Thu Duc House starts work on condo project

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Thu Duc House starts work on condo project

Wednesday, 28 July 2010 08:12

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Thu Duc House representatives and

guests break ground for the TDH-Phuoc

Long condo project in HCMC’s District

9 on Monday - Photo: Dinh Dung

Thu Duc Housing Development Corporation, or Thu Duc House, on Monday commenced work on a condo project in HCMC’s District 9 shortly after it broke ground for another housing project in the same district.

Nguyen Vu Bao Hoang, deputy director of Thu Duc House, said the firm would invest some VND150 billion in the TDH-Phuoc Long project in an existing residential area in Phuoc Long B Ward in District 9, some 10km from central HCMC.

The project will cover 3,600 square meters and have a 14-storey building comprising 118 apartments of 56 to 218 square meters. It is scheduled for completion in early 2012.

Hoang said the new project was targeted at middle-income people, young families, businessmen and white-color workers.

“We have a particular focus on affordable housing projects to cater to huge demand in the market,” Hoang said of the company’s housing development plan.

The corporation has developed around 40 property projects around the country, which feature new urban towns, row houses, apartments, offices, hotels, resorts and wholesale markets.

Speaking at a recent investment conference in HCMC, Le Chi Si, director of strategy for the corporation, projected that the outlook of the local property market would be better toward the year-end.

He cited clearer policy for the property market, specially a new decree providing guidelines for the implementation of the housing law, as a reason behind the expected market warm-up.

He said the mid-end housing segment with apartment prices ranging from US$500 and US$800 per square meter would continue to be sought after in the second half of this year.

Relating to the condo market, market research firm Cushman & Wakefield has released a quarterly report which says the HCMC market has been overwhelmed by uncertainty about purchase in the second quarter of this year.

Cushman says the pre-sale market has witnessed some 7,000 units launched, and up to 85% of the new stock is priced from US$550 to US$1,000 per square meter. An absorption rate of 36% has been recorded, showing a gradual recovery in the low end segment.

The research company projected that more affordability oriented marketing strategies would be adopted in all segments, and the third quarter will continue the market of buyers.

Source: Saigontimes

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