Resort real estate anticipates quick rebound

Hanoi Golden Lake, a top-end hotel project, is slated for launch in the coming months, as the resort real estate market bounces back

Nguyen Huu Duong, chairman of Hoa Binh Group – the developer of the Hanoi Golden Lake top-end gilded luxury hotel project and one of leading construction players in Vietnam – has forked out VND100 million ($4,350) to become one of the first customers having the chance to enjoy the elevated personalised experience at this super project positioned in the heart of the capital.

These days, gilded tiles are being set at the exterior of the project, while the interior is receiving the last touches, travelling swiftly towards completion. The staff belonging to leading US hotel management group Wyndham Hotels & Resorts – the project operator and manager – are busy test-running the services, equipment, and processes to ensure the hotel will operate smoothly after the upcoming launch that is slated to descend in June or July.

“After months of social distancing, we anticipate a wave of holidaymakers in the post-pandemic times, ushering in great opportunities for developers and investors with long vision," said Duong. “Hoa Binh Group is also expediting two grand projects in Quang Nam and Phu Yen provinces to hail this fresh wave.”

Not only Hoa Binh Group, a string of other resort property projects are scheduled to come onto the market right after the COVID-19 pandemic is soothed.

Another leading player, Sun Group, is also preparing to launch a raft of new tourism offerings after the health crisis is over.

Some of its eminent projects are high-end hot spring Yoko Onsen in Cam Pha city, Premier Village Halong Bay resort (Quang Ninh province), a modern sea-crossing cable car system in Cat Ba (Haiphong city), and a new cable car route plus Ravenstone castle at SunWorld Ba Na Hills in Danang city, just to name a few.

Vingroup, a leading local conglomerate, is mulling over plans to launch the VinHoliday-branded three-star hotel lineup that targets the common customer segment and is managed by the world's upscale hotel management groups.

Simultaneously, Vingroup envisages building a theme park chain under the VinWonders brand, each having at least 50ha in area, focusing in major urban and tourism metropoles.

According to a source from major foreign-backed real estate consultancy firm Savills Vietnam, creativity is one of the core factors in a project’s success. Developers of fresh projects must take into account this factor to meet ever-increasing customer demands.

A recent forecast by DKRA Vietnam, a high-profile real estate service provider, shows that in the second quarter of this year, new supply in the resort real estate segment will consist of about 200-300 ocean-facing villas and 600-800 apartment units under condotel projects.

These projects are mostly seen in familiar markets such as Binh Thuan, Khanh Hoa, Phu Quoc, Ba Ria-Vung Tau, or Danang city.

This source of supply is modest compared to several years ago, but in the current pandemic time, it attests to a quick rebound in the resort property segment.

Industry experts assumed that six months after COVID-19 is contained, Vietnam could hail an unprecedented wave of holidaymakers and the resort real estate segment would enter a new era of development.