The Nelson Private Residence Project
After a long drought of new developments in the inner city, The Nelson Private Residence (The Nelson) has officially been launched. Located in alley 29 Lang Ha, Thanh Cong ward, Ba Dinh district, the project was approved by the Hanoi Peopleโs Committee in the early months of this year as part of the districtโs land use plan for 2024.
HD Mon Group Joint Stock Company is the developer, and Indochina Capital Group is the development manager. Indochina Capital, established in 1999, has developed nearly $1 billion in assets, including The Nam Hai (Hoi An), Hyatt Regency Danang Resort and Spa (Danang), Six Senses Con Dao (Con Dao), and Indochina Plaza Hanoi (Hanoi). The company is renowned for its expertise in M&A, particularly in cross-border deals and transactions involving Japanese investors.
Spanning an area of 3,183 square meters, The Nelson comprises 27 floors above ground and 3 basement levels. The first three floors include a lobby, amenities, and office space, while the remaining floors offer 175 private residences, mostly designed with 2 to 3 bedrooms, and penthouses. The 2-bedroom units range from 83 to 87 square meters, the 3-bedroom units start at 106 square meters, and the penthouses span from 280 to 580 square meters.
Positioned in the luxury segment, The Nelson boasts competitive starting prices at approximately VND 135 million per square meter. Consequently, the smallest apartment in the development will cost around VND 10.8 billion.
In the first half of 2024, Hanoi witnessed a total primary supply of 10,317 units, a 20% decrease from the previous quarter and a 49% drop from the same period last year. New launches totaled 2,697 units, a reduction of 34% quarter-on-quarter and 24% year-on-year. Notably, the middle-class segment dominated with a 98% share, while the luxury segment accounted for only 2%.
However, apartments showed the most robust recovery, with a significant increase in searches and transactions. Specifically, in Hanoi, the apartment market recorded nearly 10,400 transactions in the first half of 2024, surging by 101% compared to the same period last year and surpassing the total transactions of 2023.
Primary apartment prices continued to climb, reaching an average of VND 65 million per square meter, a 10% increase from the previous quarter and a 24% jump from the same period last year. Notably, the luxury segment witnessed a considerable price hike, averaging VND 112 million per square meter, an 11% rise from the previous quarter and a 17% increase from the same period in 2023.
In Q2 2024, the number of apartments sold reached 5,085 units, a 4% dip from the previous quarter but a substantial 104% increase year-on-year. Once again, the middle-class segment dominated sales, accounting for 96% of total sold units, while the luxury and affordable segments held smaller shares.
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