Foreigners win purchasing rights by lottery
Foreigners win purchasing rights by lottery
In the three months since the amended housing law came into effect, the residential property market has surged due to the demand from foreigners who have been living and working in Vietnam. Being a pioneer in developing international-standard housing projects and supporting foreigners with legal procedures, Vinhomes is leading the way and dominating this new market segment.
Vinhomes Central Park held its first private sales event for foreign buyers on July 1, 2015, resulting in 112 successful apartment sales. A second exclusive sales event was held for the Korean community on August 13, also producing overwhelming results.
On Thursday evening on October 11, a third exclusive sales event was held at the Vinhomes Central Park Sales Gallery for international customers. This event celebrated the early release of a number of luxury apartments in the Park 5 building, which is located in Vinhomes Central Park’s Park Precinct.
The Park Precinct consists of 7 luxurious residential apartment buildings and is located adjacent to Ho Chi Minh City’s largest riverside parkland along the bank of the romantic Saigon River. The apartments are designed to take full advantage of this prime location as they are designed with natural ventilation to welcome fresh air and natural sunlight. Amongst these, Park 5 building offers the best position, as it is located at the intersection of the riverside road and the main connecting road within Vinhomes Central Park. The Park 5 apartments were offered to foreign customers for the very first time, with a special discount.
20 minutes after the start of the event, many apartments on offer were oversubscribed with multiple registrations of interest. Due to the high demand, the developer decided to use a lottery to determine which client would hold the purchase rights to their chosen apartment. The lottery guaranteed the fairness and transparency of the decision amongst potential buyers who shared the same interest in a particular apartment. Lucky lottery winners won the opportunity to purchase the apartment of their dreams.
Korean investor Choi Jil Sook, one of the lucky buyers, waved his winning ticket and shared: "I am not always lucky with lottery, but this one was very different. There was no lucky gift, but I got the right to pay a deposit for the apartment of my dreams. I am happy and feel like a real winner.”
Marc Townsend, managing director of CBRE Vietnam, said: "As a sales agent of Vinhomes Central Park, we are happy to attract the attention of foreign buyers. A lottery to determine purchasing rights is not very popular in other countries but now foreign investors see it happening at Vinhomes Central Park. Thanks to the new housing laws a large number of Korean and Singaporean investors are making purchasing commitments”.
The amended housing law has helped boost the demand for the residential property market. It is a fast growing market but the real opportunities only come to those developers that build residential developments to international quality standards.
