What is being touted as the first luxury property from Vietnam to be launched for sale in Singapore will take place this weekend.
Hongkong Land and SonKim Land will jointly launch their premium condominium, The Nassim, in Singapore on January 16 and January 17. On offer at the property showcase in the city-state will be limited numbers of one- to four-bedroom units starting from approximately S$ 195,000 for a one-bedroom apartment.
The Nassim (pictured) is located in the heart of Thao Dien in the prime District 2 of Ho Chi Minh City and will, according to the agent CBRE, establish a new standard of luxury living in Vietnam. Research from the real estate firm predicts properties within a ten-minute walk to metro stations will command a 10 percent to 20 percent premium over those that are sited further away.
Prices in the high-end and luxury segments of the market have recorded growth since the market bottomed out, with sales volume of prime-grade condominiums starting to pick up since the second half of 2014.
With encouraging sales momentum, developers progressively broke ground and launched more prime-grade projects to cater to the demand of the growing affluence. To-date, high-end and luxury properties remain the most sought after properties by owner-occupiers and investors. Well located and well-designed properties, built by reputed developers are commanding good rents from the growing expatriate community.
CBRE Vietnam Research expects price appreciation will be most pronounced in the high-end segment. New luxury properties at very prime locations, such as those in District 2, will probably reach S$ 325 to S$ 377 per sqft during 2016.
Robert Wong, Executive Director of Hongkong Land, said “The Nassim offers the opportunity for Singapore investors to buy into Vietnam’s growing high-end prime residential market.
“Thao Dien is a major expatriate community in HCMC and as such, the natural choice for a luxury project.
“Vietnam’s real estate market has been growing, especially in the high-end segment of the condominium market. After years of conducting extensive research, we decided to intensify our presence and business here by collaborating with SonKim Land, a reputable and well regarded local developer in Vietnam.
“The Nassim is a true luxury project that will be a welcome addition to Hongkong Land’s regional residential portfolio, and a great example of successful strategic partnerships with local developers.”
Hongkong Land and its partner, SonKim Land, will seek to bring luxury living features found in similar grade projects in other gateway cities to Vietnam. Comprising only 238 units, The Nassim will be one of the rare projects in Vietnam to feature private lift lobbies for the premium three- and four-bedroom apartments. The project will also offer a host of recreational facilities including a 25-metre pool, poolside pavilion, children’s play facilities, a yoga room and reading room. All apartments will come with full-height windows offering panoramic views of the Saigon River or HCMC’s CBD and city skyline. Residents will enjoy ease of access to shopping malls Vincom Mega Mall Thao Dien, restaurants, international schools and clinics. The project will be completed in 2018.
Leong Boon Hoe, Managing Director, CBRE Realty Associates said “The Nassim will be one of the very few and limited high-end condominium projects to be classified as luxury class available for sale now.
“Early investors will reap very good growth potential given the very limited number of projects of this category in HCMC at this moment. As the city matures and ride the wave of economic reform and increasing foreign direct investments, the growing affluence and confidence of the market in investing into high-end condominium segment, it is not surprising The Nassim sold very well when it previewed in HCMC just two months ago.
“The fact that the large three-bedroom and four-bedroom apartments with picturesque Saigon River views sold extremely well and that all the penthouses have been sold out, majority to Vietnamese, is a very good testament of the growing demand for properties of such class. We are confident The Nassim will be very well sought after by savvy Singaporean investors.”
The Nassim Sales Exhibition will be held at the Grand Hyatt Singapore Residence 5.
