Entering the last quarter of the year, a series of real estate businesses in the South such as Bcons, Gamuda Land, Five Star International Group... changed their tactics, moving to the North to develop projects and find customers.
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| Bcons is implementing a plan to expand its customer base. In the photo: A new project introduction by Bcons. Photo: Gia Phu |
Decision to "Go North"
Bcons Group's leaders recently revealed that Bcons is looking for a unit to distribute and introduce the Group's real estate products in Hanoi.
Specifically, Bcons is looking for a distributor for the Bcons City Townhouse Project (5 hectares, in Di An City, Binh Duong Province), including 22 roughly finished townhouses; Bcons City Apartment Project (2,000 units) and Bcons Plaza Project (1,258 units)...
It is known that the townhouse and villa area that Bcons brought to the market in Hanoi was developed by this enterprise since 2022, and was opened for sale by brokerage floors, but was not successful. The selling price offered by Bcons is currently around 8 - 9 billion VND/unit.
Last weekend, Gamuda Land Group also held a seminar on real estate investment opportunities in the South in Hanoi. According to Gamuda Land representative, this event helps the company promote projects such as high-end apartments such as Eaton Park (Thu Duc City, Ho Chi Minh City), Artisan Park (Binh Duong).
At this time, the Hanoi market is lacking new supply and prices are too high, investors can change direction to choose a suitable investment location. 
– Mr. Nguyen Hoang, real estate expert
Not only looking for customers, some investors have decided to "go North" to develop projects. Five Star International Group said that the company decided to change its business plan and has carried out procedures to apply for a license and build a project in Nam Dinh City. With this project, Five Star will develop a product line of townhouses and villas. Mr. Phung Quang Hai, General Director of Five Star, said that legal procedures are gradually being completed and the company can open the project for sale in early 2025.
Similarly, Hung Thinh Corporation recently announced the opening of the Hanoi Melody apartment project in Linh Dam. The project has an area of 3.28 hectares, including 4 apartment blocks of 29 floors, with a total of 1,857 apartments.
Previously, Nam Long Group also marked its presence in the Northern market with the Nam Long Hai Phong Project located in VSIP Hai Phong Urban Area, covering an area of 21 hectares, with a construction scale of 850 villas, shophouses, townhouses and 2,200 apartments. Nam Long said that in addition to introducing products in Hai Phong, the Group also introduced to customers in the North the company's product lines built in the Southern provinces.
Customer search
In fact, this is not the first time that Southern businesses have gone to the North to find customers. Previously, many businesses had done this, but it was not really effective.
For example, in 2018, Van Phuc Group went to the North to organize seminars to introduce townhouses and villas at the Van Phuc City Project (Thu Duc City, Ho Chi Minh City), however, the results were not very positive. Novaland Group also opened a real estate trading floor in Hanoi in 2019 to introduce projects that this enterprise developed in the South.
According to Mr. Nguyen Hoang, an independent real estate expert, the wave of moving north to find customers that real estate businesses are promoting during this period stems from the fact that the northern market is "heating up", and projects in this area are sought after and sought after by investors.
“Customers in the North in general and Hanoi in particular are very practical, their main need is investment. At this time, the Hanoi market is lacking new supply and prices are too high, investors can change direction to choose a suitable investment location. The Southern market is always the destination of individual investors, however, access to information about projects in the South for Northern investors is relatively limited. Therefore, it is understandable that Southern businesses decide to go North to attract customers, especially when the Southern market is lacking customers,” Mr. Hoang analyzed.
In addition, Mr. Hoang noted that the real estate investment culture of the two regions has certain differences, so real estate businesses in the South should carefully study the investment culture of customers in the North to improve efficiency.
From his experience in business, Mr. Vo Hong Thang, Director of Real Estate Market Research Division of DKRA Group, shared that in fact, over the past years, the number of Northern investors coming to the South to buy real estate often accounts for a large proportion of projects opened for sale. Therefore, at the present time, the fact that Southern real estate businesses continue to go to the North to find customers is a reasonable strategy.
However, to improve the effectiveness of the Northward expansion, Mr. Thang said that businesses need to change their sales structure, investment policies and product lines. Because after 2022 and 2023, many Northern investors are still "stuck" with real estate investments in the South, most of which are resort products, townhouses, and villas in large projects.
Therefore, to win over customers and investors in the North, businesses need to take specific actions to regain their trust.
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