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Developers slash apartment prices

Update: August, 11/2012 - 08:28

HCM CITY — Real estate developers in HCM City are cutting prices to promote sales of their apartments, especially in the mid-end segment.

More customers have shown interest in buying apartments, but the trade volume has not increased much, particularly because of high selling prices.

Thus, project owners have had to adjust their selling prices to lure customers.

The Sai Gon Moi project of Sai Gon Moi Real Estate Company in District 7, for example, once sold for VND970 million but now is selling for VND873 million.

The buyers can move in immediately, if they pay VND384 million (or 40 per cent of the value of the apartment) in advance. The remainder is paid within one year.

The Thanh Truong Loc Company is also selling its apartments at the 4S Riverside Linh Dong in Thu Duc District at very attractive payment rates.

The buyers have to pay only 30 per cent of the apartment's total value, and then each month pay the remaining amount of money, depending on the total scale of housing floor.

If the buyers are state employees and workers, they will enjoy a 15 per cent reduction in the selling price.

A joint venture between Viet Nam's Hung Viet Company and the Korea Real Estate Development Fund (KRDF 03) has offered the first 100 condos of the Eastern Project located in District 9. The project is planned for completion in late 2013.

The fully furnished apartments are priced at between VND1.2 billion and 2.4 billion, with a value-added tax included.

Homebuyers only need to make a 10 per cent payment in advance and the remainder will be paid when they receive the apartment.

Huynh Thi Kim Doan, director of the Eden Real Company, said that apartment demand was very great but most people still wanted to wait for a further price cuts.

Pham Van Hai, general director of the ACBR Real Estate Company, however, said a further reduction in apartment prices was not feasible.

"People should not buy property for investment purposes at this time because the market remains at a standstill. But it is very good for those who want to live in the apartments," Hai said.

"If I was looking for housing now, I would decide to buy at this time because I would have many options," said Nguyen Xuan Quang, chairman of the Nam Long Real Estate Company.

Late last week, the company opened for sale 38 street houses at the Nam Long-Bac Sai Gon Project in Binh Duong Province's Thuan An District at a price of VND867 million each.

All of the houses sold out within the morning, showing that demand remains high, according to Quang. — VNS

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