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Wave of realty project transfer begins
Project transfer is really a normal thing in the real estate market. However, the realty project transfer wave has never been so strong as these days.
Analysts said that a lot of real estate investors have become exhausted or tired of their projects after a long period of struggling with difficulties. The real estate market has been quiet for a long time, while commercial banks have restricted the loans to the real estate sector. As the result, many investors now have to transfer their projects.
A lot of successful project transfers have been reported recently, while many others cannot find partners.
In HCM City, analysts say that many transfers have been carried out since 2008, after the global financial crisis. Ky Thuat Viet Company sold a 10-storey building on Vo Van Tan Road, which covers an area of 4350 square metres, to Nam Long Bitexco Production and Investment Corporation for $8 million. Hoa Binh Trade and Real Estate Construction Company transferred the land use right of the 2700 square metre land plot reserved for office building in Nam Saigon area to Dong Duong Company for $11.9 million.
Dat Xanh Real Estate Investment Company purchased the project on Phu Gia Hung Apartment in Go Vap District from Ha Thuan Hung Company. The project, which covers an area of 3700 square metre, has been developed by Dat Xanh into a 14-storey apartment building.
Nevertheless, it is very difficult to find buyers nowadays. Though having to spend a lot of time and effort on the Phuc Long residential quarter project (In district 9, HCM City), Phuc Long Company still has decided to transfer the project to those, who accept to pay over 300 billion dong for the project covering an area of 1.8 hectares. However, the investor still has not found a buyer.
Director of a real estate company in District 7 said his company is meeting some financial difficulties, therefore, he has been looking for a partner who can cooperate with him to develop or buy a project in Nam Saigon area. The license for the project has been granted. This will be a 28-storey high-quality apartment bloc with the total investment capital of one trillion dong.
“We have contacted many banks to ask for funding. They only made promises, but none of them has made a final decision on whether to provide loans. Therefore, our project has progressed since, though we have completed all necessary procedures,” he said.
Le Hoai Anh, General Director of Kim Cuong Company, said the company planned to carry out the high-rise building project in District 7, but it has to delay the project due to the funding difficulties. Previously, when the real estate market was hot, it was very easy to seek capital from different sources. However, since the market has become quiet, realty investors find it hard to mobilize capital.
Experts believe that the market for real estate project transfers will be even hotter in the time to come. They said that it will be even more difficult for real estate investors to carry out their projects then, when a lot of new policies will take effect. Every individual will be allowed to make capital contribution to only one apartment. Meanwhile, commercial banks will continue tightening the loans to fund real estate projects.
vietnamnet, Dau tu
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