Both the Ho Chi Minh City and Hanoi apartment markets have seen an upward trend through the first half of the year, the Vietnam Investment Review (VIR) reported on July 18.

 

At the end of May, Vingroup announced its second phase of Times City Hanoi was up for sale at starting price of 1.9 billion VND (90,000 USD) per unit with numerous incentives and financing options.

In just two days, nearly 600 units were sold. This meant that market demand required for the right products and Vingroup was timely in putting the units up for sale.

Developer FLC made a market splash last week when it announced it would sell units in its tower at 36 Pham Hung street for 23 million VND (1,050 USD) per square metre, compared to the roughly 30 million VND (1,400 USD) per square metre for neighbouring projects.

Many projects are reporting solid sales, such as Thang Long Number One, Discovery Complex and Royal City.

In Ho Chi Minh City, a range of projects are experiencing rocketing sales such as 8X Thai An, Hung Ngan Garden, Sunview Town and 4S Linh Dong.

According to Savills Vietnam, the apartment market overall has seen an upswing in terms of both transaction and price.

In the second quarter of this year, approximately 1,900 units were sold in Hanoi, up 54 percent on-quarter thanks to strong sales of Grade B projects. According to Savills, projects with good construction progress and strong development credibility generated good sales this quarter.
From the third quarter onward, 83 projects with more than 65,800 apartments are slated to start construction in Hanoi. But 50 percent of those are still in the planning stages. The second half of 2014 will welcome approximately 5,000 units from nine projects, and more than 4,900 apartments from five projects are expected to launch in 2015.

Meanwhile, in Ho Chi Minh City, Savills reported that the overall absorption rate was 17 percent, up 7 percent on-quarter and 9 percent on-year.

“The number of transactions in the second quarter was approximately 2,500 units, up a notable 60 percent on-quarter and 115 percent on-year. Grade C accounted for nearly 70 percent of transaction volume, which was the highest in the last three years in the southern market,” reported Savills.

In the second quarter, Ho Chi Minh City’s districts 2 and 7 continued to see the highest transaction volume, accounting for 46 percent of total sales, followed by Go Vap, Tan Phu, Binh Tan, and Thu Duc, with 34 percent.

“Competitive mortgage rates helped support buyers and strengthen residential demand. Flexible payment terms in a number of Grade B and C projects also encouraged buyer confidence,” Savills noted.

Source : VNA/MOC

 

With positive signs on the real estate market since last year’s second half, some property enterprises are preparing to launch apartments to grasp business opportunities in the early months of the year, a local newspaper reported.

The Saigon Times Daily quoted Phu My Hung Corporation as saying it would offer Green Valley apartments for sale this quarter. The Green Valley project consisting of four buildings of 20-27 floors supplies 546 apartments having an area of 88-194 square meters each.

Phu My Hung has not announced the selling price but said the apartments were for medium-income earners and affordable to buyers with financial supports from banks.

Also in Saigon South, The Park Residence located on Nguyen Huu Tho street with around 1,000 apartments of 52-73 square metres each has been put up for sales. The selling prices of such apartments start from 700 million VND (33,000 USD) per unit.

The Park Residence’s investor is receiving bookings and will finish the project in 2016.

Meanwhile, in District 6, Him Lam Land Company is about to sell apartments of the Him Lam Cho Lon project located near the district’s administrative centre. The project supplying around 1,400 apartments is almost finished.

Khang Dien House Trading and Investment Joint Stock Company is going to launch the sale of Mega Residence townhouses in District 9.

Khang Dien will sound out the market by offering for sale around 160 adjoining houses at a price starting from 13.5 million VND per square metre, or some 1.99 billion VND per unit.

With its location near Ho Chi Minh City-Long Thanh-Dau Giay Expressway and the belt road and especially a price equivalent to that of an apartment, the investor expects to attract many buyers to Mega Residence in the coming time.

Besides, there are many other projects offering apartments for sale such as Lexington Residence in District 2 at around 20.6 million VND per square metre, PARCSpring in District 2 at 17.4 million VND, Sunview Town in Thu Duc district at 11.2 million VND and An Phu 2 in District 8 at 16.8 million VND.

According to Cushman & Wakefield, the apartment sales volume was better last quarter, mainly in the budget segment having selling prices hovering around 15 million VND per square metre.

Cushman & Wakefield forecast the price might continue to decline this year.

In related news, property enterprises said they would develop projects based on their existing land and would not spread investments this year like before.

According to Nguyen Van Duc, Deputy Director of Dat Lanh Real Estate Company, the company started the year with a small apartment project having around 150 units in Go Vap district and develop infrastructure for a townhouse project in Hoc Mon district.

Duc said that these were the two final projects on the company’s land left. More projects will be carried out when it can find partners with financial capabilities, he added.

Luong Tri Thin, General Director of Dat Xanh Group, said Dat Xanh would not invest in individual apartment projects but develop clusters like small urban areas of 10-20 hectares each. It will be in charge of all investment stages, from investment to construction and distribution.

Dat Xanh earned 66 billion VND in profit last year, doubling that of the previous year.

Statistics of the Ho Chi Minh City’s Department of Construction showed that around 5,000 among the apartment inventory of nearly 14,500 units found buyers last year.

According to market observers, the market will continue to incline towards buyers this year. Finished projects would be more attractive to customers than those under construction.

Source : VNA/www.moc.gov.vn

 

 

Analysts expect 2014 will be a more successful year for the Vietnamese real estate market, after the year began with an increase in the number of apartment transactions.

 

 

In the first weeks of the year, several real estate transaction centres in Ha Dong and Linh Dam saw a remarkable increase in the number of customers seeking to buy apartments and houses costing from VND1-2 billion.

With many measures taken by the government to solve difficulties facing property enterprises and efforts made by businesses in recent times, the real estate market is recording positive changes after a long spell in the doldrums. The liquidity of the market has increased once again, especially for apartments.

Thanks to the rosier picture, the inventory level has so far reduced almost 25% compared to the first quarter of 2013.

The price of housing has dropped sharply compared to the period between 2008-2010, with many projects having prices cut by 50%, returning to the 2006 price level.

The department said that the price of apartments in Hanoi will be stable this year, especially following a series of social housing projects and small and medium-size housing construction, while the real estate supply will be more abundant.

Under a programme on social housing before 2015, approved recently by the government, as many as 125,000 apartments are expected to be built in Hanoi.

The city has recently finished 18 major residential projects, with eight others to follow in 2014-2015.

The main supply sources of low-cost housing in Hanoi are now the Dang Xa 2 project in Gia Lam district, the Sai Dong-Rice City Song Hong project in Long Bien district and the Tay Mo- North Co Nhue project in Tu Liem district.

In addition, several developments of middle-class apartment buildings, including Kim Van-Kim Lu, Van Phu-Victoria and Trung Van-Vinacones 3, are also attracting the attention of customers.

Vietnam News Agency (VNA)

 

 
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