New apartment projects in chennai

Decreasing demand for apartments in the region is also forecast to continue through at least the middle of the year. But it may begin to gradually rise by the last quarter of 2023 as legal bottlenecks and obstacles to credit are slated to be at least partially removed by the government, according to DKRA real estate consultants. DKRA Vietnam deputy R&D director Vo Hong Thang said apartment market liquidity, this year, would concentrate in affordable housing projects with prices of below VND50 million ($2,118) per square meter in HCMC and less than VND35 million per square meter in Binh Duong. Such social housing projects promise to be a ray of light in the otherwise gloomy 2023 market, he said, while adding the caveat that supply would still be limited. According to Thang, businesses are gradually supplying fewer high-priced homes and more affordable apartments and social housing units this year. He said this trend may last until 2025, with new supply focusing on the city’s … [Read more...] about Apartment market to continue slumping this year

A view of Hanoi. On Hanoi's serviced apartment market, occupancy of 81% rose by 12 percentage points year on year. (Photo baoxaydung) Hanoi (VNS/VNA) – Hanoi ’s real estate market in the fourth quarter of 2022 saw a better performance in the serviced apartment segment than in apartments sales, according to the Savills’ report on the Hanoi property market released on January 10. On the serviced apartment market, occupancy of 81% rose by four percentage points quarter on quarter and 12 percentage points year on year. That has nearly reached the pre-COVID (or the quarter of 2019) figure at 82%. Rent of 575,000 VND per sq.m per month increased by 1% quarter on quarter and 6% year on year. Grade A charged the most at 735,000 VND per sq.m per month. According to the report, Hanoi had no new supply of serviced apartments in the fourth quarter of 2022, while the stock of 5,935 units from 63 projects was stable quarter on quarter but increased by 4% year on year. In 2022, … [Read more...] about Hanoi sees strong recovery in serviced apartment market in Q4/2022

Much of the supply of apartments come from suburban areas, but sales remain slow because prices are comparatively high relative to incomes. Prices for apartments in Hanoi tend to increase as supply becomes short, according to the Vietnam Association of Realtors (VARS). A social housing project in Hanoi's Bac Tu Liem District. Photo: Pham Hung/The Hanoi Times In a recent report on the Vietnamese property market, VARS said that the primary selling price for apartments in Hanoi was VND50 million (US$2,132) per square meter in 2022, up 10-15% on-year. According to the report, 31 projects have been listed with more than 2,000 units for sale in Q4/2022, most of which were high-end. Of the total, only two projects were brand new, while 29 others were already in operation. The actual transaction volume in Q4 2022 was 435 deals, equivalent to 20% of all offers. In several landed property projects in Thanh Xuan and Tay Ho districts, prices rose to VND400 million … [Read more...] about Sharp rise in apartment prices in Hanoi: VARS

Selecting investors is an important step for Hanoi to speed up the process which is costly and time-consuming. Hanoi's Construction Department has awarded 10 investors with renovation and reconstruction projects of old apartment buildings from now until 2030. An old apartment building in Ngoc Khanh Ward of Ba Dinh District, Hanoi. Photo: The Hanoi Times Renovating and rebuilding old apartment buildings has become urgent for the Hanoi authorities as many blocks have fallen into disrepair and are at risk of collapse. The move is expected to speed up the process as renovating old apartment buildings remains a thorny issue that costs Hanoi time and efforts. After nearly two decades, the city completed the assessment of 126 old apartment buildings out of 1,600 units in need of renovation and reconstruction, fulfilling only 1% of the total work. In its plan for 2021-2030, Hanoi targets to rebuild and renovate 10 old apartment blocks, including four buildings … [Read more...] about Hanoi selects investors to renovate old apartment buildings by 2030

A project to upgrade and renovate the railway route that connects Vietnam’s south-central coastal city of Nha Trang and its southern economic hub Ho Chi Minh City kicked off on Thursday, the last day of the seven-day Tet break (2023 Lunar New Year). The launching ceremony for the project took place at the Thap Cham railway station in south-central Ninh Thuan Province with the attendance of Prime Minister Pham Minh Chinh and many other high-ranking central and local officials, the Vietnam News Agency reported. The Nha Trang - Saigon railway route is 411 kilometers long, starting from Nha Trang in Khanh Hoa Province and ending in Ho Chi Minh City after running through Ninh Thuan, Binh Thuan, Dong Nai, and Binh Duong Provinces. The project, expected to be complete in 2025, is estimated to cost VND1,099 billion (US$46.7 million) from the medium-term budget capital source for 2021-25, according to the project management board. It is aimed at improving the quality and size of the … [Read more...] about Nha Trang – Saigon railway upgrade project launched

