Although the concept of apartment with substantial garden is quite new for many local developers, garden apartment complex development has been following the footprints of other countries in the region. For multinational companies, natural values in a building are one of the most important criteria for their options. However, local buyers are step by step showing interest as well in natural values in the apartment where they want to live and invest.
Residential development in Vietnam has followed the trend in response to increasing demand as homebuyers are becoming more sophisticated in buying a property. Landscape and green space are what homebuyers are interested in, besides other elements such as price, location and other serviced facilities offered in a condo project. For that reason, some developers have tried to design their condo project in harmony with the surrounding environment, partly to contribute to protecting the environment which has been turning worse, and partly not to be kept an outsider in the current market trend. Some condo projects are bringing more highlight green values in their projects as a competitive advantage over other competitors when approaching potential customers.
The condo project City Garden on Ngo Tat To Street in HCMC’s Binh Thanh District is an example. The project owner has put advertising boards featuring the condo project along some streets in the city. Instead of showing luxury facilities in the condo project as others may do, the developer selects two points to introduce the property and to woo homebuyers. The first thing is the project’s location from where future residents will take only some five minutes to get to the heart district of the city, and the second one is the green spaces that will benefit future residents when they live there.
William T. Baker, General Director of City Garden, says the company is investing over US$150 million in the 2.3-hectare project that will have six blocks from 21 to 30 floors, with 927 apartments from one to three bedrooms and penthouses. The elliptical condo currently under progress dedicates as much as 77% of its total area for the green space, which will prove great green values for residents seeking a retreat in the hustle and bustle of a mega city like HCMC.
Baker says the American planning, design and consulting firm Belt Collins uses tropical plants to add characteristics to the four residential towers in City Garden, as depicted in its blueprint. The design integrates over 17,000 square meters (77%) of garden areas with the four towers. Two of the high-rises are single towers, while the others are twin towers.
Besides City Garden, some other projects such as Diamond Island follow the trend highlighting landscapes, green values and living environment to woo homebuyers. Those condo projects owners say it is green values that support their sales program, helping them access potential buyers who become more sophisticated because the abundant supply in the property market offers more options.
According to the market research firm Savills Vietnam, market demand increased in the third quarter of this year as it witnessed the highest number of apartments. Savills projects a positive demand trend remains in the HCMC market, fueled by increasing disposable income, and growing migration in the city.
Some experts remark the property market is on track to where it should be as affordable apartment segment has been designed to serve the majority of homebuyers, filling the basement of the triangle of demand. However, there are plenty of rooms for luxury apartment segment that is designed to target the triangle’s peak to serve well-to-do homebuyers.
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