Property

The Carlton is now available for sale in Hong Kong

What kind of property can HK$1 million get you? Overseas investments could perhaps be an option. Malaysian developer GAMUDA LAND has launched the final building from its project The Zen Residence in Hanoi, Vietnam. Known as The Carlton, this last building consists of 288 one- to three-bedroom units, ranging from 568 to 2,384 square foot. There are also a number of four-bedroom duplex units.


The Carlton Hanoi Vietnam

According to the managing director of Golden Emperor Thailand, the group in charge of property sales, Chan Cheuk Ming, The Carlton’s one-bedroom units had starting prices of approximately HK$1 million. The project is still off-plan, with an estimated completion date of March 2020 and an expected return rate of 7%. Chan further posits that premium properties in Hanoi’s city centre are fetching an average of HK$1,300 to HK$1,500 per square foot.


The Carlton Vietnam interior

The Carlton is one block within Gamuda City, Hanoi’s first large scale comprehensive residential project by GAMUDA LAND. Gamuda City is comparable to Hong Kong’s own Taikoo Shing, except it is Taikoo’s size multiplied several times over, with residential and commercial units, a hotel, retail locations, several international schools, and leisure facilities aplenty. The Zen Residence is situated within Hanoi’s up and coming developing area, near the Third Ring Road linking towards the Bac Ninh industrial area, traditional business district Hồ Gươm, and the new CBD Nam Từ Liêm.


The Carlton Vietnam pool view

Things to look out for when investing in Vietnamese properties:

・Properties should come with property certification, known as the Pink Book.

・Foreigners are entitled to 50 years’ leasing rights, extendable thereafter.

・The foreign owner ratio for each development cannot exceed 30%.

・Confirmor sales are within buyers’ rights, with tax costing 2% of the down payment.

・Be aware of risks involved with currency exchange rates.