Mid-range segment dominates Hanoi’s property market, plus other updates

For PropertyGuru’s real estate news roundup, the mid-range segment of Hanoi’s property market accounts for 98 percent of the total supply of apartments in Vietnam’s capital. In other headlines, the Philippines’ House of Representatives approved the improved socialised housing bill. Lastly, AirTrunk has opened JHB1, a 150-megawatt (MW) data centre, in Malaysia.

Hanoi’s real estate market: Mid-range segment dominates with 98 percent share

The mid-range segment accounts for 98 percent of the total supply of apartments in Hanoi, while the high-end segment constitutes a mere 2 percent, CEO of Indochina Capital Michael Paul Piro told a press briefing in Hanoi on 23rd September.

Piro highlighted the positive trend in the real estate market since the start of the year, with the apartment segment showing the strongest recovery following the prolonged impacts of the COVID-19 pandemic. Searches and transactions for apartments have surged, with quarterly sales showing remarkable improvement, according to the VietnamPlus bulletin.

Over the past two quarters, Hanoi’s real estate market recorded 10,400 apartment transactions, an impressive 101 percent year-on-year increase, surpassing the total number of transactions for 2023. However, external factors, including demographic shifts and limited supply, are pushing apartment prices to new heights. Demand remains concentrated in the mid-range to high-end segments, particularly in integrated urban areas in the eastern and western regions of the city.

The Philippines’ improved socialised housing bill gets final House nod

The Philippines’ House of Representatives on 10th September approved on the third and final reading a measure seeking to improve the delivery of socialised housing programs. With 178 affirmative votes, 3 negative votes, and no abstention, the chamber passed House Bill 10772, which seeks to amend Sections 10, 18, and 20 of Republic Act 7279 or the Urban Development and Housing Act.

The bill aims to provide decent and affordable housing to underprivileged and homeless citizens in urban centres and resettlement areas.

Quezon City Rep. Ma. Victoria Co-Pilar said the proposal would focus on the equitable distribution of housing opportunities in the country. “Housing is an essential component of human well-being, a necessity that provides not only physical shelter but also a sense of security, stability, and community. Access to adequate and affordable housing is a fundamental human right and is considered an important indicator of a country’s social and economic development as one of the factors that dictate the quality of life of a citizen,” Co-Pilar said in PNA.

AirTrunk opens new data centre in Malaysia

Asia Pacific & Japan (APJ) hyperscale data centre player, AirTrunk has opened a 150-megawatt (MW) data centre – JHB1 – in Malaysia. The initial phases of JHB1 will provide over 50 MW of capacity for technology customers, particularly in the cloud computing sector. It is located in Johor Bahru at the southern tip of the Malay Peninsula.

The data centre offers domestic and international connections to regional technology hubs including neighbouring Singapore, with an end-to-end cross-border connection strategy. AirTrunk’s head of Malaysia, Pei Jet Lim said in iTnews Asia that the new data centre supports the growth of cloud and AI in Malaysia and aligns with the MADANI Government’s initiative to establish AI hubs in the country.

The Property Report editors wrote this article. For more information, email: [email protected].