The Hanoi People’s Committee has recently approved a proposal to allow the Ba Dinh district to study the possibility of increasing the maximum height of the old Thanh Cong apartment buildings to 40 stories during reconstruction.
The city has also approved planning tasks for the renovation of several other old apartment buildings, including those in Nghia Tan, Kim Lien, Trung Tu, and Khuong Thuong, which are several decades old.
In the Thanh Cong apartment complex, which includes the G6A, G6B, G22, G23, and G24 buildings, the prices of apartments have continuously increased to 90-120 million VND per square meter, comparable to luxury apartments. This is despite the fact that the apartments have been in use for over 40 years.
Thanh Cong apartment buildings in Ba Dinh, Hanoi, are expected to be renovated and increased to 40 stories (Photo: Nhu Y) |
For example, an apartment with a usable area of 100 square meters and a red book area of only 34 square meters was advertised for sale at 3.9 billion VND. This equates to a price of nearly 115 million VND per square meter based on the red book area.
Similarly, another apartment in the Thanh Cong complex with a usable area of 110 square meters and a three-bedroom design has a red book area of 34.1 square meters. It is being offered for sale at 4.74 billion VND, equivalent to 139 million VND per square meter based on the red book area.
In the Kim Lien apartment complex in Ba Dinh district, Hanoi, which was built over 60 years ago, many apartments are also being advertised for sale at prices exceeding 100 million VND per square meter. For instance, an apartment with a usable area of 55 square meters and a red book area of only 24 square meters is being offered for sale at 2.5 billion VND. This equates to a price of 104 million VND per square meter based on the red book area.
Old apartments with illegal extensions are being offered at prices exceeding 100 million VND per square meter (Photo: Nhu Y) |
In the Nghia Tan apartment complex in Cau Giay district, Hanoi, which is nearly 40 years old, an apartment with a red book area of 26 square meters and an extended area of 60 square meters is being offered for sale at 3.5 billion VND. This equates to a price of 134.6 million VND per square meter based on the actual red book area.
Mr. Nguyen Minh, owner of a real estate brokerage floor in Hanoi, said that old apartments are suddenly “hot” again, especially in Thanh Cong, because many people expect that if the proposal to build a 40-story building is approved, prices will continue to rise in the future.
“Many investors have bought apartments in the past and are now looking to cash in on their profits by selling and investing elsewhere. However, as the renovation and reconstruction plans may not be implemented immediately, it can be difficult to find buyers,” said Minh.
Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, attributed the high prices of old apartments to their central locations and the influence of rising apartment and alley house prices in recent times.
However, he cautioned that buyers of old apartments should pay attention to the actual area and any illegal extensions when purchasing. Many households have illegally extended their living space by several square meters, which can be risky.
Notably, the illegally extended area of an old apartment is usually not included in the area granted in the red book and may not be considered during transfer or compensation in case the old apartment building needs to be demolished and rebuilt. In addition, old apartments often lack fire protection systems, which can pose safety risks to occupants.
Mr. Nguyen The Diep, Vice President of the Hanoi Real Estate Club, pointed out that old apartments have usually been extended beyond the area stated in the red book by 1.5 to 2 times. Therefore, when old apartment buildings are reconstructed, the excess area beyond the red book area will not be compensated.
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According to statistics, there are 1,579 old apartment buildings in Hanoi, of which 80 are rated as level D, indicating a dangerous condition requiring renovation or reconstruction. However, only about 1.2% of old apartments have been renovated so far. |
Ngoc Mai
– 14:38 25/03/2025
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The Hanoi People’s Committee has approved a proposal by Ba Dinh District to redevelop the old Thanh Cong Apartment Building. The new development will soar to a maximum height of 40 stories, transforming the area and offering a modern, elevated lifestyle to its residents.
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