Tan Binh ICC launches low-cost condo project

June 26, 2012 | 08:58
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Tan Binh Investment and Construction Corporation (Tan Binh ICC) has put up for sale the remaining units of Tan Mai apartment project in Ho Chi Minh City’s Binh Tan district after transferring 200 units to homebuyers late last year.

Some 60 apartment units of 47-67 square meters will be marketed at VND700 million ($35,000) to VND950 million ($47,500) per unit.

In order to woo customers, the developer allows homebuyers to make a down payment of 35 per cent and settle the remainder over three years.

For those needing credits, ANZ and Vietcombank will offer homebuyers home loans with an annual interest rate of 13-13.5 per cent and a term of 10 to 20 years.

There is a huge demand for housing in Ho Chi Minh City, said Pham Thi Phuong Lien, a representative of Tan Binh ICC. Given tough financial constraints, it is still unlikely for low-income people to own a home.

Though the company allowed for a down payment of 50 per cent half a year ago, many buyers were not able to pay on schedule, Lien said. This is why the firm has introduced a new payment method to support homebuyers, she added.

Tan Mai Apartment has two blocks of 18-21 floors with 752 units. Late last year 272 units of block B had been transferred to buyers.


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