Friday, August 17 2018


High rises profit from offering service

Update: July, 28/2012 - 09:14

HCM CITY — Because of low office-occupancy rates and sluggish apartment sales, a number of projects in these two segments have been changing their initial functions into serviced apartments.

The DB Court in District 3, for example, earlier this month opened doors to tenants with its 38 units, after restructuring the former office building.

With acreage ranging from 50 one-bedroom to 85sq.m. two-bedroom apartments, the monthly rent is from US$1,600 to $2,500, which would bring more profits to office space.

Meanwhile, recently launched projects such as Xi Riverview Palace in District 2, Ben Thanh Luxury Apartment in District 1 and Saigon Pavillon in District 3 have become hybrid projects, offering unsold units as serviced ones. Also joining the trend is the former two-star hotel Saigon City Residence in District 1, which was converted into serviced apartments.

It is expected that by the end of 2015 nearly 3,900 units will enter the serviced apartment market. At the end of this year's second quarter, 33 per cent of that figure were under construction. — VNS

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