Intense competition awaits in 2018: property experts

Local residents visit a real estate expo in Hanoi. (Photo; baomo​i)
Following a successful 2017, many developers have already announced plans for next year.

Nguyen Dinh Trung, general director of HungThinh Corp, said 2018 plans were discussed and finalised in the middle of the previous year.

He told the Vietnam Investment Review that the plans had acquired dynamism after the company’s 10 mergers and acquisitions in 2017.

The company’s plans include expanding to the north and starting to sell its products in 2018. It opened a representative office in Hanoi this year.

Vietcomreal said it considered 2018 an important year for its business.

According to the Vietnam Investment Review, the company will increase its land holdings by bidding for properties sold by privatised companies, especially in HCM City.

Phat Dat Company will sell units in two apartment projects in District 7 and develop the River City.
Singaporean-owned Keppel Land will develop Palm City and The View.

Talking about the market next year Le Hoang Chau, chairman of the HCM City Real Estate Association, said next year the market would change to balance demand and supply in the various segments, and become stable, he said.

He predicted there would be intensive investment at the low end, where there is plenty of actual demand for housing.

The city is considering converting one third of all agriculture lands into urban lands to use for industry and services and build the smart urban area, he said.

The market would continue to develop next year thanks to foreign investors and overseas Vietnamese, he added.

Economist Can Van Luc said many new companies in property development and trading were incorporated this year.

Many real estate projects are waiting for licences, and so 2018 could be a tough year for the companies in the sector, he said.

Nguyen Nam Hien, general director of HungThinh Land, said next year there would also be intense competition between transaction centres because many new ones were established this year./.

VNA