Inpyung chief talks up quality housing products

How are Inpyung’s three property projects worth $820 million in Hanoi’s Ha Dong district progressing?

Our two retail and office projects, developed by our two different member companies in Inpyung Vina and Seoul Van Phu are preparing for their ground-breaking ceremonies.

HiBrand, one of our member companies in Vietnam is constructing the basement of a 5,000-apartment project, covering  6.5 hectares in Van Phu new urban area, Ha Cau ward.

We have just signed a cooperation contract with Korean-backed contractor Daewoo E&C Company to develop the 15 apartment buildings project which will be officially called “Daewoo-Cleve” complex.

About 600 units ranging from 94-163 square metres in the first phase of the $660 million Daewoo-Cleve project will be officially launched in October.

Have HiBrand sold apartments in the Daewoo-Cleve via capital contribution contracts before, following the Decree 71/2010/ND-CP, which allowed developers to sell about 20 per cent of total units in their projects?

We admitted that we had sold  apartments with preferential prices via capital contribution contracts but the number of sold units is below 20 per cent of the total 1,312 units in the first four buildings.

Why are you launching the first phase of Daewoo-Cleve project in October in a gloomy market?

I believe there is still demand among local residents for high-end apartments which are set in a large-scale complex and provide not only apartments but also modern facilities such as international schools, kindergartens, commercial and financial space, gyms and spas, swimming pools and green areas. Given the current monetary tightening, local high-end apartment developers face difficulties and cannot construct their projects on schedule. Our company with strong finance from our Korean partners will take the opportunity to launch our projects before them and customers will rush to our Daewoo-Cleve project which can satisfy all of their real demand

Will prices be higher or lower than the offering prices of the nearby Hyundai Hillstate project, which sold at more than $1,300 per square metre early this year?

We cannot publish the official asking prices at this time. Wait until October. However, the prices will definitely be quoted in Vietnam dong.

Korean investment capital flows into the property sector have decreased for three years. Why is this?

In the short term, you have seen decreasing Korean investment capital flows into the sector. However, total Korean investment capital flows into the national realty market will be healthy. I confirmed that Vietnam’s property market was still considered as a promised land in Korean developers’ eyes.

However, I still hope that your country can create a better business environment for foreign investors. Current procedures for development in the property project are still complicated.

In the long term, the government should support the purchase of houses by local residents and make the realty market more transparent. That will cut speculators out of the market and the market won’t bubble with inflated prices.