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Tony Milton MRICS

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MRICS
APREA (CREIF)

Fast Facts

Date : Monday, 29 November 1999
Category : Realty - HCMC Resy


Chronological Order : - Scroll to bottom for latest info


CONTACT US TO OBTAIN A FULL BACK – CATALOGUE


280710-The pre-sale mar¬ket in the 2nd Quarter witnessed some 7,000 units launched with upto 85% of the new stock is priced from US$550-US$1,000/sqm. An absorption rate of 36% has been recorded, showing a gradual recovery in the low end segment. SGT

050810-The total housing construction area in HCMC in the com¬ing 5 years (2011-2015) will increase by 20% compared to the 2006-¬2010 period. Part of the new housing projects will aim to meet in¬creasing demand for re¬settlement of people living along the canals and other waterways, as well as those affected by the city's urban development projects. Under the HCM City Housing Development Programme for the 2011-¬2015 period, an additional 39m sqm of housing will be built, increasing the average floor-space per person in the city to 26.9sqm. However, the Department of Construction figures as saying until now, site clearance and resettlement has taken place for just 7.358 households, or 49.1% of the plan. The city needs a large number of resettlement homes for eliminating the shacks that have been built along the canals. Apart from resettlement houses, the city has to pro¬vide accommodation for 72,000 students, and needs 500,000sqm of housing for workers who work in its industrial and export process¬ing zones. The construction of new apartment buildings to re¬place many downgraded ones has also become nec¬essary. The city plans to build apartment buildings cover¬ing an area of 350,000sqm in the next 5 year pe¬riod, the report says. VNN

050810-A 2nd Quarter survey show high demand for me¬dium-price housing with 3,455 mid-range apartments from 6 projects just completed, 17 ongo¬ing projects are offering apartments for sale and 8 other projects are un¬der construction. These apartments are being sold for US$600-800/sqm. VNN

070810-Many luxury apart¬ment buildings in outer-city districts have attracted investors and buy¬ers in recent months because of af¬fordable prices and attractive loans from banks. Banks have been offering attrac¬tive mortgage terms to buyers. Under these contracts, buyers pay only 30% of the apart¬ment value in advance, with the remainder paid over 20-25 years. The price was between VND13-17m / US$684-894sqm. An apartment with an area of 52-¬100sqm sells for around VND1bn / $52,631, a price that is affordable for middle-income households. VNN

180910-There were some 11,200 apartments available for sale in the HCM City primary market in the 2nd Quarter of this year when 14 new projects with some 3,100 apartments were launched. The af¬fordable segment accounted for 74% of approximately 2,200 apartments ab¬sorbed in the market during the sec¬ond quarter. A market observer estimates that some 28,500 apartments will be launched in 2010 to 2012. SGTW

200910-The times have changed in the property market from two years ago when buyers would rush to buy up whatever was available at new housing projects. Another change over the past few years is that prospective buyers want to see the finished product now be¬fore they invest their money, instead of just seeing the plans. Total supply for the first 8 months of this year was around 11,200 units, of which the affordable apartment segment accounted for 76% of the total supply. Districts 2 and 7 had the most new units with nearly2,000 and 1,900 units respectively. Some 46 condo projects totaling some 8,500 units were launched in the last 8 months, with prices ranging from US$780 to US$810sqm. But demand remained low in all grades. The uptake rate of the grade A seg¬ment was 14%, grade B segment was 17% and grade C was around 20%. People attribute the low take-up rates to prices that don't match what homebuyers can afford and fewer chances for speculation. In addition, unrealistic loan criteria for end-users were another dis¬couraging element. There are some 28,500 apartments still in planning that will complete before 2012. Therefore, many project developers, who have condo projects with prices below VND20m / $1,026sqm. For example, Thuduc House launched 120 apartments at Thuduc House project, one of five condo projects targeting middle-income earners. All the apartments sold with prices starting from VND15.5m / $795sqm within a short time. In another project, Van Phat Hung Corporation plans to test the market with some 110 apartments priced from US$1,000 (VND19.5 million) per sqm. Its La Casa condo project on Hoang Quoc Viet and Dao Tri some 8km from the heart of HCMC. When in place in the next 5 years, the project will provide some 2,000 apartments. Some other affordable projects southwest of the city are underway and will be ready soon. They include Terra Rosa, Dai Thanh, Tan Tao 1, Carina and Happy Plaza which offer some 600 apartments. SGT

