Foreign condo buyers flock to Phu My Hung City Centre

Tuesday, Jul 03, 2018 10:46

Phu My Hung Development Corporation recently reported that a large number of foreigners are buying its condos.

In the first half of this year many foreigners bought housing at its projects, including new ones and ones under construction like Scenic Valley, Riverpark Premier, Nam Phuc Le Jardin, and Phu My Hung Midtown’s second and third phases, it said.

For instance, over 20 per cent of Phu My Hung Midtown Project has been sold to foreigners, it said.

Late last week, when the company held the sales event of its new project, Urban Hill, more than a fifth of the 500 prospective buyers who turned up were foreigners.

Local and foreign customers flock to the sales event of Phu My Hung. — VNS Photo

Many foreigners have even bought Phu My Hung units on the secondary market, the corporation said, revealing that foreigners’ buying has reached the maximum legally permitted level of 30 per cent at most of its housing projects. So Phu My Hung has now limited confirming transfer for foreigners.

At Urban Hill, before the sales event late last week, the company announced it would stop accepting applications from foreigners if their purchases reach 30 per cent.

When the sales event was held, over 500 customers turned up and 20 per cent of them were from the US, Africa, South Korea, China, and Taiwan.

At the sales event only 164 apartments were on sale. Within an hour 96 per cent were sold.

Within three weeks of the launch of the project Phu My Hung received over 600 applications and it allotted units to 500 buyers.

Over 500 customers turned up and 20 per cent of them were from the US, Africa, South Korea, China, and Taiwan.

Though there is a huge supply of housing in HCM City, foreigners only buy at projects developed by prestigious developers, and this makes sense, experts said.

This is the normal psychology of foreigners buying property in a strange country, they pointed out.

Besides, not all the apartment projects in the market can meet the foreign buyers’ requirements, they said.

For foreigners, besides the developer’s prestige, they also care for other factors like size, location and price and especial, the most important requirement is a good living environment, they said.

A model design of new project - Happy Residence Premier.

This is a major hurdle for developers seeking to attract foreign customers because few projects in the city can meet their demands like many amenities, a peaceful environment and modern infrastructure.

By meeting these demands, Phu My Hung City Centre has become the ideal spot for many foreigners who seek to settle down in the city.

One more reason for people to buy housing from Phu My Hung Development Corporation is its policy of determining buyers from the applications it gets.

Foreigners buying at Phu My Hung projects have revealed that when buying they worry about neighbours because of the differences in culture and lifestyle, and that is why they are delighted to know that the developer carefully identifies its customers when selling apartments.

Happy Residence Premier will be launched this month.

Phu My Hung recently announced that to meet the demand from foreigners it plans to develop a new project in the Southside District of the Phu My Hung City Centre. The project will be named Happy Residence Premier, a deluxe version of the Happy Residence, which has been very successful in attracting foreigners.


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