”Hunt for Apartments Under $2 Billion Intensifies in Hanoi”
The relentless surge in Hanoi’s condominium prices over the past three years has driven apartment prices to new heights. According to data from the Vietnam Association of Realtors, the apartment price index in Hanoi rose by approximately 38 percentage points in 2023 compared to 2019. Primary market prices for Hanoi apartments have reached a new average of $51.7 million/m2. Batdongsan.com.vn’s January 2024 market research report also noted the continuous rise in Hanoi apartment prices, with an average increase of 2% in January compared to December 2023.
Notably, there are no signs of the price hike abating. Experts attribute the persistent price surge to legal bottlenecks that have restricted supply while strong market demand continues to push apartment prices higher. Furthermore, the increase is compounded by escalating costs of construction materials and land compensation.
According to the Vietnam Association of Realtors, the proportion of affordable apartments in the overall housing supply has been steadily declining, from 30% in 2019 to 7% in 2022 and 6% in 2023. Between 2019 and 2022, the bulk of market inventory consisted of properties priced between $40-50 million/m2. This indicates that Hanoi’s apartment market is currently dominated by mid-to-high-end products.
Fishing within the project’s premises
It has become increasingly challenging to find an apartment priced below $2 billion/unit, particularly in new developments. However, Trust City has emerged as a phenomenon in Hanoi’s real estate landscape by offering 258 luxury apartments at approximately $2 billion/unit. This pricing caters to the purchasing power of a significant portion of the population, allowing Hanoi residents to own a Trust City apartment and enjoy a high-quality lifestyle despite financial constraints.
”Uncompromising Quality at $2 Billion”
Unlike new projects that are still in the foundation or early construction stages and priced around $50 million/m2, Trust City is nearing completion and offers costs that are 20-30% lower.
Despite its affordable pricing, Trust City boasts exclusive amenities that are typically found only in high-end luxury developments. Strategically situated in the sought-after 47-hectare core urban area of Van Giang (Hung Yen), Trust City occupies a central intersection, maximizing connectivity to the region’s administrative, entertainment, economic, and social hubs. It is located at the crossroads of major urban centers such as Ecopark, Vinhomes Ocean Park, and Vinhomes Ocean Park The Empire, allowing residents to access world-class amenities from these projects within a short 15-minute commute. Additionally, its prime location provides easy access to the city center and neighboring provinces within a 30-minute drive via nearby arterial highways such as the Hanoi – Hai Phong expressway, the Hanoi – Hung Yen interprovincial road, and the Hanoi – Hung Yen 5A road.
Completed apartment living room with floor-to-ceiling glass windows for natural lighting
Trust City resembles a little Singapore in the eastern part of the capital. Singaporean influence permeates the space’s design and arrangement, with apartment layouts optimized for functionality and featuring abundant windows that foster a modern, stylish lifestyle in harmony with nature and vibrant green spaces.
The project also evokes the concept of the “15-minute city,” where residents can access essential amenities and services such as shopping, healthcare, relaxation, and entertainment within a 15-minute walk or bike ride. A comprehensive range of amenities, including an outdoor gym, adult and children’s panorama pools, children’s playground, yoga and gym facilities, contemporary gardens, a regulation pool, a shopping center, and more, are evenly distributed within the project’s interior, inaugurating a 5-star Singaporean lifestyle standard. Trust City’s “all-in-one” convenience allows residents to step outside their homes and enjoy nearby amenities and services without the hassle of lengthy commutes. Notably, Trust City also provides residents with a secure and comfortable living environment with a 24/7 security system and a top-level fire safety certification.
Bedroom filled with natural light
Mr. Nguyen Xuan Loc, Chairman and CEO of MSH Group, the developer of Trust City, stated, “What gives customers peace of mind is that Trust City has all the necessary legal documents: a land use certificate in perpetuity, a certificate of use right for building condominiums with a long-term use period, a building permit, a sales permit, and a bank guarantee. Furthermore, the project is currently in the pre-delivery stage, ensuring that customers can move in immediately.”.
