One million dollars is a quite huge fund for a real estate product. For people of the upper class however, a house is not only a place to live but also an asset that speaks out one’s class and social position.
Booming demand for million-dollar apartments
As part of the “Meta luxury” era, new generations of ultra-luxury apartments have mushroomed around the world to please the moneyed, politicians, businessmen and celebrities. For them, a super classy apartment is not only a mean to satisfy the needs for enjoyment, but also a metric of one’s position and personal value.
That is why in New York – a world’s financial and economic center, many of the world’s top high-net worth people choose to live in dozen million-dollars apartments in renown residences such as 740 Park Avenue, 834 Fifth Avenue and 432 Park Avenue apartment complex. London also recorded a series of billionaires owning properties in the world’s most expensive apartment building One Hyde Park.
We have recently witnessed a race of billionaires who flocked to the super-luxury Porsche Design Tower on the Miami coast, Florida to own one-of-a-kind apartments that have private specially designed elevators to load cars up to each room. It can be seen that million-dollar apartments is a growing trend and ever swelling demand of the upper class worldwide. Vietnam is no exception to such trend as the cultured class have developed interest in city central million-dollar apartments.
However, Vietnam is seeing a mismatch in the ultra-luxury real estate segment. While the robust growth of upper and middle classes swells the demand for million-dollar apartments, the market is in great shortfall of supply, especially in Hanoi.
It is practically observed that just a few investors in Vietnam dare to pour money in this picky real estate segment. The reason is that million-dollar apartment projects require not only a vision, but also a mindfulness. Beside a strong financial potential, the investor must ensure the design sophistication and admit that a project might take a lot longer to be completed, even 3-4 times longer than the completion time of ordinary works. As such, our market is very short of million-dollar apartment projects.
D’. Palais Louis – a timeless masterpiece
Tan Hoang Minh Group is one of the very few enterprises that embark on ultra-luxury real estate development.
Tan Hoang Minh’s journey to realize its dream of bringing new-generation ultra-luxury apartments to Vietnamese elite people is a thorny and historic adventure. Nevertheless, as Tan Hoang Minh’s Chairman Do Anh Dung once said, “the more thorny our pathway is, the stronger we step forward”. And Tan Hoang Minh touched the trophy at the end of such thorny pathway when the French royal style apartment D’. Palais Louis was officially opened in 2019.
D’. Palais Louis is perhaps by far a rare real estate project that took nearly a decade to construct and complete. Every tiny detail of the project is handled personally by Mr. Do Anh Dung – Chairman of Tan Hoang Minh Group, from the selection of raw materials to construction supervision. D’s Palais Louis meticulousness and elaboration was proven from the design stage. Particularly, only the design and drawing completion took nearly a year.
Just the cladding of faceted stones for an antique appearance took 4 years from 2014 to 2018, since each stone tile is roughened at high fire heat. Interior finishing of the apartments also took a tremendous amount of time. For the finishing of the first 12 apartments, Tan Hoang Minh’s Chairman Do Anh Dung and 20 staffs of the Group toured around Italy for a month through 6 cities and 7 factories before picking up just more than 10 interior products that fit the project’s design. After that, Mr. Dung decided to hire the Italian contractors and workers to complete the project. The total construction time of 12 apartments was nearly 2 years.
Little do we that even big men in Vietnam’s real estate market have to embark on their projects while mobilizing capital from customers. This is not the case for Tan Hoang Minh, as during 10 years of D’. Palais Louis implementation, the Group never sold any apartments to take fund from the customers to cover the project.
Tan Hoang Minh used its own financial resources to complete the whole project before listing it. In the past, those living in Manhattan could consider owning a duplex apartment in this 1930’s residence as their pinnacle of success; then today in Vietnam, ownership of an apartment in D’. Palais Louis is the metric of one’s position and personal value. In the middle of this “Meta luxury” era, ultra-luxury apartments like D’ Palais Louis have won the heart of Vietnamese upper class.
After 10 years of construction, D’. Palais Louis now stands out as a magnificent palace in the heart of Hanoi, an evidence to the passion for arts and vigorous financial potential of Tan Hoang Minh Group. Mr. Do Anh Dung and the Group have received the titles of real estate Excellent Entrepreneur and Excellent Enterprise 2019 under Asia Pacific Entrepreneurship Award (APEA). These accolades were paid off by the relentless efforts and burning desire for classy real estate projects that are worthy to the reputation of Chairman Do Anh Dung.