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Developers launch Ha Noi housing projects   2010-03-14 - VietNamNet/VNS

Real estate developers have launched a number of new projects, signalling the return from a two-month hibernation of the city's real estate market.

Demand for cheaper housing set to drive real estate market

Vietnam gov’t sweetens deal for low-income housing

City looks to low-cost housing

Ministry makes low-income housing into high priority 

The first 116 apartments (out of 512) in the CT3 Hoang Quoc Viet Residentials apartment block in the Co Nhue new urban area were officially released onto the market on Wednesday.

Nam Cuong group, the project investor, said that the apartments were being sold directly on the company's real estate trading floor with a starting price of US$1,300 per square metre.

So far, 70 apartments or 60 per cent have been sold, said Le Minh Luc, head of the company's marketing section.

"The city's real estate market is definitely moving. With many apartment buildings being built, real estate developers have shifted their focus to long-term customers," Luc said.

Not to be left behind, Song Hong Construction Corp has started the construction of Song Hong Park View on Thai Ha Street which will include two apartment blocks and a 10-storey office building, said a representative of the company.

The project will provide apartments of 75 to 185 sq. metres when it is finished in 2012. Each apartment is expected to be sold for $2,000-2,200 per square metre, she said.

Another project, Unimax twin apartment block (39 and 33 storeys), in Ha Dong District includes a complex of apartments, offices and a trade centre. It is also scheduled to be released in the second quarter of 2010. Low-cost apartment developers are also busy preparing to market their products.

The EZ Viet Nam director, Pham Duc Toan, agreed that the low-cost housing market segment has warmed up due to increased demand.

The company plans to launch 700 low cost apartments in the Me Linh area in the second quarter of this year with an expected price of VND10 million (over $500) per square metre.

"The project is targeted at medium-income buyers in Bac Thang Long and Quang Minh industrial zones, and Cau Giay District as well. The apartments on offer will have areas of 55 to 85 square metres," he revealed.

The rush by real estate developers demonstrates that they believe in the prosperity of the market in the near future.

Truong Xuan Tien, Director of An Hung Real Estate Co, remarked that real estate prices have not increased much, but the number of successful transactions has – by 30 per cent in comparison to the days before Tet.

Tien also observed that most properties currently on the market have been traded face to face between sellers and buyers instead of between real estate developers and buyers.

He argued that real estate developers have every reason to launch their products right now. Developers know that gold trading floors will close on March 30 this year which means that a large number of investors are seeking new opportunities.

Meanwhile, Pham Trung Ha, General Director of Hoa Phat Land, said he believed that real estate developers would market their products in a number of phases while keeping a close eye on the market.

The highest peak of releases will be in the second quarter, when the market will be in full swing, Ha noted.

A mini survey conducted by VnExpress showed that property remains the top investment choice of 34 per cent of its readers. 25.3 per cent chose to invest in securities.

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