Halong property feels the heat

Ha Long city

Since 2000, Ha Long city in Quang Ninh province has seen over 130 property projects get off the ground. And now the city’s buzzing property market is luring investors from Hanoi and Ho Chi Minh City, according to PetroVietnam Premier Recreation Joint Stock Company (PVR) general director Nguyen Tuan Anh.

PVR is the developer of a high-end hotel, office and trade centre development in Ha Long city.

Deputy chairman Doan Quoc Huy at BIM Group, the developer of Hung Thanh urban centre project in the city, said a number of factors had helped make the city’s property market vibrant. These included expansion of key roads and the construction of cable-stayed Bai Chay bridge in late 2006.

Huy said the projects had given life to the city’s east and west with high-end residence, office, hotel and trade centre complexes in the pipeline.

Property market insiders in Ha Long said though Hanoi, Ho Chi Minh City and Danang had their risks, Quang Ninh province was a relatively sure bet with constant rises in prices and transaction numbers every year.

Besides, Quang Ninh province is home to Ha Long Bay, a world natural heritage site which could become one of the world’s seven new wonders. This makes it a stunning venue for tourism property developers.

Market surveys in late 2006 reportedly paved the way for the Bayview Towers project idea. The Minh Viet Investment Corporation project is located in Ha Long city’s Hong Ha ward and has total investment capital of VND1.6 trillion ($77.3 million). It takes inspiration from Trong Mai islet on the south-west side of Ha Long Bay.

In addition to Bayview Tower, Ha Long Bay’s charm has made it a destination of choice for a sequence of property developments including Licogi’s 19-storey apartment tower, the Metro Ha Long mega supermarket, PVR’s high-end hotel, office building and trade centre complex and Song Da Urban and Infrastructure Zone Investment and Development Joint Stock Company (Sudico)’s Song Da-Ngoc Vung urban centre.