The Grade A apartment segment was muted due to the pandemic In a talk with VIR, Hang Do Thi Thu, senior director of Advisory Services in Hanoi at Savills Vietnam said that the Grade A segment was completedly vacant during 2020. In the second half of the year, the new supply of approximately 5,500 units from 10 launches and new phases of eight existing projects was up 79 per cent on-quarter but down 59 per cent on-year. The primary supply of 27,100 units was up 1 per cent on-quarter, but down 19 per cent on-year. Pent-up demand has supported performance. Total sales of nearly 6,700 units were up 27 per cent on-quarter with an average absorption of 25 per cent. Performance improved in grades B and C. The annual performance affected by the pandemic saw sales decreasing 43 per cent on-year to their lowest in five years. Grade B with 64 per cent of sales remained the lead performer. “Grade A sales has been decreasing consecutively since 2017 and was the worst-hit segment by the pandemic in 2020,” said Hang. Of this, a lot of high-end apartment projects of giant developers like Tan Hoang Minh Group, Sunshine Group, Sun Group, and Hateco… Read full this story
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