Housing developers take a shine to northern Vietnamese province

By Nguyen Ha   October 22, 2018 | 07:16 pm PT
Housing developers take a shine to northern Vietnamese province
In July last year conglomerate Vingroup began to sell its Vinhomes Bac Ninh apartment project in province. Photo courtesy of Vingroup
More property companies are pouring money into housing in Bac Ninh which is believed to have great potential for development.

In the third quarter 43 new projects comprising houses and apartments came into the market in the northern province, 40 kilometers north-east of Hanoi, according to Vietnam Realtor, a real estate agents business group. This was twice the first-half number, it said.

Vietnam Realtor said the number of transactions increased by 20 percent from the previous quarter.

Earlier this year, private domestic firm Kinh Bac City Development Holding Corporation (KBC) offered for sale over 1,300 villas and houses in its 136-hectare Phuc Ninh Urban Area.

In July last year the country's leading property developer Vingroup began to sell its 2.5-hectare Vinhomes Bac Ninh apartment project in the province. It has two buildings of 27 and 31 floors and a four-story mall.

Him Lam JSC, a property company with over 20 years of experience, is developing a 27-hectare project at a cost of VND2.3 trillion ($99 million) with houses, a mall, a supermarket, a school and a hospital.

Nguyen Van Dinh, vice chairman of Vietnam Realtor, said: “There will be competition in the real estate market in the province. High-quality projects with low price will have the advantage.”

Bac Ninh, which has been developing rapidly in recent years, is home to many foreign projects such as Samsung Display Vietnam, which has a total investment of $6.5 billion, and many expats work in its industrial zones.

They often commute back and forth from Hanoi instead of staying in Bac Ninh since the capital offers better options, industry insiders said.

Dinh believed these people are potential customers.

Deputy Prime Minister Trinh Dinh Dung recently approved a plan for Bac Ninh Province to have seven urban areas by 2035.

Under the plan, Bac Ninh, along with Hanoi and Vinh Phuc, another northern province 50 kilometers south-west of Hanoi, are to make up “growth triangle” with the most modern cities in the region.

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