VPBank and M.I.K Corporation join hands
VPBank and M.I.K Corporation join hands
M.I.K Corporation, a leading professional real estate developer in Vietnam, has recently announced that Vietnam Prosperity Bank (VPBank) will act as a guarantor for its projects, following the Law on Real Estate Business coming into effect on July 1.
According to the revised law, property developers, before selling or leasing unfinished or future property, must obtain guarantees from eligible commercial banks as assurances of their financial obligations to buyers.
Accordingly, in case property developers fail to follow through their commitments and hand over apartments to buyers, banks would be responsible for refunding the buyers, in line with the provisions of the signed contracts.
The regulation is expected to enhance the responsibility and obligation of developers, improve liquidity in the real estate market, as well as protect the rights of purchasers.
Since the regulation has been introduced, M.I.K Corporation has speeded up discussions with its bank partners. With its high prestige on the property market, leading Vietnamese commercial monetary institute VPBank has decided to guarantee three projects developed by M.I.K, namely Park Riverside, Villa Park and The Park Residence.
Fung Kai Jin, the bank’s deputy general director, commented that, "We highly appreciate the capability and vision of M.I.K Corporation with their international-standard projects. We are also fully assured of the construction quality and handover progress under the management of M.I.K Corporation.
“With VPBank’s guarantees, home buyers will receive financial support to have more access to the remarkable projects developed by M.I.K Corporation," he added.
According to M.I.K Corporation CEO John Lim, the new regulation is a step forward for the local real estate market towards sustainable and transparent development.
“M.I.K Corporation is proud to join hands with VPBank because of its strong financial capability, extensive transaction network, stable growth and continuous innovation in technology, as well as products and services. VPBank always focuses on bringing the best benefits for customers, which matches our mission and vision,” he noted.
The Park Residence and Villa Park Riverside have received much attention from home buyers and the signing agreement between M.I.K Corporation and VPBank provides much-needed security for home buyers when making the huge financial commitment.
Last month, M.I.K launched a programme entitled “buy houses win 100 per cent for premier condominium The Park Residence and luxury Villa Park Riverside”. The event attracted thousands of visitors and recorded more than 150 successful transactions. Some lucky clients have won a Hyundai i10, an interior package worth 300 million VND ($13,800), six Piaggios and six Ipad Minis.
With the guarantee offered by VPBank, M.I.K Corporation is set to continue strengthening its position as the leading professional real estate developer, promising to create a new impression on the real estate market.
