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HCM City: VND6mil/sq m apartments to be marketed   2009-04-29 - VietNamNet/VNE

Real estate developers in HCM City have shifted to build low-cost apartments with the sale prices of VND6-10mil/sq m to meet the increasingly high demand for low-cost accommodations.


At the annual shareholders’ meeting of Hoa Binh Joint Stock Company on April 25, Chairman of the Board of Directors Le Viet Hai said that the company is moving ahead with two low-cost housing projects in HCM City.


One is the Long Thoi residential quarter in Nha Be district, which is expected to cover an area of 29,698 sq m and provide some 1,000 apartments.


The company is also completing necessary formalities to develop a project on Thanh Xuan land plot in district 12 with the area of 10,278 sq m.


The company has estimated that the total capital it had injected in the two projects by December 31, 2008 was VND77bil. The company plans to sell apartments of the projects at VND6-10mil/sq m.


Le Thanh Company has also jumped on the bandwagon, developing low-cost housing projects. Le Thanh apartment block project, which includes seven 10-16 storey blocks, is one of the projects. To date, 134 apartments have been delivered at VND6mil/sq m, while the other 1,000 apartments are expected to be sold at VND10mil/sq m.


Le Thanh is planning to develop a project near Saigon-Trung Luong Highway in Tan Tao ward of Binh Tan district which will include eight blocks of apartments. The project targets those who have medium incomes, newly graduated students, workers and immigrant workers.


A series of real estate projects, including Sadeco 3 in district 7, Thai An 1, 2 and 3 in district 12, are selling at VND6-8mil/sq m and lower.


Meanwhile, Hoang Anh Construction and Housing Development Company (HAGL Group) does not target the low-cost housing market segment, but it has thought of adjusting its apartment price policy in order to attract more buyers. It plans to sell its new high-grade apartments at VND18mil/sq m.


HAGL Group Director Le Hung said that the price frame of VND18mil/sq m at maximum is being considered by the company and might be applied to the high-grade apartments of An Tien project in Nam Saigon (Southern Saigon) urban area.


Hung said that it is highly possible that the Hoang Anh Incomex project in the triangle of Tran Xuan Soan-Le Van Luong Roads in district 7 would see the same price levels.


Prior to that, HAGL led the market in lowering the sale prices of high-grade apartments, slashing prices by $550-950/sq m. Hoang Anh River View project’s apartments in district 2, which were previously sold at $2,300/sq m, are now selling at $1,350/sq m. Similarly, Phu Hoang Anh project in Nha Be district has also seen prices lowered from $1,800/sq m to $1,250/sq m.


The news about the implementation of a series of low-cost apartment projects in HCM City has brought joy to workers and office staffs in HCM City, as they will be able to purchase houses fit their budgets. However, many still have doubts about the quality of low-cost housing projects, saying that in order to have low-cost products, investors may use cheap and low-quality construction materials.

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