One billion VND apartments in Saigon sold out, prices increased

One billion VND apartments in Saigon sold out, prices increased 5

VnExpress’s survey shows that apartment projects costing one billion VND or less in Ho Chi Minh City have had very high liquidity in the past 12 months, because they are suitable for the budget of the majority of young citizens with stable income.

However, the product basket of this product line is shrinking because the average price of affordable apartments is escalating from an average of 900 million or 1 billion VND per apartment to the range of 1.3-1.5 billion VND.

Specifically, the Saigon Metro Park project (Thu Duc), an apartment price of about one billion VND, was offered for sale in the last batches of 2016, about to be handed over in the third quarter of 2017, and is increasing in price by 100-200 million VND per apartment.

The Art project, on Do Xuan Hop street (District 9), the first offering of 2-bedroom apartments under 60m2 priced at 1.1 billion VND launched in 2016 has now been gradually handed over, with buy-to-let prices.

Recently, the Tara Residence Ta Quang Buu project (District 8) offered for sale in the second-third quarter of 2017 also had a sell-out situation of one billion VND apartments.

A low-cost apartment project with sold-out products of one billion VND/unit is under construction in District 8, Ho Chi Minh City.

Specifically, during the opening sale period in the third quarter of 2017, the transaction price of one-bedroom apartments in the Tara Residence project jumped to 1.3-1.4 billion VND per unit.

Also located in District 8, the Heaven Riverview project (on An Duong Vuong Street leading to Vo Van Kiet Avenue) offers extremely competitive prices, from only 900 million VND for a one-bedroom apartment, excluding VAT.

Another affordable housing project, Roxana Plaza, located at the northern gateway of Saigon, with a scale of 1,174 apartments, of which 70% of the products cost 1 billion each including taxes and fees, is also being revealed.

Many years of observing the real estate market and affordable apartment product lines, General Director of Viethome Company, Nguyen Anh Dao, said that in the next 5-10 years, apartment buildings priced at one billion VND or less will still be available.

`A young couple with a stable income with savings of 200-300 million VND, buying a house for one billion VND or less, paying monthly installments instead of spending money on rent is a problem that many people apply.

Viethome CEO analyzed that, as of the third quarter of 2017, affordable apartment projects are located quite far away, 13-15km or more from the center of District 1, Ho Chi Minh City (Ben Thanh market).

Mr. Dao commented, currently the big challenge for the low-cost housing market is that apartments considered the affordable segment in Saigon are increasingly moving away from the price range of 1 billion VND or have very few affordable products.

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