An artist’s impression of the D’.Palais de Louis project invested by Tan Hoang Minh Group - Photo: Dinh Dung

Luxury apartments worth tens of billions of Vietnam dong each were put up for sale on Thursday in Hanoi by developers Tan Hoang Minh Group and Hanoi Housing Management and Development Co.

The luxury condo project D’.Palais de Louis located on Nguyen Van Huyen Street in the capital city is modeled after the French architecture of the 17th and 18th centuries under the reign of King Louis XIV. Having a total investment of around VND4 trillion, the 27-floor tower consists of four basements for parking and two floors for commercial services.

In addition to 242 apartments having an area of 121-261 square meters each with ten different interior styles, the tower has two penthouses covering over 1,000 square meters.

With the lowest price of VND100 million per square meter, each apartment of the project is priced at VND13-50 billion, or some US$650,000 to US$2.45 million each. Such high prices are deemed as shocking in the current property market conditions.

Explaining the reason for the sale, Nguyen Ngoc Khoa, deputy general director of Tan Hoang Minh Group, said that the market lacked truly luxury apartment projects.

Several projects after being put into use are redesigned to meet requirements of home buyers while others fail to meet standards as previously pledged by investors, he said.

Besides, investors have now tended to develop projects helping them quickly achieve their profit targets rather than developing ones which meet the market’s demand and customers’ expectations, Khoa said.

Therefore, Tan Hoang Minh Group has invested in D’.Palais de Louis to match the customers’ demand in the potential luxury segment.

The project is scheduled for completion in 2014. Currently, the investor is constructing the third floor after finishing the basements.