- Real Estate: combining commercial and residential development; zoned for commercial and residential use.
- designed for diverse functions.
The Savills Blog
Mixed-use developments in Vietnam’s metropolitan centres are increasingly prevalent.
From residential districts to the central business district (CBD)
a multitude of mixed applications have appeared, especially within the past five years. They are tailored, without a pre-set mould, to best suite the environment in which they are placed. Traditional combinations vary, comprising high-rise residential, low-rise residential, serviced residences, retail and office space.
This article will focus on residential centric mixed-use developments, which no matter the component combination, should minimally meet three key criteria:
Mixed-use developments started off small, perhaps as just a retail podium at the base of a residential building. However, much has changed in Vietnam. Recent mixed-use residential developments have evolved to comprise office, hotel, retail, serviced apartment, school and even hospital components.
Certain new generation mixed-use residential projects can be said to contain what are colloquially referenced as cradle-to-grave facilities. Such projects offer everything required for a balanced life in one location.
Most stunningly is the evolution of the retail podium. What started off as a motley of retail and F&B across 500 m2 net leasable area (NLA), can now moonlights as a full shopping centre with over 70,000 m2 NLA! These “shopping centres” serve to meet all daily requirements, offering such staples as F&B, fashion & accessories, spa & wellness, a movie theatre, a full supermarket, a gym, and moving forward, such extravagances as a snow covered winter wonderland. Ultimately, the objective of a mixed-use building or complex is to create undeniable convenience.
If the goal of a mixed-use building is to provide an all-in-one living environment, space for recreation and activities must not be forgotten. While less emphasised in the past, developers have begun to realise that public space is integral to a sustainable community and increases a project’s success from day one. Such elements include green landscaping, water elements, parks, walking paths and general community areas.
In big cities such as Hanoi and Ho Chi Minh City – where green space and space in general is sparse, a quiet place to relax is the ultimate value-add. New mixed-use developments such as Times City and Ecopark (Hanoi), and Vinhomes Central Park and Diamond Island (HCMC) were designed and built with developer commitment to provide the perfect retreat from the routine urban hustle.
One of the greatest values of a mixed-use development is the living environment – a preeminent community with a host of facilities: big pool, tennis and badminton courts, playgrounds, gym, day care/ primary school, 24- hour security and international management. The list goes on but what is most important is meeting the needs of all generations from entertainment to healthcare.
These factors help to maximize the living standard and lifestyle of a civilized and modern community. A notable example of its time is the 400 hectare New Hoi An City by HB Corporation. In lieu of attempting to factor in as many residential properties as possible, the developer chose to reserve 20,000 m2 for facilities such as shopping mall, F&B outlets, entertainment and spa to meet residents’ lifestyle demands.
With all the mentioned benefits, mixed-use developments have become favoured by younger generations and expats whose time is valuable and ever in demand. Inherently, favour has not just been limited to end-users but also investors.