220910-InterContinental Asiana Saigon Residences since opening on Sep¬tember 9, 2009 has experienced good business results about three-quarters occupancy already. VIR

220910-Ascott said that in the 1st Half of this year, occupancies for our Somerset ser¬viced residences recovered to reach between mid-80% and 90%. SGT

041009-The HCMC Department of Construction has permit¬ted 5 investors to develop low-cost housing projects offering over 6,300 condos for 22,000 residents. Two of the projects have started with combined capital of VND543bn / $27.8m for 850 flats. SGT

081010-So far in 2010 some 46 development projects with 8,550 apart¬ments costing an average of VND15.5m / $795sqm came into the market. Among those are Happy Plaza in Binh Chanh District which consists of 600 apart¬ments priced at VND12.5-13.5m / $642-692sqm with an av¬erage size of 60sqm and the Truong Tho apartment project at an average price of VND15.5m / $795sqm. Small apartments priced at VND400m-800m / $20,513-$41,026 are the most in demand with 80% of suc¬cessful housing transactions are in the medium and low¬ cost segment. VNN

091010-The total primary supply of apartments for sale reached a record almost 16,600 units by the end of September, nearly 3 times the number from a year earlier. Nearly 7,200 of them came into the market in the 3rd Quarter against 3,200 in the 2nd Quarter and 2,900 in 1st Quarter. The grade C segment saw the highest number of new projects, with the majority of them located in Tan Phu, Binh Chanh, and Binh Tan Districts. The 3rd Quarter also saw the highest number of apartments sold in the pri¬mary market - at approxi¬mately 4,400 units, it was equal to total sales in the previous 2 quarter. The majority of them, around 80% were grade C units. Demand mainly came from the segment priced be¬low US$1,000/sqm with nearly 3,300 units. In five years since 2004, around 1.6 million people have migrated to the south¬eastern area of Viet Nam, with a million coming to HCM City alone. Demand is expected to remain strong in the smaller sized segment where apart¬ments cost VND800 million¬ VND 1.5 billion ($42,000 - $79,000). A further 26 projects are expected to launch in the next 2 quarters and will of¬fer around 10,000 units. In the next 2 years 104,000 more apartments are expected to be built and put for sale. VNN


091010-There are approxi¬mately 2,950 serviced apart¬ments in all grades from A to C for lease in the city. The number of units rose by 6% q-o-q. In this, the market share of Districts 1 and 3 was 62%. District 1 ranked first with 1,500 units. With no new projects completed in Q3, the pri¬mary market remained un¬changed at 8 projects and approximately 800 units. Almost 490 villas and houses were sold. The aver¬age price of villa land ranged from $1,500 to $2,500 per square metre. Phu My Hung New Ur¬ban Area in District 7 accounted for 70% of the villas and houses that came into the secondary market and had an average price of $600,000-$2.8 mil¬lion. The market is expected to add at least 9,500 villas and townhouses in the next few years. VNN

111010-Setia Becamex JSC, developer of EcoLakes My Phuoc in Binh Duong Province, has launched the so-called EcoLakes 30/70 Homes Plan, requir¬ing homebuyers pay 30% of the price in installments and get a loan for the balance. Homebuyers will not be charged interest during construction until their properties are completed and handed over. The company said the current high interest rate is a burden for many homebuyers, making many people feel hesitate whether to take out a loan for buying a property. The program will help buyers save from VND70-200m / $3,590-$10,256 once they buy properties in the project. The Malaysian developer plans to launch 227 villas and row houses with prices starting from VND3.3bn / $169,250 and VND1.2bn / $61,500 respectively in the coming time. In another project, Tin Nghia Corporation in Dong Nai Province has slashed prices by between 20% and 50% for a residential project in Bien Hoa City's Tan Bien Ward in the southern province. Some 100 villas and row houses from 200-250sqm are offered at VND797m / $40,872 per unit. SGT

081010-Tin Nghia Group has launched the sale of 100 houses in a residential area in Tan Bien Ward in Bien Hoa City with discounts of 20% to 50%. These homes sell for around VND800m / $41,026 each. SGT

111010-Low-income people living in HCMC will be offered preferential loans up to VND400m / $20,513 to buy houses. The loan is provided by the city's Housing Development Fund with the term of 15 years at most. SGT

