Business Business

20/03/2021 - 08:28

The real estate market in Hue starts to be "warm" again

According to Mr. Ho Van Nhan, Head of Housing Management Department and Real Estate Market, Department of Construction, the real estate market in Thua Thien Hue started to be "warm" again. The development of tourism and services, and open policies of the province have stimulated a new wave of investment in the real estate sector.

The real estate market in Hue is showing signs of being lively again. Photo: Nguyen Phong

Many projects being implemented

Statistics from the Management Board of Provincial Urban Development Area showed that in 2015, there were only 32 projects that was implemented in An Van Duong area , then, by 2020, there was an increase to 64 projects.

Many projects have a fast implementation speed such as Phu My An urban area of ​​Anivest Joint Stock Company; Bitexco Group investing in My An hot water and tourist area in D zone, and An Van Vuong area; or, projects being invested in the form of build-transfer contracts such as To Huu road to Phu Bai International Airport, or My An - Thuan An road, etc.

Some projects of investors that were carried out before the “frozen” stage of real estate  such as My Thuong Urban Area, Thuy Van Complex Phase 1, etc., are also restarting. Thuy Van Complex Phase 2 has started the construction, focusing on investing in technical infrastructure and implementing the construction of commercial housing items.

For the high-end residential segment, there have been many changes. Out of a total of 370 low-rise apartments in An Cuu City urban area project, more than 350 units have been completed the assignment. The Hue Manor Crown project officially opened for sale in the second quarter of 2016. Up to now, commercial townhouses and villas have been sold out. Other product lines such as apartments are also being registered to buy.

Not only in Hue city, but also in the suburbs, especially  the Chan May - Lang Co area (Phu Loc), resort real estate projects are also urgently deployed; for instance, Vincoland Group has started and gradually completed some first categories of the resort project named the Legendary Mediterranean Resort - Mediterraneo Resort at Lang Co coastal tourist route with a total area of ​​8.7 hectares. The total investment is 750 billion VND, including hotels, luxury apartments, villas.

The real estate market in Hue is showing signs of being lively again

Lang Co Bay, with the advantages in its view, has attracted many other great projects such as Thanh Tam Tourist Area, Lang Co Beach Tourist Area, Lang Co Ecotourism Area. Typically, the international-class resort complex - Laguna Lang Co of Banyan Tree - Singapore Group with a total investment of more than 875 million USD has completed phase 1 and is continuing to implement phase 2, with a total investment of more than 2 billion USD.

The Lu's World Shine Group (Republic of Seychelles) is also investing in constructing the project of Minh Vien Lang Co International Resort with a total investment of up to 7,728 billion VND.

Thua Thien Hue is also calling for investors to invest in the projects of Con Hen resort, Bach Ma resort, Con Son island tourist service area  in Phu Thuan commune, Phu Vang district; a tourist resort in Loc Dien commune, Phu Loc district; Botanical garden on the river in Huong Vinh commune, Huong Tra town, etc.

Motivation to attract investment

According to the Master Plans for the development of Social Science in the Key Economic Region of the Central to 2020, with the orientation to 2030 approved by the Prime Minister in Decision No. 1874 / QD-TTg dated October 13, 2014, Hue was defined as one of the major urban centres of the country.

On the basis of this development orientation, the Provincial People's Committee has assigned tasks to specialized departments, especially the Department of Construction, districts, towns and the city to review all relevant plannings, carefully study the master plan for socio-economic development, the land planning, urban planning, special-purpose zone planning, rural residential construction planning.

After the plans related to land and construction are adjusted and supplemented appropriately, the local housing development program being approved by the Provincial People’s Council, the Provincial People's Committee will direct related units to make the project list and detailed information to call for investment, which would be publicly announced on the bidding information pages and the province's electronic portal.

The Provincial People's Committee is calling for investment in a number of new urban and residential development projects in the whole province, mainly focusing on the area of Hue city and the suburbs, or some localities following the general development orientation of the province.

Mr. Nguyen Phuoc Buu Hung, Deputy Director of the Department of Construction, assessed that Hue's real estate market has had many important developments, with many housing projects, new urban areas, production, trade and service works with technical and social infrastructure system, which are step by step synchronized; all these contribute to changing the urban appearance and improving living conditions of all classes of residents.

In order to achieve the goal of sustainable development of the real estate market, besides the state management, the role of the business community and investors is indispensable. The locality continues to complete administrative procedures in order to improve the efficiency of state management, while removing difficulties and creating open conditions for the real estate market in order to promote and manage the real estate market to develop stably, sustainably and healthy.

And, it is necessary to transparenlty make public the real estate projects to create conditions for well-qualified investors to invest in the construction of real estate projects in the province and to develop various types of real estate, creating good market liquidity. Moreover, setting regulations on the structure of housing types, diversifying types of products right from the stage of project planning and approval, etc., are also important.