Apartment sales on the rise

Positive signs have appeared in the property market as some apartment projects have seen the number of customers rising significantly over the past six months.

A number of projects have achieved impressive growth in apartment sales.

Some even sold out apartments on offer in one morning.

ApartmentA high-end apartment project in HCMC’s District 2 is near completion 

For example, Đất Xanh Real Estate Service & Construction Corporation last Saturday welcomed some 500 homebuyers to the 4S2 Riverside Linh Đông project in  Thủ Đức District in Hồ Chí Minh City (HCMC) .

Around 260 apartments of the 336 units offered in the first sales round were registered before the official launch this Sunday.

These apartments are priced at VND12.1 million a square meter, meaning a two-bedroom apartment covering 55 square meters sells for around VND720 million.

Earlier, the project distributor sold out 336 units of another block from January to March, along with some other projects in the same segment in the inner-city districts.

Owner of 4S2 Riverside Linh Đông is Trường Thành Lộc Construction Co. Ltd. The project consists of four 20-storey blocks with about 1,100 apartments.

Most of the projects with products currently on sale attached priority to the progress of construction, beside other factors like prices, payment methods and quality.

Hưng Lộc Phát Construction & Manufacturing Co. Ltd. pledges to compensate customers if failing to timely complete the Phát Hưng project in Sài Gòn South and deliver homes in the second quarter of 2014.

If the apartment handover is six months late, homebuyers can get back all the money they have paid and obtain compensation based on their total payments at an annual interest rate of 25%.

This apartment project on Lê Văn Lương and Đào Sư Tích streets comprises 358 units with prices around VND14.7 million per square meter.

Buyers can move into their homes after making a down payment of 60% of a flat’s value.

The rest will be settled within 24 months.

Nam Việt Real Estate JSC, distributor of this project, said about 80 of the 100 units going on sale in early July had found buyers.

In the high-end segment, The Estella developed by Singapore’s Keppel Land in District 2 has recorded a significant increase in the number of customers in the last three months, which is partly attributed to its flexible payment policy.

Like several other projects, The Estella attracts customers by allowing them to take over apartments after making a down payment of 50%.

The remainder will be settled within two years with no interest charged.

The Estella apartments have prices starting from VND31 million per square meter.

More than 100 units have been registered since the introduction of the flexible payment scheme in April.

Đoàn Anh Hùng, general manager of Keppel Land Việt Nam, said this scheme enabled homebuyers to be more proactive in cash flow management.

Given the positive response from customers, Keppel Land has decided to continue preferential programs for those buying homes at The Estella and Riviera Cove projects in HCMC’s District 9.

Not only The Estella, but other high-end projects like Imperia An PhÚ and The Vista are also attractive to buyers, partly because they have been completed and have home ownership certificates available for their customers.

Savills Việt Nam informed the number of transactions in the second quarter had risen 59% over the same period last year.

The best selling products in the past three months were apartments priced at VND10-15 million a square meter.

Savills forecast around 2,500 apartments would go on sale in HCMC from now until the year-end.


Source: The Saigon Times


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