121010-HCMC targets building 39m sqm of new housing during the 2011-15 period, increasing its per capita housing area to 17sqm. The 2009 per capita housing area in the city was 14.3sqm. By the end of 2015, the city will complete 11 housing projects with a total floor area of 453,000sqm consisting of nearly 4,700 apartments. More than 22 hectares will be set aside for developing seven low-income housing projects with 10,000 apartments having a combined floor area of 837,000sqm. These plans include nine projects that will accommodate 67,700 workers and 13,700 stu¬dents. VNN

261010-Futaland has launched the sale of 30 flats in the New Pearl Residence project at US$4,800-5,100/sqm. The 120-unit project that has won the award for "Asia-Pacific best architecture design for apartment" covers 2,200sqm and has 18 floors and 2 basements. SGT

161010-Market demand picked up in the 3rd Quarter as it witnessed the highest number of apartments absorbed in the pri¬mary market at around 4,400 units, equivalent to the total absorption over the first 6 months of this year. The majority of these units were af¬fordable apartments, accounting for some 80%. In the past 3 months, the market has recorded average primary prices offered atUS$2,041sqm for high-end apartments, US$1,550sqm for mid-end ones and US$773sqm for affordable ones. The total pri¬mary supply of apartments in HCMC in the year to date has increased to a record of 16,600 apartments, nearly triple the same period last year. Some 20 projects with 7,200 apartments entered the market in the 3rd Quarter, a strong supply compared not only to the previous quarter at 3,200 units and the 1st Quarter at 2,900 units but also to the same period last year at 3,500 units. Among the proj-ects launched in the 3rd Quarter, none of them were in districts 1, 2, 3, or 7, thus reflecting the scarcity of reasonably priced land in these districts. City Garden project on Ngo Tat To in Binh Thanh was officially launched after a year of preparation for the project's foun-dation construction. The project includes 6 blocks of 21 to 30 floors, with 927 apartments from 1-3 bedrooms, and penthouses. The 1st Phase features some 450 apartments with prices rang¬ing from US$1,830-US$2,700/sqm. In another project, Binh Thien An Property JSC’s Diamond Island Sky Resort in District 2 offered some 250 among 700 apartments at US3,500-US$5,000/sqm. Luxury and high ¬end condominium projects closer to the city center are facing competi¬tion from villas and townhouses in suburban districts, such as districts 9 and Nha Be. There are 26 projects expected to launch some 10,300 units in the next 2 Quarters, and the market may see an additional 104,000 units entering the market in the next few years from 2011 to 2013 and beyond. SGT

211010-Diamond Island is a US$350m luxury residen¬tial complex on a hill with an area of 8 hectares in District 2. The project comprises four buildings with 250 apartments of 80-1,000sqm with prices of US$3,500-5,000/sqm, villas, a hotel and service facilities. SGT

211010-Some 12 affordable projects were launched in the 3rd Quarter with asking prices ranging between $563-$923sqm. These projects were in Districts 1, 2, 3, or 7, reflecting the scarcity of land at affordable prices. While no luxury projects were launched in the 3rd Quarter some 4 new high-end projects were launched with asking prices rang¬ing between $1,300-$1,888sqm. VIR

211010-There are 53 serviced apartment buildings of all grades supplying about 2,950 apartments for lease in HCMC. The number of units in 2010's 3rd Quarter increased 6% quarter ¬on quarter. Thus, the overall occupancy in the 3rd Quarter saw a decrease of 3% to 88% quarter ¬on quarter. The average rent was at $23.6sqm, decreasing approximately 3% quarter-on-quarter. There will be 20 future projects opening from the 4th Quarter to 2013 with more than 1,400 units, mainly concen¬trated in the central districts but also expanding to Districts 2, 7, 10, Tan Binh and Phu Nhuan. District 7's Crescent Residence project with 297 units will have the biggest supply in the serviced apartment market when the Crescent Residence 2 opens in the 4th Quarter of 2010 with 111 units. VIR

221010-The affordable condo project named Binh Tri Dong B on Ten Lua in Binh Tan covers some 6.5 hectares and is designed with 104 garden houses, 31 row houses and three 12-story buildings with 352 apartments measuring 52-75sqm each. The developer said those apart-ments would be offered at VND 10.5m / $538sqm. The total value starting from around VND550m / $28,205 per apartment is believed within the reach of many people, especially white-collar workers. The company is offering loans with a down payment made within 20 years. 2012.

