Discounted condos attract homebuyers
Discounted condos attract homebuyers
After nearly three weeks discounting apartment prices, the high-class Hoang Anh Riverview project in Ho Chi Minh City's District 2 has received positive responses from homebuyers with about two-thirds of the flats having been sold out by secondary investors.
Pham Xuan Ai, general director of An Binh Land, said his firm sold 32 out of 48 apartments it had purchased in 2009, adding the remaining ones are large penthouses.
Similarly, Dong Nam A Real Estate Company as distributor of discounted flats of the project said local customers have shown keen interest in the products offered at the trading floor, with 40 condos sold to homebuyers.
As thus, two secondary investors - Dai Tin A Chau and An Binh Land – have sold 72 among 120 apartments on offer since they cut the price by some 35 per cent from 2009.
Two price levels are offered during the discount sales. The price of VND18.2 million, exclusive of VAT, for one square metre is applicable for those consumers paying in advance 95 per cent of the flat’s total value. Meanwhile, those paying a deposit of 30-50 per cent are allowed to settle the remainder by bank loans and are charged with VND20 million for one square metre.
Condos launched for sales this time cover 138 square metres or more, meaning the cheapest apartment is priced from at least VND2.8 billion.
With the current housing prices, Ai noticed secondary investors like his firm are suffering losses as they previously bought the apartments from the developer Hoang Anh Gia Lai at $1,300, or some VND27 million, per square metre.
Hoang Anh Gia Lai at first marketed the project at about VND49 million or $2,300 a square metre but it then slashed the price to VND28 million or U$1,350 before the secondary investors slashed the price further to VND18.2 million only.
As such, condos prices of the project have tumbled roughly 60 per cent compared to the initial price.
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