Vietnamese real estate developer the Novaland Group has appointed Savills Vietnam as an official sales agent for The Grand Manhattan complex in Ho Chi Minh City’s District 1; the first cooperative arrangement between the two companies.
The Grand Manhattan is a complex of service and commercial areas and residential apartments. Located in the city’s CBD, the project offers excellent connectivity to other districts. With a lack of available land and government decisions to not allow any new residential projects in District 1 and 3 until 2020, the project will benefit from strong demand among buyers looking to own in core areas of the city.
Novaland is one of Vietnam’s leading residential developers in terms of market share. With over 25,000 units sold since 2009, it has a strong reputation in the marketplace and the largest land bank for upcoming projects in Ho Chi Minh City. Notable projects include Madison, Saigon Royal, and Sunrise City View.
With the limited land bank in District 1 as well as the change in Ho Chi Minh City’s downtown planning to 2020, supply of apartments in the area is scarce. With demand for high-end apartments on the rise in the center of Vietnam’s major cities as well as in Southeast Asia, especially in Ho Chi Minh City, the appearance of The Grand Manhattan has attracted major attention in the domestic and international real estate market.
“Our team is excited about being involved in one of the most significant residential projects in the CBD,” said Ms. Sunny Hoang, Associate Director of International Residential Sales at Savills Ho Chi Minh City. “We are confident that our investors will respond well to the location and world-class amenities. Savills Vietnam will provide the best consultancy to both Vietnamese and international buyers who are interested in this project.”