The People’s Committee of Hai Phong City in northern Vietnam on Friday started work on the Do Muoi street project, which will be extended to the VSIP arterial road, at an estimated cost of over VND1 trillion (US$42.6 million). The project will contribute to realizing the city’s orientation to develop its traffic infrastructure in a synchronous and modern manner and to improve the cityscape, building an exemplary new countryside and boosting the local digital transformation. The street project was commenced after Hai Phong began work on another project to develop a political and administrative center and traffic and other technical infrastructure systems in the North Cam River New Urban Area. Le Anh Quan, standing vice-chairman of the People’s Committee of Hai Phong, said the project was expected to improve the connectivity between the city’s downtown area and Thuy Nguyen District. The Do Muoi street project, which will be stretched to the VSIP arterial road, … [Read more...] about Vietnam’s Hai Phong starts work on $42.6mn street project

A solar farm of 400GWh in An Giang Province. The ceiling price applicable to ground-mounted solar projects was set at 5.05 cents per kWh. — VNA/VNS Photo Thanh Sang The Ministry of Industry and Trade has recently introduced new ceiling prices for solar and wind energy in Viet Nam. On October 3, 2022, the ministry released Circular 15, which sets out a framework for the Viet Nam Electricity (EVN) to enter into tariff negotiations with developers of transitional solar and wind energy projects by reference to some specific ceiling prices. On January 7, 2023, the ministry set the ceiling prices at VND1,184.90 (5.05 cents) per kWh for ground-mounted solar projects, VND1,508.27 (6.43 cents) for floating solar projects, VND1,587.12 (6.77 cents) for onshore wind projects, and VND1,815.95 (7.75 cents) for offshore wind projects. EVN will now use these ceiling prices to negotiate tariffs with transitional projects, which are not subject to any tariff so far. At a seminar earlier this … [Read more...] about Ministry of Industry and Trade sets ceiling prices for solar and wind projects

PM Pham Minh Chinh inspects Tuyen Quang - Phu Tho expressway project. (Photo: VNA) Hanoi (VNA) - Prime Minister Pham Minh Chinh on January 25 inspected the progress of a 40.2-km expressway project connecting the two northern provinces of Tuyen Quang and Phu Tho, which is funded with the central and local budgets. In the first phase from 2020 to 2023, the expressway has four lanes, allowing vehicles to travel at a speed of 80km per hour. It will be expanded in the second phase until 2025. Once completed, it will help ease congestion on National Highway 2 and shorten travel time between Ha Giang, Tuyen Quang and Phu Tho provinces with the northern key economic region and Hanoi, while enhancing the efficiency of Noi Bai-Lao Cai expressway . The first phase of the project is scheduled to be completed in September this year. PM Pham Minh Chinh meets workers at the project site. (Photo: VNA) PM Chinh asked relevant ministries and sectors as well as Tuyen Quang … [Read more...] about PM inspects Tuyen Quang – Phu Tho expressway project

A solar farm of 400GWh in An Giang province. (Photo: VNA) Hanoi (VNS/VNA) - The Ministry of Industry and Trade has recently introduced new ceiling prices for solar and wind energy in Vietnam. On October 3, 2022, the ministry released Circular 15, which sets out a framework for Vietnam Electricity (EVN) to enter into tariff negotiation s with developers of transitional solar and wind energy projects by reference to some specific ceiling price s. On January 7, 2023, the ministry set the ceiling prices at 1,184.90 VND (5.05 cents) per kWh for ground-mounted solar projects, 1,508.27 VND (6.43 cents) for floating solar projects, 1,587.12 VND (6.77 cents) for onshore wind projects, and 1,815.95 VND (7.75 cents) for offshore wind projects. EVN will now use these ceiling prices to negotiate tariffs with transitional projects, which are not subject to any tariff so far. At a seminar earlier this week, Deputy Chairman of the Vietnam Energy Association Nguyen Van Vy … [Read more...] about MoIT sets ceiling prices for solar and wind projects

PM Pham Minh Chinh speaks at the working session in Can Tho city on January 30. (Photo: VNA) Can Tho (VNA) – Prime Minister Pham Minh Chinh had a meeting with ministries, sectors, and Mekong Delta localities in Can Tho city on January 30 to look into the progress of some transport projects. The working session followed his fact-finding tour of some key transport projects after the Lunar New Year holiday. PM Chinh said the Mekong Delta, comprising 12 provinces and one city, holds a critically important role, boasts huge potential, but is also the region most vulnerable to climate change in Vietnam. Breakthroughs in transport infrastructure and human resources will help this region develop more strongly in the coming time, he went on, noting that promoting transport infrastructure projects will also help accelerate public investment disbursement, one of the driving forces for national socio-economic recovery and development. According to the PM-approved road … [Read more...] about PM urges faster progress of expressway projects in Mekong Delta