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Luxury flats with swimming pools on every BALCONY costing up to £2m are unveiled in Vietnam - one of the fastest-growing property markets

  • The luxury overseas apartments are called Serenity Sky Villas
  • They are scheduled to be completed at the end of this year
  • MailOnline Property's Myra Butterworth was given a private showroom tour
  • All except two of the 45 apartments have a balcony with a small swimming pool
  • The penthouses at the development in Vietnam cost £2million 

A new development of luxury apartments costing up to £2million are set to go on sale in one of the world's fastest growing property markets – Vietnam.

The luxury homes are interior designed throughout, with walk-in wardrobes, designer lighting and private lifts.

But perhaps the real star of the show at the block of flats is actually outside, with all but two of the 45 apartments having a balcony with a private swimming pool on it.

MailOnline Property's Myra Butterworth was given a private tour of a showroom for the luxury block of flats, which has a small swimming pool on each balcony

MailOnline Property's Myra Butterworth was given a private tour of a showroom for the luxury block of flats, which has a small swimming pool on each balcony

There are 45 flats spread across 18 levels, with all (except two one-bedroom flats) having a small swimming pool on the balcony

There are 45 flats spread across 18 levels, with all (except two one-bedroom flats) having a small swimming pool on the balcony

Each of the luxury apartments includes a swimming pool on the balcony overlooking the city

Each of the luxury apartments includes a swimming pool on the balcony overlooking the city

The apartments called Serenity Sky Villas are in District Three of Ho Chi Minh City in the south of the country.

They range in size from a one-bedroom flat costing around £260,000 to a four-bedroom option costing £1million and penthouses priced at £2million, with the sales being handled by estate agents Savills.

MailOnline Property was given a private tour of a duplex showroom, with the development scheduled to be completed by the end of this year.

The apartments come with floor to ceiling glass windows, open-plan living areas with designer kitchens, and electronic systems that control everything from the lighting to curtain blinds.

Some of the apartments have private lifts and there are emergency exit staircases.

The light and spacious Serenity Sky Villa showroom reflects the light and spacious interiors

The light and spacious Serenity Sky Villa showroom reflects the light and spacious interiors

The designer kitchen includes a wine fridge, dark surfaces and a double sink area

The designer kitchen includes a wine fridge, dark surfaces and a double sink area

The duplex showroom has a dark wood staircase leading up to the first floor bedroom 

The duplex showroom has a dark wood staircase leading up to the first floor bedroom 

The spacious double bedroom has an en suite bathroom and large walk-in wardrobe

The spacious double bedroom has an en suite bathroom and large walk-in wardrobe

The large walk-in wardrobe has enough space for 'his' and 'hers' dressing areas

The large walk-in wardrobe has enough space for 'his' and 'hers' dressing areas

Foreign investment in properties in this part of the world is rising following a change in regulations less than three years ago.

Until the change in the laws in 2015, foreign investors had to be living in Vietnam to buy property in the country – and even then they could only buy on a long lease. They could not buy a property in Vietnam for investment purposes.

Not only can foreigners now buy in the country without living there, but they now also have the right to obtain a title deed, meaning there is a legal document proving ownership.

Savills explains that this ownership certificate is known as the 'pink book' in Vietnam.

In essence, the estate agent explained that the Housing Law 2015 makes the process for foreigners buying property more official and 'above board'.

Vietnam is seeing rapid growth amid low wages and a change in the property laws for foreign investors

Vietnam is seeing rapid growth amid low wages and a change in the property laws for foreign investors

Other projects: It seems that everywhere you turn in Vietnam's Ho Chi Minh City, there is building work taking place, with this Savills-managed property called Riveria Point proving a popular choice in District Seven

Other projects: It seems that everywhere you turn in Vietnam's Ho Chi Minh City, there is building work taking place, with this Savills-managed property called Riveria Point proving a popular choice in District Seven

Savills has outlined the differences for foreigners buying property following the change in law almost three years ago

Savills has outlined the differences for foreigners buying property following the change in law almost three years ago

However, there are still restrictions for foreign buyers as they can only lease and own a maximum of 30 per cent of an apartment building, or up to a maximum of 250 villas or townhouses. The purchases are also only a 50-year lease.

Savills explains that after the 50-year lease expires, there is an option to extend it. However, this is subject to the Government's approval and the cost is not yet stipulated.

To this extent, buying in Vietnam remains high risk for foreigners and so it is perhaps no surprise that the flats at Serenity Sky Villas have so far only been bought by cash buyers.

With the higher risk comes potentially higher returns, with Savills claiming the development could offer a rental yield of around 4.1 per cent.

Shelley Nguyen, international residential sales manager at Savills Vietnam, said: 'With robust economic growth in Vietnam for the past several years, foreigners are finally diving into the real estate market. 

'Since the law change allowing for foreign ownership, foreigners are buying into the Vietnam story, taking advantage of the lower prices when compared to the rest of Asia, and are rapidly deploying capital for investments into the region. It is one of the world's most exciting and fast growing housing markets.'

RENTAL YIELD CALCULATION ON A ONE-BEDROOM SERENITY SKY VILLA FLAT COSTS:  Purchase price  £259,420  VAT 10% £25,942 Maintenance fund 2% £5,188 Registration fee 0.50% £1,297 Furniture £4,348 TOTAL COST £296,196    RENTAL INCOME   Monthly income £1,159 Rental income £13,913 PIT + VAT 10% -£1,391 Management fee -£519 Net Income £12,003     Net ROI 4.10% Source: Savills (All costs are estimates for illustration only)  

Savills outlines the some of the taxes that foreigners can expect to pay if they buy property in Vietnam

Savills outlines the some of the taxes that foreigners can expect to pay if they buy property in Vietnam

 

Tags Property

ABOUT THE AUTHOR celebrityrave

Journalist, writer and broadcaster, based in London and Paris, her latest book is Touché: A French Woman's Take on the English. Read more articles from Agnes.

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