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Thousands of cheap apartments in Ho Chi Minh City will be launched in 2017

Released at: 08:00, 04/02/2017

Thousands of cheap apartments in Ho Chi Minh City will be launched in 2017

Photo: Duc Anh

Numerous developers have already started building affordable apartment projects,

by Hai Van

Following the development of cheap apartment projects in 2016, investors plan to bring thousands of cheap apartments to Ho Chi Minh City in 2017.

After starting sales of 300 apartments in block A under the Him Lam project (District no.9, Ho Chi Minh City), Him Lam Land announced that they will start selling nearly three blocks of apartments totaling almost a thousand in 2017.

“Developing cheap apartment projects has been a strategy of Him Lam Land since 2016,” according to Mr. Ngo Quang Phuc, Deputy General Director of Him Lam Land. “We will bring supportive policies to customers such as offering 72-month deferred payments and giving free furniture.”

Vingroup has developed land resources in Ho Chi Minh City with plans to build 200,000 cheap apartments. In district 9, Vingroup has completed the leveling out of more than 200 hectares of land to implement the project.

Hung Thinh Corporation launched four projects with apartment prices under VND 1.7 billion ($75,100) in 2016. In 2017, they announced that they would start apartment sales for the Richmond City project on Nguyen Xi Street, Binh Thanh district. The total number of apartments in this project is 880 and they cost under VND1.8 billion ($79,558) per apartment.

Vietcomreal announced that they would focus on projects for affordable housing. They plan to develop the Venus project (district 8), the Ventosa project (district 5), and Viva Riverside (district 6).

Dat Xanh Group and Nam Long Company too, will launch a thousand cheap apartments during the first six months of 2017.

In 2016, expensive apartments in Ho Chi Minh City comprised of 31 per cent of all apartments while medium and cheap apartments were 49 per cent and 20 per cent respectively, according to HoREA.

Real estate companies will focus on land and villas. The Cat Tuong Group will continue to sell the rest of their land under the Cat Tuong Phu Sinh project at VND 500 million ($22,100) per portion.

The Tran Anh Long An Real Estate Joint Stock Company will launch Bella Villa, a villa project that goes for just VND1.5 billion ($66,298) per unit. This project spans an area of more than 92,000 m2 with 422 townhouses and villas northwest of Ho Chi Minh City.

According to Mr. Nguyen Huy Vu of BANVIETLAND, 2017 will witness various medium price projects in Ho Chi Minh City. Investors will go to the suburbs to develop projects.

“In my opinion, in the first six months of 2017, the eastern areas - namely district 9, Thu Duc district, district 2 - and the western areas (including district 8, district 7, and Binh Chanh district) will be the focus of investment for medium projects,” he said.

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