Profile name of the game for Koreans

Cozy Vill has not been able to find buyers

GNS Vina is one of many Korean firms on the charge having asked Haiphong People’s Committee to allowed it to rename its 2.2 hectare Cozy Vill project into the “Grand Pacific” without any change of initial design, and also its name into Pacific Investment Limited Company.

Located in Haiphong city’s Hong Bang district, the 432 unit Cozy Vill, comprising three, 20 storey high-end apartment buildings, a nine-storey complex and a parking car was launched five years ago at least $607 per square metre. However, the project was not able to get off the ground as few buyers chipped in.

By renaming the project and itself, GNS Vina plans to restart the Cozy Vill and set its new prices ranging from $900-$1,000 per square metre. A source close to the project revealed a reason for the name change was that an Australian developer had bought into the project.

Meanwhile, another Korean-backed developer Inveskia also changed the name of its $100 million Blooming Park, located at Ho Chi Minh City’s An Phu ward to Imperia An Phu.

Inveskia’s general director Wooseok Ki said: “We changed Blooming Park into Imperia An Phu because we would like to blow a new wind for the project with $120 million of investment. It is the milestone of project with stronger financial power and better quality as well as construction progress.”

The project was renamed after Prudential Vietnam Fund Management Company had bought a 60 per cent stake hold by Korean-backed Vina Development Inc in the Inveskia joint venture. 

Customers are now offered the new average asking prices, around VND35 million per metre ($1,842), 2 per cent higher than the old prices set two years ago.

With the new name, the relaunch of the project last week found 20 customers. “With the downturn of Ho Chi Minh City residential market, the relaunch is successful,” said Ki.

It is considered as a very positive sign as since May 2008, Inveskia changed sales agents and and launched marketing campaigns many times but hardly found new buyers.

Another development having its name changed is a $200 million residential complex in Hanoi’s Ha Dong district.

Formerly known as Starclass, the 4.6 hectare development launched 885 apartments and 62 villas in October 2008 for at least $1,300 per square metre. However, its developer, Hyundai RNC found no customers.

After renaming the project into Hyundai Hillstate earlier this year, it relaunched and sold out 64 villas in June at prices ranging from $1,300-$1,400 per square metre of floor area.