The Tan Hoang Minh Group in late 2009 kicked off D’Palais de Louis project at No 6 Nguyen Van Huyen street in Cau Giay district.  Officially launched into the market in 2012, the apartments were quoted at VND145 million per sq m, or VND13-27 billion per apartment. At the time it was marketed, it was the most expensive product in the market. However, because of tardiness in project implementation, the investor had to give the deposits back to clients.

In mid-April, the project was renamed Hanoi Signature, and transferred to Ramond Holdings.

Some information about the project and selling prices of apartments have appeared on some real estate websites. The apartments are expected to be delivered in the second quarter 2025; so do (red book, or land use right certificate) for the project has been granted.

The apartments under Hanoi Signature project will be delivered in three ways.

About 30 apartments will be delivered when raw construction finishes, slated for the second quarter of 2025. The apartments are priced at VND97-180 million per sqm. 

About 70 apartments will be delivered in the state of raw construction and basic equipment, priced at VND145-198 million per sq m. The remaining 140 fully completed apartments will be priced at VND140-219 million per sq m.

Ads say the first 50 clients will be granted free parking space worth VND750 million, free management and free parking fees for 10 years, and zero interest rate bank loans for 24-36 months. Clients will make payment in eight campaigns.

Meanwhile, other high-end projects marketed some years ago have been put up for sale in secondary market at sky high prices.

A 231 sq m penthouse at Starlake Tay Ho in Xuan La ward in Tay Ho district, for example, is offered at VND37 billion, or VND160 million per sq m.

Also in Tay Ho district, a 181 sqm apartment at Heritage West Lake on Lac Long Quan street in Phu Thuong ward is offered at VND30 billion, or VND165.7 million per sq m. The apartment has a lake view and a permanent red book, and is fully furnished, with four bedrooms. Forty percent of the apartment value has been paid, and the product will be handed over in October.

In Ba Dinh district, a 143 sq m apartment at Vinhomes Metropolis-Lieu Giai is offered at VND20 billion, or VND140 million per sq m.

Old collective quarters

Analysts say that old collective dorm-style buildings are being offered at high prices of more than VND100 million per sq m. The advantage of the apartments is that they are located in advantageous positions.

The owner of a collective flat on Pham Hong Thai street of Nguyen Trung Truc ward in Ba Dinh district is selling his flat for VND167.7 million per sq m.

The 3-storey apartment with usable area of 38 sq m as shown in the red book and real usable area of 58 sq m, located just 800 meters away from Dong Xuan, the largest wholesale market in Hanoi, is offered at VND6.4 billion.

A collective 70 sq m flat on the first floor on Tran Huy Lieu district in Ba Dinh district is offered at VND8.5 billion (VND121 million per sq m). The flat is being used to develop a restaurant, just 20 meters from Kim Ma street.

There are many flats offered at over VND100 million per sq m. Even a small flat of 32.9 sq m shown in the red book and 42 sq m in real usable area (the owner has expanded his flat by building more rooms) on a small alley of the central business street of Hang  Bong, is priced at VND3.3 billion.

The owner advertised that the actual usable area is even larger, counting the 15 sq m mezzanine. He is leasing the flat at VND15 million per month to an individual who is using it as a homestay.

Nguyen Chi Thanh, deputy chair of the Vietnam Association of Realtors (VAR), said that old collective dorms built years ago should not be high in price because they have degraded. However, the owners set high prices because of the good location and information about rebuilding. 

“The quoted prices of hundreds of millions of dong per sq m are too high. The buyers of the flats are investors, not those who want the flats for accommodation. The buyers expect to make a profit in the future when the flats are rebuilt, but they face high risks as it is unclear when the flats will be rebuilt or will be improved,” he said.

Hong Khanh