Berjaya’s Hanoi Garden City fails to attract residents

April 28, 2016 | 22:01
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Malaysian real estate developer Berjaya’s Hanoi Garden City does not seem to attract home-buyers.

As of now, the project’s infrastructure is finished. The high rise apartment complex is basically finished as well, but only a few apartments are being used. It is the same with low rise villas that standing mostly empty.

Compared to Gamuda City in Hoang Mai district of Hanoi, also developed by a Malaysian developer—Gamuda Land of Gamuda Berhad, business seems sluggish at Hanoi Garden City.

Gamuda Land launched the sale of its units in 2011 and 2015 to take advantage of the buying waves in the market. It also offered promotions for buyers after sale. Meanwhile, Berjaya does not seem to be doing anything to boost sales at Hanoi Garden City.

Vietnamese developers’ nearby projects in Long Bien district also look a lot more exciting. At Vinhomes Riverside and Ecopark, one can see residents buzzing left and right.

Hanoi Garden City, meanwhile, looks abandoned. The shops are lying deserted against one another and the 11-floor apartment complex is surrounded by a concrete wall. Moreover, the project is located in the northeast of the city, along Hanoi-Haiphong expressway, and far removed from anything else, making very few people want to move there.

32-hectare Hanoi Garden City was developed by Berjaya–Handico12 (BH12) Ltd., an 80:20 joint venture between Berjaya Leisure Ltd.—a subsidiary of Berjaya Land Berhad—and Hanoi Housing Development and Investment Corporation 12 (Handico 12). Hanoi Garden City’s construction started in 2009. It has an after-construction value of $500 million.

The project includes the Garden Villas, with an area between 144 and 270 square metres for each land plot and three floors for each villa, and the 11-floor Canal Park apartment complex with an area of 5,777sq.m, a building density of 40 per cent, and each apartment having between 86 and 227sq.m.

Berjaya joined in the development of many big projects in Vietnam, including Sheraton Hanoi Hotel, InterContinental Hanoi Westlake, Long Beach Resort in Phu Quoc island, and Bien Hoa City Square in the southern province of Dong Nai.

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By By Ha Quang

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