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Real estate market recovery anticipated for end of 2010
Southern real estate firms will market apartments in a series of projects (Priced at 8-22 million dong per square meter) in the second quarter of the year, in anticipation of the real estate market’s recovery by the year’s end.
Van Phat Hung Company General Director Truong Thanh Nhan detailed that that, from April to September, the company will launch three new products into the market. These include 200 apartments at Phu Thuan project in HCM City which are tentatively priced at 22 million dong per square meter. Another 40,000 square meters of land at Nhon Duc project is priced at 8 million dong per square meter and they also plan to sell 58 apartments at Saigon Moi for 12.4 million dong per square meter.
Hoa Binh Construction and Real Estate Trading Company Chair Le Viet Hai revealed that they will offer two low-cost apartment projects in 2010: Long Thoi residential project (29,000 square meters) with 1000 apartments and Thanh Xuan (10,000 square meters).
Binh Duong province’s market kick-started earlier than that of HCM City. On April 18, Becamex IJC and Tac dat Tac vang began their second campaign in The Green River (A trade-services-tourism urban area). The main buyers are investors from HCM City and neighboring provinces.
According to Savills Vietnam, a real estate service provider, HCM City now has some 9000 apartments to sell in the primary market, including the 1800 apartments sold so far this year. The projects are mainly located in areas of Binh Tan District, Nha Be, Thu Duc and District 7 and the average price is $980 per square meter.
Savills estimates that, from the second quarter of 2010 to the end of the year, there will be some 6900 apartments launched, while another 43,000 apartments are scheduled for the next few years.
According to CBRE Vietnam, another real estate service provider, luxury apartment prices are steady, while middle class and popular apartments have increased slightly by 2.9 percent and 2 percent, respectively, in comparison with the fourth quarter of 2009.
According to CBRE General Director Marc Townsend, the slight increase shows that the market is stable and healthy. He maintains that population increases will create a drive to enhance middle class and popular apartment market development.
Real estate experts still advise caution in real estate market performance predictions, explaining that no breakthrough would be seen in real estate for 2010 and that the year is just a preparatory period for the coming boom.
vietnamnet, VnExpress
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