Volatile market period
The Ministry of Construction's report on the real estate market situation in the first 6 months of 2023 shows that, compared to the last 6 months of 2022, the number of newly licensed commercial housing projects was only 29.41%; the number of successful transactions was only 36.13%... Previously, since the beginning of 2021, the market has fluctuated strongly, the number of products launched on the market was also very small, and transactions were slow.
The long-term sluggish market has also caused many difficulties for real estate businesses. Many units lack capital, have to delay progress, stop project implementation, and cut labor. Many real estate businesses have had to withdraw from the market. The stagnant transactions have forced many real estate trading floors to close.
Ms. Nguyen Thi Lien Dung - Chairwoman of Titan Group's Board of Directors said that the period of 2020-2023 is a difficult time for real estate businesses due to lack of capital, legal difficulties, not to mention fluctuations of the epidemic and the impact of the economy. In the Hanoi market, apartment projects in the inner city will continue to have a shortage of supply in the next 2 years. Only a few projects in neighboring and suburban areas are able to launch due to full legal documents and large investor capital. "Currently, most transactions in the market come from real housing needs. Therefore, only projects that meet the needs of customers have liquidity," said Ms. Dung.
Bright spot in the market
Experts also assessed that most of the investors who are still “surviving” and developing in the market are those with long-term vision, correctness, and methodical planning, so they still have the ability to liquidate and expand the market. In particular, Ecopark has become a bright spot in the entire Northern market as well as the whole country when it quickly built and handed over many projects in just 2-3 years of construction.
In 2020, while the Covid-19 epidemic was complicated, some real estate businesses activated "hibernation" mode, but Ecopark launched a series of unique products to the market. First of all, the 41-storey Sky Oasis twin tower with more than 1,200 luxury apartments. The Sky Oasis apartment complex impressed residents when living there because it invested in a series of high-class utilities with a 2.5 km long shopping - culinary - entertainment - check-in walking street; water music square; resort-style swimming pool of nearly 400m2 on the third floor and infinity pool connecting the two buildings on the 41st floor.
Just a few months later, Ecopark continued to launch two Vertical Forest towers called Sol Forest - where apartment balconies are designed to create space for trees to grow. More than 400 rooftop gardens were built, meeting the people's need to own green spaces close to nature.
In 2021-2022, Haven Park, Thuy Tien, and Swanlake Residences towers continue to impress with their home resort style and 5-star hotel standard amenities.
Analyzing the success of Ecopark when the market fluctuates, Ms. Lien Dung said that Ecopark has done something rare in the market. In just the last 3 years, Ecopark has sold 16 apartment buildings, not to mention various low-rise segments. The total amount of goods that Ecopark successfully sold to end consumers in the past 3 years is equal to the total amount of goods sold in nearly 10 years. Although the products are constantly springing up, creating bustling areas, they are still works in the middle of nature, nestled in nature, creating a difference from all other real estate products," the leader of Titan Group emphasized.
According to Ms. Lien Dung, this success comes from Ecopark's unique product development mindset. Products that are oriented towards nature, making life safe and civilized are welcomed by many customers, because Ecopark housing is now the dream of many families. Ecopark has succeeded in building a friendly community, forming an Eco lifestyle and Eco culture. Products with this core value help customers feel that they want to own them.
Ecopark is also the first real estate developer to develop apartments with garden balconies, bringing gardens up into the air. Later, some investors also followed this direction but did not make a strong impression like the investor with a 20-year history of developing green real estate, winning the award "World's Most Beautiful Landscape Urban Area", "Best Sustainable Housing Development Project in Asia 2022"; "Asia-Pacific's Leading Complex Urban Area 2020" and 50 other domestic and international awards.
2023 is also the year that Ecopark expands the model of apartments with sky gardens to other provinces and cities. Accordingly, at the Central Park Residences tower of the Eco Central Park mega-project (nearly 200 hectares, in Vinh City, Nghe An), with 620 apartments, nearly 90% of the apartments have their own gardens with a total garden area of up to 9,000 m2 .
The most valuable point of Central Park Residences is not only in bringing the garden to the sky, setting a new record for green towers in the world, but also in the valuable, emotional view. In Nghe An, Central Park Residences is the first and only project with a valuable view of Lam River and the higher you go, the clearer the sea view. This valuable, even eternal view helps the high-rise villa become more valuable the longer you live there, elevating the owner's status.
Central Park Residences also owns a 5-star utility system that appears for the first time in Vinh city such as: infinity pool, modern FaceID, standard parking lot, 3,000m2 square, the largest shopping center in Vinh city,... When completed, the project is expected to become a new living symbol for people in the Central region.
Most recently, after a rigorous 9-step voting and evaluation process of the “Worth Living Project” award, organized by the Vietnam Federation of Commerce and Industry (VCCI), Central Park Residences won the awards for “Outstanding Infrastructure Design Project 2023” and “Potential Worth Living Project 2023”. At the same time, the founder of Ecopark was also honored as the Developer of Worth Living Project 2023.
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