Housing sector targets middle class

According to statistics from the Vietnam Real Estate Association, in the second quarter 11 residential projects went on sale in HCM City with more than 3,200 units, 70 per cent higher than in the first quarter and 140 per cent up from the same period in 2013.— Photo batdongsan

HCM CITY (Biz Hub) — Property developers have been launching a slew of apartment and residential land projects targeting both middle- and high-income earners, sparking off a new race in the market.

HungThinh Real Estate Company recently began to sell its 12 View project in District 12, which is around 80 per cent finished.

Sai Gon Tiep Thi newspaper quoted the company's general director, Nguyen Nam Hien, as saying the 400 apartments there cost over VND11 million (US$518) per square metre. Buyers have to put 20 per cent down and pay the remaining amount based on construction progress at the rate of 8 per cent per instalment.

Tanimex plans to start selling its Tanibuilding apartments in Tan Phu District on Sunday at VND11.9 million per square metre.

Kim Oanh Real estate Company will begin selling 400 land lots for street houses in Di An Dist in the neighbouring province of Binh Duong next week at VND170 million and above for a piece.

In the higher segment, Phu Long Co began selling its Dragon Parc villas at a starting price of VND5.5 billion ($260,000). Phung Chu Cuong, its general director, said 10 customers had registered to buy before sales opened.

CapitaLand Thien Duc has sold 100 out of almost 1,200 units at its Vista Verde apartment project in District 2, which will be completed in 2017. Prices begin at around VND1.5 billion for a unit of less than 50sq.m.

Him Lam JSC said that its Him Lam Cho Lon project in District 6 with 1,400 apartments would enter the market in mid-September at prices starting at VND18 million per square metre.

Phu My Hung is making final preparations to sell its Scenic Valley targeted at young buyers and newlyweds. Model houses will be open for viewing on Saturday.