A pioneer to address shortage of affordable housing

June 06, 2021 | 08:00
Young people in Ho Chi Minh City have strong demand for affordable housing but the market is critically short on apartments below the VND2 billion ($86,286) pricing point.
a pioneer to address shortage of affordable housing

C.T Group will build 20.000 DIYAS units in 2021 along Metro line 2

The chance for customers to find affordable apartments is becoming slimmer in the midst of decreasing new supply and rising housing prices.

In this context, more attention should be paid to fixed-term apartment ownership to address the shortage of affordable apartments in Ho Chi Minh City. This will bring more choices to young people while creating a driving force for the city’s socio-economic development.

To support this, C.T Group has launched the DIYAS brand and the DIYAS SKY apartment pilot project, creating an opportunity for young people to own their dream home. DIYAS SKY is a pioneer project rolled out to the market with a unit price of only VND800 million ($34,780) right in Cong Hoa street, Tan Binh district, near Metro Line 2. C.T Group hopes that the project would quench young people's thirst for affordable housing in Ho Chi Minh City.

DIYAS stands for Do It Yourself Alliances – a DIY 4.0 alliance of social networking communities showcasing global creative youth culture and style. They live independently and do everything in their own styles. This trend has quickly exploded when people began sharing their own videos about designing and making DIY decorations for their home on Youtube and TikTok.

The DIY lifestyle is appealing to young people because it helps save money and protect the environment by promoting the 3R formula – Reduce-Reuse-Recycle – and green living. This is also a chance for homeowners to showcase their unique taste, style, and creativity. DIYAS has applied the 3R formula thoroughly in its interior and exterior design with 3R furniture. The group also solves the land problem, removing the burden of rising land prices from the shoulders of young people.

Young people only pay for what they really need. Own an apartment for a fixed time with your own style for only VND80 million ($3,480). The rest are all reasonably funded with both principal and interest expenses of only VND6-9 million ($260-390) per month, an ideal fit for young people, fresh graduates, or single families with incomes of about $1,000 per month.

a pioneer to address shortage of affordable housing

DIY sparks creativity to wind down from the daily life’s stresses

The project features a modern DIYAS LAB room, which is fully equipped with special tools and equipment such as 3D printers, laser cutters and hand saws. Homeowners can also receive maximum support from a professional team to bring to life the decor of their imagination. In addition, C.T Group also develops an online platform to help young people find stylish old items to decorate their home at very little cost. They just need to be active on the online platform to collect useful items. This platform is expected to be launched in the fourth quarter of this year.

Having a job, owning a home now

Young people who have a stable job can own a DIYAS studio apartment in the city center. C.T Group offers the "Having a job, owning a house" financial support package for homebuyers to lend up to 90 per cent of the apartment value. Accordingly, homebuyers only need to make 10 per cent payment of the total value of the apartment in advance, equivalent to about VND80 million. Shinhan Bank sponsors unsecured loans of about 30 per cent of the apartment value with an annual interest rate of 12 per cent. Financial institutions support the remaining 60 per cent with an interest rate of less than 10 per cent.

If homebuyers cannot take up a loan, the investor commits to arranging a loan of up to 70 per cent of the total value of the apartment with an annual interest rate of 10 per cent, free of interest until handover. In short, the monthly interest and principal about VND6-9 million account for about 10 per cent of the income of a young family with two working people, according to C.T Group.

Dung Ryan, creative manager of a joint venture company in Phu Nhuan, Ho Chi Minh City, is one of the enthusiastic supporters of C.T Group's dynamic home solution for young families. He already made a deposit and paid the first installment of VND80 million to own his studio apartment.

“I just needed to save a few months of income to pay the first instalment. I used to hop around, moving from rented apartments. However, it's not comfortable and there is little space to be creative and decorate the apartments due to restrictions of the land lord. Now that I have my own apartment, I can decorate it as I want both inside and outside, picking and arranging the furniture to my taste," he added.

He also said that he and other young people often look for affordable apartments in a prime location to easily move around the city. Many young people want a place that is convenient for them to prepare meals, do exercise, and connect with others – and they are all looking for a living environment that nurtures creativity.

Located in the Cong Hoa area, in the center of Tan Binh district, DIYAS SKY is an ideal option for young people with similar financial capability and demand like Dung Ryan. The new project also helps address the shortage of affordable housing in the city.

Hotline: 0889 258 268

Email: info@diyassky.com

Website: https://diyassky.com/

Fanpage: https://www.facebook.com/DIYAS-SKY-101165851814680

Group: https://www.facebook.com/groups/355845055687577

By Thanh Van

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