Ms. Pham Thi Lan Phuong – Founder & CEO of Ramond Holdings, the new investor of the D’.Palais de Louis project (Hanoi), announced that the project has officially changed its name to Hanoi Signature.
The collaboration between two ‘giants
The information was shared by Ms. Pham Thi Lan Phuong, Founder & CEO of Ramond Holdings, the new investor of the D’.Palais de Louis project (Hanoi), at the “Journey Opening” training event held recently at the new building at 6 Nguyen Van Huyen, with the participation of 28 real estate agencies and 400 brokers.
Regarding the investor, Ms. Phuong mentioned that Ramond Holdings is a completely new brand. According to the Founder & CEO of Ramond Holdings, alongside Hanoi Signature, the company plans to implement several projects in Hanoi and other localities in the near future, such as projects in Nguyen Xien, Ha Dinh, Ngoc Hoi, Thanh Tri, Lo Duc, Ngoc Linh, Tan Hoang Mai, Hai Phong, Hoa Binh, Phu Quoc, Ho Chi Minh City, Phu Yen, Nha Trang, Bac Giang…
It is known that D’.Palais de Louis was commenced at the end of 2009 by Tan Hoang Minh Group, with a scale of a 27-story building and 4 basement floors, comprising a total of 242 high-end apartments ranging from 113m2 to 240m2.
The project was officially launched in the market in 2012, with the selling price at that time reaching 145 million VND/m2, equivalent to about 13-27 billion VND per unit, making it the most expensive project in the Hanoi market. However, due to delays in progress, the investor had to refund the entire deposit to customers.
By 2019, Tan Hoang Minh Group opened the project to welcome future owners to experience 6-star luxury services such as gym, spa, sauna, restaurants, and more right within the building. In recent years, after completing the rough construction, the project entered the phase of finishing construction and implementing interior furniture.
The re-emergence of the project at this time has received special attention from investors, especially in the context of a shortage of new supply in both affordable and luxury segments. However, at this event, the investor has not announced the reopening date, sales policies, or prices.
Sharing with a reporter, a broker present at the event said that the investor is still exploring the market, and there are no rumors about prices yet, but personally, this broker does not expect them to be too high.
Improving the supply
According to CBRE Vietnam, the supply of new condominiums in Hanoi is extremely low. In 2023, the total new supply and launches in the Hanoi market amounted to only 10,000 units, equivalent to just a quarter of the normal level. Housing demand has been accumulating for a long time, causing prices to rise.
In the secondary market, CBRE observed an average increase of about 16% compared to the same period last year – the highest price increase since the onset of COVID-19. Some projects even saw prices surge by up to 40%.
Notably, the selling prices of condominiums near Hanoi Signature have been quite high. For example, at the Han Jardin condominium project, prices were initially at 65 – 95 million VND/m2 during the launch, but they have now risen to 80-110 million VND/m2 for luxury apartments. In some cases, a duplex unit in this area has reached 220-260 million VND/m2. Similarly, another high-end project, Endless Skyline West Lake by Phenikaa, is being sold at prices ranging from 87 – 110 million VND/m2.
According to Mr. Đỗ Quý Duy, CEO of NAC Real Estate Investment Fund, speculative trading in the condominium segment has increased rapidly since June 2023. Their survey indicates that about 60% of condo buyers are investors, expecting further price increases.
Experts see the resurgence of real estate transactions as a positive sign after a period of stagnation. However, the pricing issue poses challenges for housing development strategies. Therefore, increasing new supply promptly is necessary to balance supply and demand and stabilize housing prices.
