Property developers offer more products, support to boost HCM City market

Saturday, Mar 28, 2020 07:53

Real estate developers in HCM City are looking for ways to boost the market amid a slump caused by the Covid-19 epidemic. — VNS Photo Van Chau

The HCM City real estate market provides more housing projects and subsidises rentals to boost the market amid the Covid-19 epidemic.

An announcement by the city Department of Construction in the first quarter said there were 3,137 housing products comprising apartments and townhouses in nine projects in the market.

Notably, a six-star hotel and office project opposite Ben Thanh Market in District 1 is now putting for sale 214 apartments after years of delay because it is the first project in Viet Nam with six basements, which caused some unique difficulties.

Beside luxury properties, investors are also providing social housing on a large scale: 352 units at the Nam Phan project in Phu Huu Ward, District 9, are available for sale.

This is unique because normally social housing units rarely exceed 100 in any sale, according to the investors.

Another project is in Thu Thiem Ward -- Metropole Thu Thiem -- with 465 housing units.

Besides providing more housing products, developers are also offering more support policies in the context of the Covid-19 epidemic, according to the investors.

Hung Thinh Corporation JSC, for instance, will reduce rents by 20 - 40 per cent at commercial centres at its Moonlight Plaza in Thu Duc district, Saigon Mia in Binh Chanh District and Vung Tau Melody in Vung Tau City.

Vingroup said it would spend VND300 billion to subsidise lessees at all its 79 commercial centres with fixed-price leases.

It would also extend the payment periods for people buying houses. – VNS

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