EcoLakes’ tranquil state

How has the market’s slow-down over the past months affected the progress of the project and EcoLakes sales? 

Mr Khoo Teck Chong

We are committed to handing phase one comprising 251 house units by December, 2010 which is ahead of schedule. 

All utilities such as electricity, water and telephone are ready for connection. 

For the second phase, we will be launching our villas and twin villas.

The pricing for this phase will start from VND1.26 billion for the 100 square metre unit.

While many property projects in Ho Chi Minh City are wooing homebuyers, how has your firm convinced customers to buy houses in EcoLakes?

Binh Duong has a prime location, 30 kilometres from Ho Chi Minh City’s centre and 32km from the international airport. Therefore, many people choose to work in Ho Chi Minh City and live in Binh Duong.

A recent survey pointed out that most people want their own house. However, the current high interest rates are a burden for homebuyers and many potential homebuyers are hesitant to take out loans to buy their dream home.

SetiaBecamex understands their plight and has provided a groundbreaking new solution, called Invest: EcoLakes 30/70 Homes Plan. This home ownership/investment package will allow homebuyers and investors to purchase a suitable property in EcoLakes easily and with significant savings.

This is a simple but effective home ownership or property investment plan where you pay 30 per cent of the purchase price in installments for the EcoLakes property of your choice and get a loan for the remaining 70 per cent. Best of all, you will not be charged interest during construction so you pay nothing more until your property is completed and handed over.

In addition to EcoLakes, what other projects in Vietnam is SetiaBecamex or the Setia Group investing in?

SP Setia is committed to investing in Vietnam for the long term. We recently embarked on a 10.8ha  mixed use development, EcoXuan at Lai Thieu district of Binh Duong, which we plan to launch in the second quarter of 2011.

EcoXuan will be the signature development at the northern gateway to Ho Chi Minh City.

EcoXuan enjoys a strategic location, its proximity to the city and it is located along Highway 13, the arterial lifeline of Binh Duong. EcoXuan will be a credible landmark addition to this highway of prosperity, joining a host of other major developments and world-class amenities.

The Setia Group is also keenly exploring investment opportunities in the north. To this end, we recently executed a letter of intent with Vietnam Singapore Industrial Park Haiphong.

How will Binh Duong’s real estate market perform in the future?

Binh Duong is one of the country’s leading destinations for foreign direct investment. It has also seen an explosion of development with many infrastructure projects underway and many well-planned developments.

What is important is that homebuyers and investors have continued to invest in Binh Duong. Prices for luxury apartments and shop houses in Binh Duong New City, for example, have remained high.

We believe that property prices in Binh Duong have not been affected by the economic downturn because of the province’s proximity to Ho Chi Minh City. It serves to alleviate some of the population pressure on that city.

With increased flooding brought on by climate change, worsening pollution and traffic jams in the city, we foresee even greater demand for Binh Duong properties.

That is why in EcoLakes, we have integrated as many positive factors into the development master plan as possible.