Southern market shows green shoots of recovery

The southern property market has been characterised by the launch of several new developments in recent weeks
Photo: Le Toan

Danh Khoi A Chau Real Estate JSC, the exclusive sale agent of Ho Chi Minh City-based Huynh Thong Production Trading Service Limited, recently announced property sales in their Tan Tao Garden project in the city’s Binh Chanh district.

The 12.3 ha project including 662 residential land plots varying from 90 to 110 square metres has nearly completed its infrastructure. Prices ranges from VND8.5 million ($400) per square metre, with payment extended over a 12-month period.

Likewise, HTReal recently offered sales of land plots in the Sun City Phu Loi project in Ho Chi Minh City’s District 8.

The project belongs to the grand 10.5ha Phu Loi complex consisted of three terraced house blocks and two blocks of two-floor villas. Price start from VND11.9 million ($560) per square metre (VAT included), and customers are allowed to pay via a flexible instalment scheme.

A source from Hung Thinh Real Estate Company said that within a week of going on sale 200 units at the 12-View apartment project in District 12 had found owners.

At Hung Ngan Garden project, 500 units had been sold after two selling rounds.

Property developer Novaland also proclaimed that since the beginning of the year, it has achieved striking sales of over 2,100 housing units in its various projects.

The neighbouring province of Binh Duong, after a period seeing stalled transactions, has also posted robust transactions.

According to Kim Oanh Real Estate Company all 400 housing plots of its Mall City project (Di An district) had been reserved just a week after going on sale.

Hoang Anh Tuan, general director of Tac Dat Tac Vang Corporation revealed that three weeks after sales began for the IJC@VSIP luxury commercial urban project in Binh Duong New City, 200 clients had put down deposits.

By end of this month, the company plans to host a meeting to present investment opportunities in Binh Duong and begin sales at the project.

According to Nguyen Hoang Minh, deputy director of State Bank of Vietnam’s Ho Chi Minh City branch, mortgages and lending for property in the city’s banks had surpassed VND123 trillion ($5.8 billion) against VND105 trillion ($5 billion) earlier in the year. Banks have applied lower interest rates on mortgages and worked together with project developers to implement a variety of support programmes. These combined factors are expected to help invigorate the property market in the remaining months of the year.