BIDV backs super luxury apartments

Under an agreement signed between two sides, BIDV will lend  D’.Palais De Louis’s buyers with a special interest rate of 7 per cent per year in the first six months for customers who buy a 190 square metre condominium and 9 per cent for six months for customers who purchase  less than 190sqm unit.

The bank will offer the loan duration of up to 15 years. The agreement is part of a VND4 trillion ($192 million) credit package for commercial housing projects which BIDV launched recently. D’.Palais De Louis is a super luxury condominium project which opened for sale at the end of March, this year.

The project is developed by Tan Hoang Minh Group and Hanoi Housing Management and Development and is modelled after the French architecture of the 17th and 18th centuries under the reign of King Louis XIV. Having a total investment of around VND4 trillion ($192 million), the 27-floor tower consists of four basements for parking and two floors for commercial services.

In addition to 242 apartments having an area of 121-261sqm each with 10 different interior styles, the tower has two penthouses covering over 1,000sqm each. With the lowest price of $5,500 per square metre, each condominium is priced at VND13-50 billion ($650,000-$2.45 million).

Tan Hoang Minh chairman Do Anh Dung said BIDV’s support was important, especially when domestic enterprises were struggling with a real estate market downturn. “The support from BIDV would come to customers directly but it will make our sales increase. The liquidity is our biggest concern now,” said Dung.

Dung added that the current market lacked truly luxury apartment projects. “Several projects after being put into use are redesigned to meet requirements of home buyers while others fail to meet standards as initially  pledged by investors,” he said.
The project is scheduled for completion in 2014.