HCM City sees sharp increase in condo projects
Date：2017/03/20
Sourced by VNA, 11/03/2017
[Vietnam Investment Review] Most of them are located in the western and southern areas of the city. Earlier this month, many new projects were brought to the market in these areas.
For instance, the Dream House Investment Joint-Stock Company began construction of the 20-storey D-Vela project with 168 condos in District 7.
Also in District 7, the Phú Mỹ Hưng Development Corporation held its first sales event for a new project called Phú Mỹ Hưng Midtown.
A new selling phase for Saigon South Residences in Nhà Bè District is also expected to begin soon.
Đất Xanh Company, meanwhile, launched a new project called Luxgarden on Nguyễn Văn Quỳ Street in District 7, with two 26-storey buildings containing a total of 500 apartments.
In addition, Hưng Lộc Phát will kick off sales for its luxury project, The Golden Star, on Nguyễn Thị Thập Street in District 7.
Kiến Á Company has announced that it will begin construction on the second phase of its Lvaila project with 257 villas in southern HCM City.
In the western area of the city, MoonLight Boulevard in Bình Tân District, developed by Hưng Thịnh Real Estate Company, will be brought to the market this year.
Meanwhile, Gotec Land continues to sell units in its Summer Square on Tân Hoà Đông Street, and with 1,000 condos, Phú Sơn Thuận Company will sell its Orient Plaza project in Tân Phú District.
Prices vary depending on the area of the city.
In District 2, developers are focusing on projects with the price range of VNĐ30 million (US$1,300) to VNĐ80 million ($3,500).
In Thủ Đức District and District 9, however, the price is VNĐ18-30 million ($790-1,300) per square metre.
Phạm Văn Lâm, general director of Danh Khôi Á Châu Real Estate Company, said that developers were becoming more professional by focusing on commitment and prestige.
They have developed projects with many facilities and amenities, he said.
Lê Chí Hùng Việt, deputy director of the Dream House Investment Joint-Stock Company, attributed the market’s liquidity to demand from investors who buy condos for leasing purposes.
This is a new choice for investors, he said, adding that condos with a good location, flexible installment plans, and modern decor will attract more investors.
In coming months, developers will continue to bring to the market many new products.
Hưng Thịnh Company plans to open 5,500 apartments and 1,000 land slots this year, while Him Lam Land is set to develop 3,000 units this year.
Ngô Quang Phúc, the company’s deputy director, said that 80 per cent of these units will have prices ranging from VNĐ1.5 billion to VNĐ2 billion. The remaining 20 per cent will have prices of more than VNĐ2 billion.
The company also targets developing a luxury project in District 1 this year.