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Builders release promotional packs to heat up market
House builders in Ho Chi Minh City made debuts of many projects on new houses and apartments with a lot of promotional programs in an attempt to thaw the frozen market.
The property firm Thuduc House (TDH) planned to kick off its sales of the TDH – Phuoc Binh apartment building in District 9 next year. The construction on foundation and basement of the 5-storey building was finished, the firm announced.
Thuduc House offers the first ten buyers a discount of VND15 million (US$750). Customers buying 3-8 apartments will be offered a 1-2.5 percent discount, while ones paying in advance 50-70 percent of the apartment’s value will enjoy a 2-3 percent discount.
Nha Pho Viet Nam Joint Stock Company released a big promotional pack for its apartment building City Garden in Binh Thanh District, inviting visitors to attend a drawing contest to win a discount of up to VND200 million – 1.4 billion. Another property company Dat Xanh Joint Stock Company starts the “Buying an apartment – Winning a car” program.
A construction firm Phuoc Thanh announced on December 15 to start selling the first phase of its property project named Hoang Kim The Gia in Binh Tan District with the price of VND900 million ($45,000) only. Buyers will also get an discount of VND30 million, the firm said.
Phuoc Thanh’s Investment Manager Danh Thanh Xuan said a large amount of buying orders forced his company to sell apartments before the building construction finish.
“Four main asset classes now are property, stock market, foreign currency and gold. However, foreign exchange rate is fluctuating, with the US dollar getting stronger day by day; while gold surged too high now,” said Nguyen Vu Bao Hoang, Thuduc House’s Deputy General Director.
“Stock market, meanwhile, shows some signs of recovering. I expected investors will soon return to real estate market with profits they gained from the stock exchange,” Hoang said.
The property firm Sacomreal’s chairman Dang Hong Anh has a similar predict with his counterpart, saying the property market will likely to boom in 2011.
“The market’s recovery will depend on the government’s economic policies. Some foreign economists said a financial bailout worth $600 billion released by the US’s Federal Reserve is partly flowing into Asian markets, including Vietnam. The US investors still consider Vietnam as an attractive destination,” Anh noticed.
“Many problems including inadequate infrastructure, high inflation and fluctuated foreign exchange rate have effected the real estate market. Property regulations were amended, but some of regulations remain conflicted with each other,” warned Le Chi Hieu, vice chairman of the Ho Chi Minh City Property Association.
Do Tra Giang – Vu Minh
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