Vincity will be a welcome new addition to the Vietnam suburbs.
As Vietnam’s property market goes from strength to strength, developers are looking at alternative ways to make the most of the market. One of the country’s leading developers, Vingroup, has been flourishing over the last few years. In 2014, sales for the company grew 73 percent totalling USD 649.7 million. Aside from its residential arm, Vingroup has an extensive property portfolio that includes retail, hospitality, healthcare and education businesses.
The latest string to its bow is an affordable housing sector. Branded, Vincity, this segment is geared to the lower bracket of income earners keen to own property. This adds to the company’s range of brands that include Vinpearl known for its luxury condominiums, resorts and shopping malls, as well as Vinhomes and Vincom.
The strategy for Vincity is to construct between 200,000 and 300,000 apartments in the next five years. Moving away from the densely populated city centres, Vincity apartments will be situated on the city fringe in a bid to minimise congestion. Complete with the amenities to ease day-to-day life, schools, green spaces, shopping conveniences and hospitals will all be built alongside this new strand of housing.
Expected to start from VND 700 million, Vietnam’s key cities will be home to Vincity apartments that include the already fast changing Ho Chi Minh City, Hanoi, Nha Trang, Hai Phong, Hung Yen, Thanh Hoa, and Ha Tinh. Vingroup are adamant that this new brand will maintain the company’s ethos of utility, quality and synchronicity despite the lower price tag.