Housing conundrum: Lideco urban project offers risky opportunities

May 20, 2015 | 16:11

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The million-dollar Lideco urban project of private domestic firm Tu Liem Urban Development JSC (Lideco) offering hundreds of luxury villas, remains desolate and underexploited.

Located in the southwest of Hanoi, to the north of 32 Highway and 10 kilometres from the centre of the capital, the project was expected to become a model urban project. It consists of more than 600 luxury villas built in the French architectural style. Constructions started at the end of 2007 and were expected to finish in 2013.

As of 2014, more than 400 villas were bought, but only a few customers paid the whole cost, while the majority was only able to partially satisfy the sales contracts.

The remaining villas are still ownerless. At present, the villas’ price is 30 and 50 per cent off compared to their initial price of about VND7 billion ($320,000) in 2010 each, but they are still unmarketable. Many homeowners who registered to buy but could only partially settle payments refused to sell the villas at the lower price.

Some photos of the Lideco urban project are provided below:

People in the urban project use the empty area to grow vegetables