Stock market set to ignite property prices

Scores of luxury developments are hoping to cash in on the buoyant bourse

BitexcoLand has announced that it would sell the 25 remaining units in the Manor project in Hanoi in early April at prices of $2,500 to $3,000 per square metre, double the price at which units in the project were first offered two years ago.
“We expect to sell out all the remaining units within one or two weeks after they are offered,” said BitexcoLand sales director Le Phuong My Linh.
“The design of these condominiums is very special and they are equipped with high-quality materials and furnishings,” added Linh. “They are suited to the rich who have earned a lot from the booming stock market.”
The condominiums are part of over 500 apartments and villas in the Manor complex that BitexcoLand is completing near the National Convention Centre in Hanoi. All units of 106sqm, 189sqm and 216sqm have been sold at an average price of $1,500 per sqm.
BitexcoLand has already raised prices of units in the Manor by 40 to 50 per cent over the past two years, as it is one of the few luxury condominium projects in the capital city. But buyer demand has continued to grow, Linh said, as many stock market investors have earned enough over the past year to pay for a luxury apartment or villa.
The company has sold 95 per cent of a total of 621 apartments offered in the second phase of the Manor project in Ho Chi Minh City and prices have gone up 20 to 30 per cent over one year.
Linh said buyers were showing increasing interest in the Manor as they could see the quality of interior design and associated services.
“The Manor is designed as a small Paris neighbourhood with French architecture. Along with housing, every Manor project has services such as banking, restaurants, retail and supermarkets,” Linh said.