Drawn by high rental income, a number of real estate companies are entering the full-service apartment business catering to foreigners living here, with intensifying competition raising fears of an oversupply.
Japan's Haseko this month broke ground on an 18-story, 110-unit property in Hanoi's Long Bien district, with completion slated for February 2017.
With golf courses nearby and Hanoi's first Aeon Mall opening this year in the same district, the company aims to attract Japanese customers.
South Korea's Lotte Group in September opened a 65-story building with roughly 250 full-service units in Hanoi in September. Residents are largely Japanese and South Koreans.
Vietnamese real estate developer Vingroup has also set up full-service apartments in a high-rise building adjacent to commercial facilities it operates. Those units typically include a range of services such as ironing and dishwashing as well as amenities like free Japanese television broadcasts.
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