10:04:17 AM | 28/2/2006
Well-equipped offices and apartments for rent in Hanoi are being sold like hot cakes, the renowned global real estate firm CB Richard Ellis (CBRE) announced yesterday.
Demand for luxury or A level offices will further increase in the coming time although some high-end buildings are to be put into operation soon in the city, CBRE said.
As planed, the Opera Business Center on Ly Thai To Street and Pacific Palace on Ly Thuong Kiet, both in inner areas of the city, will be inaugurated in the fourth quarter of this year and around 18,500 sq.m of opulent offices will be put into use by 2007.
CBRE attributed the fast growth rate of the economy and FDI, Vietnam’s promising WTO membership, the penetration of multi-national groups and the expansion of large corporations to the souring demand.
Meanwhile, the increasing orders for A-level offices will help dump prices for B-level ones, CBRE said.
Regarding high-class apartments for rent, CBRE estimated that Hanoi now has around 1,222 apartments with rented capacity of over 98 per cent.
Hanoi plans to market an additional 274 luxury apartments in 2006 and some 150 apartment in 2007 but the surging influx of Asian businessmen into Vietnam, most of them willing and able to afford well-equipped accommodation, will help the market become more animated, CBRE said.
“Prices for an A-level apartment in Hanoi is now standing at up to US$24-32/sqm but they will be unlikely to go down for one or two years due to the high demand,” said Marc Townsend, General Director of CBRE.
CBRE is a global leader in real estate services. It has worked in Vietnam since January 2003 as a real estate service provider.
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