Novaland gets involved in three new property projects

Customers search for information about one of three projects with Novaland’s involvement at an event held in HCMC on Sunday - Photo: Dinh Dung

Phan Thanh Huy, general director of Novaland, said his group would be injecting about VND3 trillion into Lexington Residence on Mai Chi Tho Street in District 2, Icon 56 on Ben Van Don Street in District 4 and Galaxy 9 on Nguyen Khoai Street in District 4.

The combined number of apartment units in the three projects is around 2,000, with 1,300 of them at Lexington Residence, 200 at Icon 56 and the remainder at Galaxy 9.

Huy described the locations of these projects as great and said their investors had not been able to proceed with construction work due to financial constraints sparked by the country’s economic slump.

New financing and proper product development are one of the solutions to coping with the current hindrances to the property sector, he said, noting that given falling incomes, people could hardly afford to buy apartments at high prices.

Novaland could offer affordable apartment prices at the three projects as it could cut capital costs, spend no time on approval procedures as required for new projects, and quickly put these half-done projects into operation.

The firm said prices could be 20-40% lower than at other projects in the same areas. A Lexington Residence apartment costs around VND1.3 billion and moreover, buyers could choose a deferred payment plan without extra cost, in which they pay about VND19 million a month. The price is around VND2 billion per unit at Icon 56 and some VND1.5 billion at Galaxy. In Brief

VND30-tril. package disbursement rate still low

Local banks as of the end of January had disbursed just over VND1 trillion to customers given the VND30-trillion credit package for the property sector, Vietnam News Agency reports. Statistics of the central bank showed that lenders committed to provide VND2.3 trillion worth of loans as part of the program.

Mega Residence houses launched at nearly VND2 bil.

Khang Dien House Trading and Investment Joint Stock Company will launch the sale of Mega Residence project in HCMC’s District 9 on March 9 at prices from nearly VND2 billion each, Dien Dan Doanh Nghiep reports. The project includes 160 villas with facilities such as a swimming pool, park and badminton court.

Danang offers villa land lots from VND500 mil.

Tam Quang Minh real estate exchange center has launched the sale of house and villa land lots at Bac Son Tra residential area in Danang City at prices from VND500 million each, Dien Dan Doanh Nghiep reports. The land lots are measured from 100 to 150 square meters each.

Tropic Garden customers get support

Novaland Group has offered customers a sales program under which clients of Tropic Garden condo project in HCMC’s District 2 will have to pay only 60% of the apartment’s value to own the property, Vnexpress reports. The remaining 40 percent can be settled in 39 months.