E.Reatimes Market

Property giants eyeing Bac Ninh for new developments

Nguyen Ha (VnExpress)

Thứ Sáu, 09/11/2018 - 04:25

Many property giants are pouring capital into Bac Ninh with projects up to hundreds of hectares.

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All the big developers including FLC, Vingroup, HUD, Him Lam have planted their developments in Bac Ninh - a promising market for property. They are making plans for huge projects in this city including villas, terrace houses, condos, hotels, condotels, shopping centers, golf courses and social housing. The investments are up to hundreds of billions of dongs each and are expected to change the face of Bac Ninh city once completed. One of the most recent projects announced in early 2018 by Kinh Bac Urban Development Corp (KBC) with 136 ha of land comprising 1,300 villas and terrace houses.

It’s not only the big players springing up these large developments, but local developers are also excited to announce their projects, such as Nam Hong Co., Ltd with Lovera Garden Dong Ky project of 240 ha for shops, houses, villas and terrace houses, as well as Dabaco revealing their 4,000sqm Dabaco Complex Tower right in the center of the city.

According to Real Estate Brokerage Council, Bac Ninh market observed 43 project launchings for both houses and condos by Vinhomes, HUD, FLC, Him Lam in Quarter 3. This is double the volume of the previous quarter. “The competition will get stronger in this market. Whichever can provide high quality, reasonable prices and low total transaction value will take advantages” said Mr. Nguyen Van Dinh, Deputy Chairman of Real Estate Brokerage Council.

He also mentioned Bac Ninh had about 1,000 condo units and 500 land blocks successfully transacted in quarter 3. The initial selling prices in quarter 3 were not different to Quarter 2, however, the secondary prices increased at about 20%.

Bac Ninh has great potential for property developments because there are many foreign experts, technicians from Korea and Japan, who are working and living in the industrial zone. This leads to the increased demand for international standard services and accommodation, as according to real estate consultant of The Ky Real Estate JSC. Before, these foreign residents were renting accommodation in Hanoi and then traveling to work in Bac Ninh, but now the trend is changing. Because Bac Ninh itself is a strong economic city, local residents require better living environments in a well planned and designed new urban area.