According to Lao Dong reporter's research, Song Phuong Ecological Service Point Project is invested by Phuong Vien Trading and Service Joint Stock Company. The project has a total area of over 9.5 hectares, located in Dong Sau area (Phuong Vien village, Song Phuong commune, Hoai Duc district, Hanoi).
According to the initial approval, the project was intended to serve tourism and resorts. However, the investor has adjusted the target to build a high-end residential area for sale.
It is known that the investor has adjusted the project's land use function; adjusted the building height; adjusted the project implementation area; and adjusted the population size.
Passing by Phuong Vien villa area (Hoai Duc district, Hanoi), many people feel sorry to see many villas with selling prices of millions of USD in a state of abandonment, with only a few households living there.
Ms. N.T.L (living in Phuong Vien villa area, Hoai Duc district) said that the price of villas in Phuong Vien has recently been advertised at a very high level, about 20-30 billion VND/unfinished house. However, the number of residents moving here to live can be counted on the fingers, there are nearly a dozen households.
"Although the villas are priced at millions of dollars, there are no amenities around them. Many of them have been transferred to new owners but have not been put into use, gradually deteriorating over time, and are overgrown with grass. Living here is quiet, but if my family needs to buy or sell anything, they have to go to Song Phuong market about 2km away," said Ms. N.T.L.
Similarly, Mr. Le Van Cuong (living in Hoai Duc district, Hanoi) said that despite the high selling price, many villas in Phuong Vien have been abandoned for a long time, with grass growing over the shoulders of adults.
According to Mr. Cuong, due to the small population, the living space in this villa area is becoming increasingly gloomy. Many villas worth millions of dollars are abandoned, which is a waste, creating a shabby scene.
Ms. Do Thu Hang - Senior Director of Research and Consulting at Savills Hanoi - said that the villa/townhouse segment showed signs of slow recovery. From the beginning of 2024 until now, the number of transactions in the villa/townhouse segment decreased by 40% quarter-on-quarter, although it increased by 5% year-on-year, reaching 111 units.
Notably, the quarterly absorption rate was only 18%, while new supply had an absorption rate of 48%, down 15 percentage points quarter-on-quarter and 3 percentage points year-on-year.
The majority of primary transactions were recorded in Ha Dong district with 61%, thanks to infrastructure projects nearing completion such as Le Quang Dao street, expected to be operational in the fourth quarter of 2024. Hoang Mai district and Thuong Tin district followed with 14% and 9% respectively...
