Oliver Brazier (C), managing partner of EZ Land Vietnam, said the company would focus on mid-priced apartments for which demand is high now and expected to remain so in future. — VNS Photo

EZ Land, backed by the KEY SICAV SIF fund from Luxembourg, has announced plans to build 1,000-1,500 apartments a year for the next five to eight years.

Speaking at the company’s launching ceremony in HCM City on Tuesday, Oliver Brazier, managing partner of EZ Land Vietnam, said the company would focus on mid-priced apartments for which demand is high now and expected to remain so in future.

Its first project is HausNeo in District 9, where 568 apartments will be built at a cost of VND500 billion (US$22.02 million).

EZ Land’s apartments would be inspired by the Bauhaus style – which shuns ostentation -- he said.

The company has “a goal of putting the first bricks for the sustainable development of the real estate market in Viet Nam,” he added.

The prices would be announced in October, but a typical two-bedroom apartment would cost VND1.4-1.5 billion, the company said.

With the Government’s policy of supporting the property market, growing GDP and incomes and high demand for a first home among millennials, Viet Nam, especially HCM City, is an attractive destination for developers, the company said. — VNS