221010-TDC Plaza in Binh Duong is some 35kmfrom HCMC costing $51.3m for development and designed with 5 blocks of buildings with 779 apartments from 82-117sqm with prices rang¬ing from VND15-16m / $769-$821sqm. SGT

291010-Villa Park project in HCMC's District 9 includes 213 villas costing from VND4.68.2bn / $240k-$420k each. SGT

041110-There are 3,300 serviced-apartment units in the city and the figure is expected to rise by 400 this year and a further 800 in 2011. VNN

091110-Ascott manages some 820 serviced apartments and is on track to expand its business to 1,300 from 8 properties across 4 cities, including HCMC, Hanoi and Haiphong, in the years to come. SGT

091110-Asking rents increasing slightly across all grades in the 3rd Quarter at US$31sqm per month for Grade A, US$26sqm for Grade B and US$18sqm for Grade C serviced apartment buildings. Demand returned at the top mar¬ket as it achieved 90% occupancy; Grade B was rising with 80%; and Grade C enjoyed 85% occupancy. The market saw new stylist boutique players such as La Fayette De Saigon, IWA Square in District 1 and Glenwood in District 2. Landlords have become more flex¬ible in attracting tenants by offering weekly and daily rates. There are some 3,000 serviced apartments for lease in HCMC, and the supply is expected to double within the next 3 years. SGT

151110-HCMC has seen its total housing area reaching 94.3m sqm, or 15sqm per capita, up nearly 44% compared to 1975. SGT

221110-Thu Duc House’s lucky draw for TDH Truong Tho apartment building in HCMC's Thu Duc offered a 10% to 25% in a promotion discount worth some VND5bn / $256,400. The company continues to launch 54 apartments with prices starting from VND15m / $769sqm. SGT

231110-Intercontinental Asiana Saigon Residences has an occupancy rate of over 80% after more than one year of opening and expected the occupancy rate to be 95% or above before the end of 2010. SGT

291110-Property trading in HCMC has declined compared to previous years due to gold price hikes, land policy problems and excess condo supplies. Customers are only interested in condos ranging from VND10-13m / $513-667sqm. SGT

051210-Van Phat Hung Corporation has launched 162 apartments at La Casa with the average price at VND20m / $1,026sqm. The housing project is developed on some 6 hectares at Phu Thuan Ward in HCMC's District 7. It is designed with 10 blocks of 25-35-storey buildings with some 1,950 apartments. Besides it includes sections for hotel, office, serviced apartments, commercial center and other serviced facilities. SGT

121210-Since it slid into recession over two years ago, the lo¬cal property market has not fully covered as transactions remain dismal. Selling prices have not been slashed as seen before but many condo project developers are fight¬ing to attract customers through big promotions, lucky draws and loan interest support. There were some 13,200 apartments launched in HCMC in the first 3 Quarters of 2010 but some 8,500 of them were sold. It is projected that 26 condo projects would bring to the market another 10,000 units in the next six months, thus worsening the oversupply problem. SGT

121210-Gia Phu Land’s low-cost condo project in Thu Duc cost some VND200bn / $10.3m for a 14 story build¬ing with 156 apartments of 53-79sqm ie 65,750 each. The apartments will be offered at VND12.9m / $662sqm and payments will be made in 9 installments in line with the con¬struction process. SGT

271210-Hai Thanh and Xuan Mai Vinaconex’s low-cost apartment project in Binh Tan with a $11.9m budget to build 3 blocks of 12-storey buildings with 352 apartments of 52-75sqm each at a 5,800sqm site was targeting middle-income people, young families and office workers. The price ranges from VND10.5m-12.2m / $538-626sqm or around VND550m-900m / $28,200-$46,200 per unit, Hong said. Half of the apartments have been sold out. These apartment buildings are part of a project which covers some 6.5he and consists of 104 garden houses, 31 row houses, commercial services facility and school. SGT

110111-Many project developers in HCMC have adopted aggressive marketing campaigns including loan interest rate support to make the market move. The market has been in a practical standstill in terms of sales perfor¬mance, with few actual transactions by end-users recorded during the last quarter. There were some 3,800 apartments launched into the market last quar¬ter, in which affordable apartments, with an average price at VND15.4m / $790sqm accounted for 65%. But interest rates increased as high as 18-20%, making it difficult for many developers and home buyers to obtain bank loans. There will be a new supply of 40,000 units set to come onto the market this year. SGT

