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First residential project in Vietnam to offer concierge services by Ascott
Singapore, 10 October 2016 – JLL Singapore is pleased to announce that it has been appointed by leading developer CapitaLand as the sole marketing agent for D1MENSION, a luxury residential tower in Ho Chi Minh City.
This follows CapitaLand's announcement on 23 September on the acquisition of a prime site in District 1 of Ho Chi Minh City, comprising a 17-storey residential tower and a 22-storey serviced residential tower, for US$51.9 million, with estimated project value of US$106 million (approximately S$143 million) when completed in Q1 2018.
The residential tower comprises 102 apartments units for sale across a variety of two-, three- and four-bedroom apartments and penthouse units, with state-of-the-art 'sky facilities' such as the swimming pool, gym and clubhouse with panoramic views of the surroundings.
The project is expected to be launched on 22 October in Singapore. Prices range from US$350,000 to US$500,000 per unit. Located in the bustling District 1, Ho Chi Minh City, Vietnam, D1MENSION is close to amenities such as shopping malls, cinemas, schools, office buildings, restaurants and medical facilities. Connected to the downtown Ho Chi Minh City via the Vo Van Kiet expressway, the development is within a five-minute drive from the Central Business District and also enjoys connectivity to District 7, an established expatriate enclave with first-rate shopping malls and international schools.
Said Mr Chris Fossick, Managing Director for Singapore and Southeast Asia: "We are very pleased that JLL Singapore's first residential agency appointment in Vietnam is by CapitaLand, whom we have had a long and successful partnership with in Singapore and Asia. The outlook for Vietnam and its real estate market is very positive, supported by strong fundamentals such as one of the world's fastest growing economies, with growth of 6 to 6.5 per cent expected over the next three to five years; significant urban population growth over the next decade; and a rapidly growing middle-class population, which is expected to increase by over 130 per cent in the next five years."
Average incomes in Vietnam have increased by about 10 per cent per annum in the last five years while home prices have been stagnant. As a result, the home price to income ratio has fallen from 7.6 years in 2010 to 3.9 years currently. The entry-level apartment price to income ratio of 3.9 years is 30 per cent lower than the average of 5.7 years among other Southeast Asian cities. According to JLL Research, overall apartment prices in Ho Chi Minh City are expected to rise by 5 to 10 per cent per annum in the next three years, supported by strong absorption and affordability levels.
Continued Mr Fossick: "Ho Chi Minh City apartment prices are among the most affordable in the region when compared against local income levels, making the entry point attractive."
Mr Chen Lian Pang, CEO of CapitaLand Vietnam said: "We are excited to unveil D1MENSION, CapitaLand's first luxury boutique development in the vibrant cosmopolitan District 1 of Ho Chi Minh City. Well-served by amenities,D1MENSION is well connected to the Central Business District and the established expatriate enclave of District 7 with its world-class shopping malls and international schools. D1MENSION will be first residential development in Vietnam to offer property management and concierge services by Ascott, the world's largest international serviced residence owner-operator. With this, investors can be assured of sustainable value in the mid to long term. We believe that D1MENSION will appeal to buyers seeking exclusive and luxurious homes at a coveted address in the heart of Ho Chi Minh City. With our previous launched projects in Ho Chi Minh City averaging about 90 per cent sales, we are confident that the limited 102 units at D1MENSION will be equally sought after."
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1. High resolution images of D1MENSION are available in the below links:
2. Please click here to download the report – Ho Chi Minh City: The opportunity lies in building homes
3. Please click here to download the 3Q 2016 Vietnam Property Market Brief
4. Please click here to download the 3Q 2016 Ho Chi Minh City Market Overview
FOR MORE INFORMATION PLEASE CONTACT OUR SALES TEAM
Vanessa Chan, SINGAPORE
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