Truong Quoc Hung, vice president of Phu My Hung Development Corporation. — VNS Photo

Truong Quoc Hung, vice president of Phu My Hung Development Corporation, talks about the effect of the recent legal amendments on the housing market and his company's new project, Happy Residence.

What conveniences and attractions does the Happy Residence project offer customers?

Green living environment and the availability of services next door are the strengths of the Happy Residence project.

It is on Nguyen Luong Bang Street, a big boulevard in the centre of Phu My Hung, and offers easy access to the commercial and financial district where houses many giant corporations like Unilever, Manulife, Vinamilk, etc; and Crescent Mall.

Surrounding Happy Residence are low-rise projects, meaning it offers a wide range of views.

Furthermore, the project is in Southside district, the greenest place in Phu My Hung with many trees and parks.

On Nguyen Luong Bang Street are many shops and facilities offering goods and services needed for daily life.

Nearby, within just 5 to 10 minutes on foot, are also many local and international schools.

There are lots of medical centers nearby too.

What do you think about the potential of the housing market now that the law has been amended to allow foreigners and overseas Vietnamese to buy houses and apartments in Viet Nam?

The amendment of housing law is a good signal for the market. It will surely bring more demand for housing. Also, it is very good for foreigners who plan to live and work in Viet Nam for a long time.

This is real demand.

Happy Residence's apartments are 71-92sq.m in size and more affordable compared to other projects. That is why we target young educated couples with high incomes but not much saving.

Each project by Phu My Hung Development Corporation has its own target segment. However, what is common to all projects is that we hope to attract customers who are highly educated as well as have position and prestige in society. Both Vietnamese and foreigners are welcome.

With the new law, we think foreigners and overseas Vietnamese are potential customers.

We want to select customers and residents for Phu My Hung City Centre because, along with good infrastructure and master plan, they are the ones who create value for an area.

Happy Residence of Phu My Hung will be introduced in Octorber. 2 model condos of Happy Residence are now open for visit. — VNS Photo

What are your predictions for the real estate market by year end?

The market is showing positive signals. It has changed after a sluggish period.

The recovery is attributed to the Government's policies enabling overseas Vietnamese and foreigners buy houses and apartments as well as instilling more belief and energy in housing developers.

At Phu My Hung City Centre, we have a limit on the number of residents because besides selling houses and apartments, we provide residents with an international-standard living environment with many services and so need to develop comprehensive infrastructure.

The contract between Phu My Hung Development Corporation and customers does not come to an end with the purchase and hand-over. We are committed to assisting customers during the period they live there.

To properly fulfill the commitment, we make clear plans for every year, limiting the volume of sales.

In the past the company's plans did not slow down when the market was sluggish. Similarly, when things are looking up, we will not bring more products into the market.

This year the company's plan is kept on track.

Why does Phu My Hung Development Corporation not offer promotions for customers?

We encourage customers to buy our products to live, or to invest for the long run. Buying for the purpose of short-term investment will not bring vitality to the Phu My Hung City Centre.

Phu My Hung City Centre is now a favorable residential destination among foreigners in HCM City, resulting in nearly 15,000 foreigners from 20 nations living there. Therefore, when they have a need, they will find us.