Southern hub property kicks off

In late August 2012, Khang Gia Real Estate Investment and Development placed 321 apartment units on sale belonging to block 1 under Khang Gia Tower project in Go Vap district with a price averaging VND11.2 million ($533,000) per square metre and a flexible payment scheme.

Accordingly, prospective buyers had to deposit VND30 million ($1,428) only with payments to be made in nine times within 20 months. For those willing to pay 50-95 per cent of the apartment value immediately they will enjoy 2-3 per cent total value discount.

With construction having kicked-off in 2008’s four quarter, Khang Gia Tower project consists of three blocks of them two blocks have completed construction. The block offered for sale this time just finalised building foundation and basement while apartment units slated to be handed over to customers in the four quarter of 2013.

In Go Vap district, Hung Thinh Land launched model housing at 26 Nguyen Thuong Hien apartment project during the period. Developed by Gia Dinh Real Estate Investment, the project started construction in April 2020. After a delay, construction has been intensified for handover to customers in 2013’s first quarter.

Earlier, several other projects resumed construction after ‘being covered with blanket’ in a long time. For instance, Auco Tower project in Tan Phu district, developed by 577 Work Construction Investment, had resumed construction and placed on sale after the developer got some bank lending promises.
Construction of the project was kicked-off in early 2010.

Industry players assumed buyers’ top target these days were apartment units with good prices, basically completed housing frames and healthy construction pace.

“Developers must show a proven financial capacity if they want to sell products at this time,” said general director of Hoang Anh Sai Gon Real Estate Doan Chi Thanh.

Dat Xanh Group deputy director Nguyen Khanh Hung said there was now a growing influx of apartment projects up to scratch to be placed on sale and several developers had resorted to the group’s support for project distribution.

“In the past, to distribute a project we only needed to appraise the project’s legal status. Now, we also take care of developers’ financial capacity to assure they are in a position to hold commitments with customers,” Hung said.