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Home English News Property sector coming back to life

Property sector coming back to life

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Lower lending rates and a loosened valve for property credit are thawing out property projects.

The second phase of 264 hectare state-of-the art urban complex Splendora in Hanoi’s Hoai Duc district recently underscores the trend.

“We are committed to ensuring progress as well as construction quality up to expectations about the urban complex. Our company is luring retailers to come on board for a perfect environment to prospective customers,” said Lee Hyun Seok, general director of project developer An Khanh.

In the southern area, the developer of another ‘landmark’ project Phu My Hung put on sale 20 castle-style villas and 24 terraced housings as part of its South Saigon urban complex. Each villa and terraced housing costs from VND20 billion to VND70 billion ($950,000-$3.3 million) with luxurious interiors.

Many developers of smaller properties rolled out their products in late May and early June 2012.

For instance, Ha Tay Trading placed The Sun Garden apartment units in Hanoi’s Ha Dong district on sale. The project, costing VND450 billion ($14.4 million), is slated to begin construction in 2012’s second quarter and hand over apartments to customers in third quarter 2013.

Tuan Chau Group and Jen Capital, subsidiary of the Hong Kong’s Chiaphua Group, launched the northern Tuan Chau based-Caye Sereno Resort project.

The project covers 3.3ha with 18 oceanfront villas. Its total investment capital comes to VND1,000 billion ($47.6 million) and its targeted customers are successful Vietnamese businesspeople.

In south-central Khanh Hoa province, Ha Quang Land put the Venesia Onsen Villas part of its 150ha integrated resort-urban complex Venesia Nha Trang on sale for customers who are offered a long-term payment of 18-24 months along with a discount up to 14.5 per cent for first customers.

In Ho Chi Minh City, Novaland rolled out 100 first apartments under a high-rise development Tropic Garden in District 2. The project consists of five, 27-storey towers with 1,008 apartments.

For completed apartments, the price is pegged at VND27 million ($1,280) per square metre, sliding to VND22 million ($1,040) per square metre for unfinished apartments.

“Up to 90 apartments found customers after a week on sale, a positive sign after a long period of flat transactions,” according to Novaland’s deputy director Vo Thuy Anh.

Ha Quang


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