Highly professional southern real estate firms are heading north,attracted by the residential property market in Hanoi where demandexceeded supply, said Nguyen Tran Nam, Deputy Minister ofConstruction.
Nam said the real estate marketin Hanoi has an unsatisfied demand for apartments and houses, madeworse by the fact 800 apartment and house projects have been placed onhold until the capital's 10-year urban development plan is completed.
Southern trademark real estate firms see greatpotential in Hanoi where similar brands were lacking and real estateprojects being developed by companies that were former State-ownedenterprises.
Marketing and sales activities in the real estate market are not strong in Hanoi, he said.
One of those heading north is the Green Land Group, which has launchedits Northern Green Land Real Estate and Service Joint Stock Company inHanoi.
"Property enterprises in Hanoi haveignored the property segment for low-income people," said Luong TriThin, Green Land Group general director.
Theexpansion of Hanoi in 2008 brought many opportunities for developingurban projects, Thin said, adding however, there are many differences indevelopment and the business culture between Hanoi and HCM Citythat had to be overcome.
Customers in the north arenot so open-minded, which makes contact with them difficult andrequires a period of education and the use of the local workforce.
Nguyen Do Viet, deputy director of the Song Da Thang Long Joint StockCompany, said the answer to that problem is for southern companies tocooperate with northern partners, initially.
"Theexperiences of northern firms would be useful," Viet said "Meanwhile,the northern firms will have to improve their operations and businessmethods to compete against southern rivals which have professionaloperations," Viet said.
Another firm to see the potential in the north was the HimLam Land Trading Corporation.
The HimLam Land Real Estate Trading Floor in Hanoi opened in May andsold around 20 apartments in the company's Him Lam Riverside residentapartment project, said Nguyen Ngoc Thuy, HimLam Land generaldirector.
Marc Townsend, CB Richard Ellis CompanyLtd managing director, said foreign investors who went to HCM Cityfirst would move investment to Hanoi .
Hanoi has potential and is a good investment opportunity for foreign investors, Townsend said./.
Nam said the real estate marketin Hanoi has an unsatisfied demand for apartments and houses, madeworse by the fact 800 apartment and house projects have been placed onhold until the capital's 10-year urban development plan is completed.
Southern trademark real estate firms see greatpotential in Hanoi where similar brands were lacking and real estateprojects being developed by companies that were former State-ownedenterprises.
Marketing and sales activities in the real estate market are not strong in Hanoi, he said.
One of those heading north is the Green Land Group, which has launchedits Northern Green Land Real Estate and Service Joint Stock Company inHanoi.
"Property enterprises in Hanoi haveignored the property segment for low-income people," said Luong TriThin, Green Land Group general director.
Theexpansion of Hanoi in 2008 brought many opportunities for developingurban projects, Thin said, adding however, there are many differences indevelopment and the business culture between Hanoi and HCM Citythat had to be overcome.
Customers in the north arenot so open-minded, which makes contact with them difficult andrequires a period of education and the use of the local workforce.
Nguyen Do Viet, deputy director of the Song Da Thang Long Joint StockCompany, said the answer to that problem is for southern companies tocooperate with northern partners, initially.
"Theexperiences of northern firms would be useful," Viet said "Meanwhile,the northern firms will have to improve their operations and businessmethods to compete against southern rivals which have professionaloperations," Viet said.
Another firm to see the potential in the north was the HimLam Land Trading Corporation.
The HimLam Land Real Estate Trading Floor in Hanoi opened in May andsold around 20 apartments in the company's Him Lam Riverside residentapartment project, said Nguyen Ngoc Thuy, HimLam Land generaldirector.
Marc Townsend, CB Richard Ellis CompanyLtd managing director, said foreign investors who went to HCM Cityfirst would move investment to Hanoi .
Hanoi has potential and is a good investment opportunity for foreign investors, Townsend said./.
