Contrary to the fact that the real estate market was expected to remain sluggish, few days prior to Lunar New Year, a lot of real estate transactions were witnessed in the market, the local newswire VTC News reported.

Typically, Dream Town condominium project (in Tay Mo, Tu Liem Dist, Hanoi) of Dai Mo Construction Machinery Joint Stock Company attracted many customers who have real demand. Located in National Road 70, the project was offered at the suitable price of 17.8 million dong per square meter (VAT exclusive).

The first offering of Dream Town was opened in the midst of December 2011. According to the investor, 75 of 95 apartments were sold in this phase.

Lately, Sky Garden project at No 115 Dinh Cong, Hoang Mai Dist (Hanoi) is invested by Van Thai Group. It is a complex of offices, trade centre and high-class apartments with many advantages which investors are interested in.

The project is designed on good location, modern architecture towards green space and friendly environment. Especially it is offered at soft price of 18.1 million dong per sqm (VAT exclusive). The price is seen as very attractive and much lower than the projects in the same location Hoang Mai Dist.

Therefore, in the first offering day (January 15) on Cen Group floor, the project sold 30 out of 40 condos.

Similarly, some other projects also gained robust sale in the end of Lunar New Year 2011, namely An Binh Tower of Hanoi Agricultural Investment and Development One Member Limited Company at 15.5 million dong/sqm and customers are able to do down-payment in three years. Such a price is matched with affordability of many people, especially those who are living in neighbouring areas and demanding to improve their living space.

Meanwhile, 32 penthouses in CT5, Xa La urban area (Ha Dong, Hanoi) have the small areas of 35, 41, 47, 56 and 60 square meters each unit with a price of 11.5 million dong per sqm. Such kind of small houses are marketable at this time.

Opportunity for adventurous persons

Mr Pham Thanh Hung, Deputy General Director of Cen Group said that the robust transactions of some property projects in these days prior to Lunar New Year 2012 were attributed to suitable features (price, planning and quality in addition to some promotions and favourable payment methods) of products towards to real demanders.

So, a lot of customers decided to pour capital to buy these houses.

Currently, only the segment of medium-cost condos at 10-15 million dong per sqm has high liquidity whereas other segments are frozen, Mr Le Hoang Chau—Chairman of HCM City Real Estate Association was quoted as saying.

“Extended payment time, interest rate support, and profit commitment are launched by enterprises to stimulate demand and the method seems to be matched with the gloomy market”, he added.

Pham Sy Liem—Vice Chairman of Vietnam Construction Association also said that now is right time to purchase. The prices of property projects continue declining or not, no one knows.

Vinaconex Xuan Mai Concrete and Construction Joint Stock Co (XMC) and Becamex Binh Duong proposed the idea to build 30-sqm houses at 130 million dong in the southern province of Binh Duong and 150 million dong in Hanoi. The idea is feasible once construction land is assigned by the state (meaning that land cost is free).

If investors have to buy land, the 30-sqm housing project at 150 million dong per unit is unfeasible.

“I think that opportunities never come to those who are not adventurous”, Mr Liem said.

Source: Vietbiz24