HCM City apartment market: second wave of big sales kick-off

25 Jun
Following the big sale campaign earlier this year, when the prices of apartments were lowered by 30-50 percent, real estate developers have just kicked off a new big sale campaign.


On June 24, more than 100 apartments of Blue Sapphire project in Binh Phu new urban area in district 6 were officially put on sale. The starting price of 12.9 million dong per square metre announced by the investor really surprised many people, because it is ‘soft’ compared to the prices of apartments in other projects in the same district. Cooperation between the investor and commercial banks allows buyers to borrow up to 70 percent of the values of apartments for 15 years.

Three days ago, on June 21, the investor of Babylon Residence project in Thu Duc district marketed 100 apartments in the first phase, announcing the sale price of 14.5 million dong per square metre, which also caught the attention of the public.

Vo Dinh and Dat Xanh Real Estate Companies have announced 3 percent discounts for all buyers, while offering the gift of an apartment in the project to the winner of a lucky draw to be organised for the first 100 clients.

The apartments in the projects in Song Than area in Binh Duong province, neighbouring HCM City, have even softer prices, at just 9-10 million dong per square metre.

Not only medium-class apartment investors, but high-class apartment investors also are considering undertaking reasonable marketing campaigns, preparing for the new sale campaign.

As a pioneer in offering high-grade apartments at reasonable prices, Hoang Anh Gia Lai Housing Development Company now plans to launch products priced at 18 million dong per square metre.

The company said that the price frame may also be applied to An Tien project in Nam Saigon area and Hoang Anh Incomex project in district 7.

Meanwhile, many real estate developers have decided to market apartments in different sale campaigns, offering different price frames. Most of the product series have the lowest price at 25 million dong per square metre.

Him Lam Land Company plans to launch Him Lam Riverside apartments in July at 27 million dong per square metre. Penthouses are expected to be more expensive, at 32 million dong per square metre.

Analysts say that real estate developers, seeing the strong cash flow from the stock market to the real estate market, are all planning to launch new products onto the market.

Deputy General Director of Dat Xanh Real Estate Company Nguyen Khanh Hung said that the apartment market will witness the massive launch of products in the time to come, though he does not think that the massive supply will lead to indigestion. Hung said that products with attractive and affordable prices always have higher liquidity than luxury products with high sale prices.

Hung said that apartments have seen prices returning to their actual values after a long time of being pushed to sky-high levels. This can be seen in the greater volume of projects priced at below 15 million per square metre which have been put on sale.

Source: VNE
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