Gamuda Land Vietnam's first apartment block, The ONE Residence, has just entered the market and received an overwhelming response from buyers.
More than 500 people jostled for a place at The ONE Residence’s public preview last month and within a few hours all 300 apartments had been reserved. Many potential buyers who missed out signed up for priority purchases of apartments in a subsequent phase of the project, which Gamuda plans to launch in February next year. It was quite a surprising result given the difficult economic context and a real estate market that has failed to bounce back to any great extent after hitting rock bottom a few years ago.
It shows that, regardless of the stagnant real estate market, well-developed projects with affordable prices will always be in demand among owner-occupiers. The success of The ONE Residence comes from its flexible offerings of a wide range of apartments with areas of 60 to 82.5 square metres. All are delicately designed with two views, to maximise natural light and ventilation and provide a living environment favourable to a number of different customer segments, from young singles to young families and even larger families of multiple generations.
Most importantly, The ONE residence’s apartments are for sale at a starting price of just $47,500 but are accompanied by the investor’s strong commitment to the highest quality, which is in full adherence to the regulations of the Construction Quality Assessment System (CONQUAS) of Singapore’s Building and Construction Authority (BCA). Residents also receive a range of benefits from the project’s facilities, just like any other resident at Gamuda Gardens.
The ONE Residence has been built in a convenient location, at the very centre of Gamuda Gardens, one of the four main complexes of Gamuda City - a new lifestyle mega city. In what is now the geographic centre of Hanoi, Gamuda Gardens is only 6 km from Hoan Kiem Lake, 20 minutes from the old CBD, and in close proximity to National Highway 1A and 1B. Noi Bai International Airport and West Lake’s Diplomatic District are also within easy reach.
Despite owning such a prime location, Gamuda didn’t hesitate to decide to forego profit to develop local infrastructure for residents. Construction density was kept to a minimum, with the project being spread over 73 hectares with about 3,000 units of terraced, semi-detached houses, villas and apartments, in order to ensure half the area was green space and public space.
Facilities and amenities have been built to meet the basic needs of all residents. For instance, the exclusive Gamuda Gardens Club, with swimming pools, tennis courts, a gymnasium and spa, restaurants, and conference rooms, will be opened by the end of December. An array of retail shops are available for lease, with total discounts equivalent to 12 month’s rental fee. The KinderWorld Group recently announced that the Singapore International School at Gamuda Gardens obtained an investment certificate following in-principle approval from the Hanoi People’s Committee at the beginning of 2014. The school is expected to enrol its first batch of students for the 2015 school year.
With such competitive advantages many view Gamuda Gardens as the first world-class urban area to be built in Hanoi. Although prices are rather high, at VND43 million to VND63 million ($2,000 to $3,000) per square metre for semi-detached houses and villas, it was still welcomed warmly in the market. Representatives from Gamuda recently revealed that of the 364 semi-detached and terraced houses that were completed in Phase I of Gamuda Gardens, 70 per cent have been handed over to customers since April.
In addition to the above factors, Gamuda’s success also comes from its flexibility in payment terms and its financial support, together with its attentive after-sales services. Some purchasers at The ONE Residence received a discount of 5 per cent or more together with a free 12-month membership of the Gamuda Gardens Club, as well as other benefits. “The launch of The ONE Residence expresses Gamuda’s long-term commitment to integrated lifestyle township development,” said Mr Cheong Ho Kuan, General Director of Gamuda Land Vietnam. “The ONE Residence will provide more choice at an affordable price to purchasers and contribute to the dynamic and modern community at Gamuda Gardens.”