150111-HCMC had around 17,000 condos for sales in the 4th Quarter of 2010, ris¬ing by 25% against the previous quarter and 70% year-on-year. Grade C condos made up around 80% of the supply. SGT

200111-The total primary supply of apart¬ments in HCMC in the 3rd Quarter of 2010 was 16,600 apartments, in which absorption accounted for half of the supplied apartments. The next 2 Quarters will see 26 condo projects launched with some 10,300 units, and 104,000 more units of ad¬ditional supply are expected in the next few years. SGTW

090211-The so called affordable apartment sector is priced between VND15-18m/sqm ie $769-$923. SGT

140211-With sup¬ply of apartments in HCM City outstripping demand, prices are likely to fall this year. In an analysis of the market it said though apart¬ment prices have fallen by more than 30% from its peak in 2007. They re¬main high compared to av¬erage incomes of people looking to buy them to re¬side, pushing down de¬mand. Around 20,000 apart¬ments are expected to hit the market this year. 40,000 other units in hundreds of projects that have already been launched remain unsold. Besides, many small in¬vestors are expected to sell apartments they bought in the last year or two as they fear a further erosion in their value. In all, around 70,000 units are expected to be available in the market this year. According to real-estate consultancy Vietree, sales of apartments worth up to VND12m / $615sqm in outlying districts like Binh Chanh, Binh Tan, and Thu Duc are better than other segments. Many developers are now focusing on such projects. The mid-end segment - costing VND22m / $1,100) upward - has wit¬nessed an increase in sup¬ply but a fall in demand. High-end apartments priced at $1,500 have few takers. With demand plunging, many developers are offer¬ing promotions like free furniture for home buyers and 4% interest sub¬sidy on bank loans. Many high-end projects are cutting prices. A devel¬oper in Sai Gon South for instance, recently sold to a big investor, who bought 5 to 7 apartments, at 70% of the earlier price. VNN

150211-Local property developer Vina Complex Company Ltd yesterday started marketing its first small-size condo project under construction in HCMC's Tan Binh. The company said it had invested some VND40 billion $1.9m to develop Vinacomplex III with 8 floors having 19 apartments of 40 to 64sqm and a section for office space. Deposits had been placed for 6 of the 19 apartments. The apartments cost some VND19m / $908sqm or some VND760m / $36,329 per unit, inclusive of tax and interior furnishing. Vina Complex is joining hands with Techcombank to offer loans equivalent to some 70% of the value of an apartment and the term of the loan is up to 20 years. This is the first mini-apartment project to be launched in HCMC since Decree 71 /2010/ND-CP that allows individuals to develop private apartments in existing resi¬dential areas came into force last October. Families and individuals can develop a residential building provided that there are at least two stories and that each story has at least two units as large as 30 square meters designed with facilities such as bedroom, kitchen and bathroom. The decree, for the first time, allows the issuing of ownership certificates for mini condos and the transfer of such homes just as commercial ones. There have been mixed reactions to the new rule, with some supporting it and oth¬ers expressing concerns over urban plan¬ning, but it might be welcomed by many people who cannot afford to buy homes at bigger projects. That the new rule does not require mini apartments to be transacted on a certain property exchange center make it easy for developers to sell their apartments. Vina Complex Company said it would continue to develop three more small-size condo projects in the city. SGT

160211-In Ho Chi Minh City, the secondary supply rose to approximately 55,000 units, while in the long term approximately 105,000 apartments for sale will com¬plete construction in the period from 2011 to 2013 and beyond. Ho Chi Minh City's 2011 total apartments will be 120,000 units, among them there will be 40,621 units from 79 commercial projects poured into primary market. Besides commercial housing projects, social housing will be a strong future trend in 2011. There would be 70,000 social housing units handed over this year to meet the demand of thou¬sands of low-income resi¬dents. The huge figures, accom¬panied with the gloomy sta¬tus of the market at the end of last year made many peo¬ple working in the realty field worry about a saturated market. Futaland, said: "Ho Chi Minh City will absolutely see an oversupply of mid and high-end condo¬miniums this year." Most of future projects had the same design and were expected to be offered at VND15-16 mil¬lion ($724-$772) per square metre while in practice, apartment projects offered at around VND12-13 million ($579-$628) per square metre still found no cus¬tomers. "In fact, most of Ho Ch Minh City residents can only pay VND8-9 million ($386¬ $435) per square metre.VIR

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