Not exactly hotcakes: Hanoi’s unsold inventory property projects

This year marks an outbreak of liquidity in the apartment market, pushing apartment prices high up, bleakly pointing out the scarcity of apartments. However, in reality, investors are still putting on sale a series of finished and soon-to-be-finished projects. These projects include the Ho Guom Plaza, Hyundai Hillstate, SME Hoang Gia and Mulbery Lane, all located at prime positions in Ha Dong district.

Hyundai Hillstate

The construction of the $200 million Hyundai Hillstate residential and commercial centre project has been finished for several years but ten per cent of the 928 apartments remain unsold to date.

Having been completed and put to use for several years, the Hyundai Hillstate project’s apartments are still waiting on sale.

Mulbery Lane

The project’s construction was commenced in September 2009 and was completed in 2014. However, to date, the entirety of the Crow building awaits residents.

All apartments of the Crow building of the Mulbery Lane project are ownerless.

Ho Guom Plaza

According to home-owners at the project, the investor started to sell apartments in 2014 and put in use a supermarket and several restaurants simultaneously. However, several soon-to-be-finished inventory apartments are still ownerless.

A large number of Ho Guom Plaza’s inventory apartments are unmarketable.

SME Hoang Gia

The investor has not been able to sell all of its apartments due to the delay in construction. The construction was started in July 2009 and was expected to be completed in the second quarter of 2013. After several repeatedly broken promises, the investor ultimately committed to transferring the apartments in the first quarter of 2015. However, as of now, the project has been, once again, delayed.

The SME Hoang Gia project continues to be incomplete.