Hanoi's housing market is expected to offer thousands of luxury apartments from four developments in the urban districts of Dong Da and Tay Ho and Dong Anh and Gia Lam in the suburb in the last quarter of this year.

Rendered image of The Senique Hanoi project. Photo: CapitaLand

CapitaLand recently broke ground on The Senique Hanoi project at Vinhomes Ocean Park in Gia Lam District. This is CapitaLand's third project to be launched in Vietnam this year, following Sycamore in Binh Duong New City and Lumi Hanoi in Nam Tu Liem District.

The 2.1-hectare project, one of three new developments launched in October, has a total investment of nearly VND10.8 trillion (US$428 million) and will offer about 2,150 apartments in three 37-story towers. The developer is currently testing the market with a price of VND68 million (US$2,695) per square meter.

The apartments are expected to be completed and handed over by 2027.

The Vinhomes Global Gate development in Dong Anh District saw the debut of Masterise Homes' Masteri Grand Avenue project on October 14. The developer said that two of the six towers, with a total of about 1,780 units, would be built this year. With preliminary prices currently ranging from VND97 million to VND126 million ($3,844-$4,994) per square meter, it is the most expensive area in the city and more expensive than many upscale buildings in downtown.

On October 8, South Korea's Daewoo E&C broke ground on Starlake Phase 2, a mixed-use development with commercial, office, and high-end residential space in the Tay Ho District.

While detailed information has yet to be released, sources indicate that the project will consist of three towers, including an office building and two 26-story residential towers, along with two basement levels. The total construction area will exceed 83,000 square meters and will house 284 luxury apartments. Sales are expected to start in Q1 to Q2 of 2025, with projected prices starting at VND100 million ($3,963) per square meter.

In the city center, after a long absence of new supply, the luxury apartment project, called The Nelson Private Residences by HD Mon Holdings, has recently been marked in Lang Ha Street, Ba Dinh District. The starting price for the project is $5,490 per square meter. This makes it one of the priciest residential options available in the city's market right now. Apartments in the 27-story tower will have two to three bedrooms and range in size from 80 to 105 square meters.

Hanoi sees highest housing supply in five years

The Nelson Private Residences project. Photo: HD Mon Holdings

According to research firm CBRE, Hanoi's apartment market saw significant new supply in Q3, with nearly 8,230 units launched for sale, almost matching the previous quarter's figures.

In the first nine months of the year, the total new supply of apartments surpassed 19,000 units, exceeding the total supply in 2023. This marks the largest new apartment supply in Hanoi in the past five years, the research firm reported.

The new supply in the quarter came from 11 projects, mainly in large urban developments in the western and eastern parts of the city.

Notably, five projects were launched in the third quarter, mainly in Nam Tu Liem, Tay Ho, and Gia Lam districts, as well as Van Giang District in Hanoi's neighboring province of Hung Yen. Over 75% of the new supply in this quarter consists of high-end apartment projects.

Among them, two projects have reported asking prices between VND50-60 million ($1,981-$2,378) per square meter, while the remaining projects have average primary prices above VND60 million ($2,378) per square meter (excluding VAT and maintenance fees).

In addition, this quarter marks the introduction of a luxury project in Tay Ho District with an average price of VND120-130 million ($4,756-$5,152) per square meter, the firm noted.