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Home English News Southern property market thaws

Southern property market thaws

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Apartment projects in Ho Chi Minh City are back in business with a series of projects coming onto the market thanks to banks’ easing credit.

“Falling deposit interests and still high dwelling demands are potential signals for Ho Chi Minh City’s realty market,” said Hung Thinh Land deputy general director Nguyen Duy Minh.

On June 18, prestigious property developer and trader Tan Binh announced to put 60 apartments with 67 square metres each of the second phase Tan Phu district's Tan Mai apartment project, into the market.


Tan Mai apartment project (illustration photo)

Last week, multi-field Hoang Quan Consulting-Trading-Service Real Estate Corporation presented the luxury Cheery 2 Apartment, located in District 12.

The project includes 294 apartments with an area ranging from 50-66sqm and price starting from VND12.3 million ($585.7) per square metre with payment by installments.

As planned, at the end of June the joint-venture between Vietnamese Hung Viet and Korea Real Estate Development Fund KRDF03 will officially put high-class apartment project The Eastern, located on Lien Phuong Street, in District 9, on sale.

The Eastern consists of 648 apartments (area of 56-112 square metre) with the price of about VND1.2-2.4 billion ($57,142.86 - $114,285.7) per unit.

Earlier, a large number of other projects such as the luxury Tropic Garden (District 2), My Duc (Binh Thanh district) and the 159 Nguyen Chi Thanh project (District 5) were also put on the market.

However, property-oriented interest rates offered by commercial banks still remain high, at 17-18 per cent per year. Therefore, parallel to marketing and sale campaigns, most developers have offered clients preferential interest rate policies.

The Eastern project, for example, offered such a unique support policy: the client has to pay only 10 per cent of apartment total value in advance, the following 85 per cent and the remaining 5 per cent will be paid when they receive the apartment and get the ownership certificate, respectively.

Meanwhile, if Tan Mai project’s clients are able to make a one-off payment, the developer will give them a 12 per cent discount during the sales launching week./.

(VIR)

 

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