package, the price is from 97-180 million VND/m2. About 70 apartments in the basic handover package, the price is 145-198 million VND/m2. Notably, with 140 apartments in the complete handover package, the price is 140-219 million VND/m2.

The sale also introduces the sales policy applicable to the first 50 customers who will receive free parking space, worth 750 million VND; free management fee, 10-year parking service fee; 0% bank interest support for 24-36 months. Payment progress is divided into 8 installments.

In the Hanoi market, some high-end projects were sold a few years ago, and now secondary sales are also offering sky-high prices.

For example, a 231m2 penthouse apartment in the Starlake Tay Ho project in Xuan La ward (Tay Ho district) is being offered for sale at VND37 billion; equivalent to more than VND160 million/m2.

Also in Tay Ho district, a corner apartment with an area of ​​181 m2 at the Heritage West Lake project, Lac Long Quan street, Phu Thuong ward is being sold for 30 billion VND, equivalent to over 165.7 million VND/m2. According to the introduction, the apartment has a lake view, long-term red book and is fully furnished, with 4 bedrooms; currently 40% has been paid and the house will be handed over in October.

Or in Ba Dinh district, an apartment with an area of ​​143 square meters at the Vinhomes Metropolis - Lieu Giai project is for sale at 20 billion VND, or nearly 140 million VND/square meter.

Old dilapidated apartment buildings cost over a hundred million dong per meter

High prices are not only in new apartment projects, notably, old apartment buildings in prime locations in Hanoi are also being offered for sale at over a hundred million VND per square meter.

For example, the owner of an apartment building on Pham Hong Thai Street, Nguyen Trung Truc Ward (Ba Dinh District) is selling it for more than 167.7 million VND/m2.

Specifically, the 3-storey apartment, with an area of ​​over 38 square meters on the certificate, a usable area of ​​58 square meters, 800 meters from Dong Xuan market... is priced at 6.4 billion VND. The owner clearly stated that he would only sell directly to those who need to buy and would not accept brokers or intermediaries.

Also in Ba Dinh district, a 70m2 apartment on the first floor, located on Tran Huy Lieu street, Kim Ma ward, with a frontage of 10m, is being sold by the owner for 8.5 billion VND; that is, over 121 million VND/m2. According to the introduction, the apartment is being run as a restaurant, cars can park at the door, only 20m from Kim Ma street.

Also for sale at a price of up to 100 million VND/m2, a collective apartment on the 1st floor, in Hang Bong alley, Hang Buom ward (Hoan Kiem district) is priced at 3.3 billion VND, the area in the red book is 32.9m2.

The seller said that the actual usable area of ​​the apartment is 42 square meters and has a 15 square meter mezzanine, larger than the area in the “red book”. The apartment has a frontage of more than 4 meters, about 50 meters from Hang Buom street, and is currently rented as a homestay for 15 million VND/month.

Talking about the old collective apartments and "rich" apartments with expensive prices currently on the Hanoi market, Mr. Nguyen Chi Thanh, Vice President of the Vietnam Real Estate Brokers Association, said that the price of old apartments and collective apartments cannot be high because they have been degraded for many years; they only have the advantage of location and have a price before the information about renovation. Those advertised prices are the expected prices if they are rebuilt.

“The current selling price of hundreds of millions of dong per square meter is too high. Those who choose to buy old apartments at that price are only investors, not real residents. They buy with a heavy investment expectation for the future and also carry risks because they do not know when they will be renovated,” Mr. Thanh said.

As for new apartment projects, why are the prices so expensive? The reason is that the quantity is limited, the project has been completed, the location is good, the quality is high, the infrastructure is good…

However, according to Mr. Thanh, the price offered is also an expectation, whether the market accepts that price or not is another matter.

However, for the high-end segment, according to the Vice President of the Vietnam Real Estate Brokers Association, compared to housing prices in Ho Chi Minh City, prices in Hanoi are still lower.