Leasehold advantages: an opportunity not to miss
Leasehold advantages: an opportunity not to miss
Owning a condotel for a certain period of time, better known as leasehold, is becoming popular in the real estate market around the world. However, in Vietnam, most customers still underestimate the advantages of this attractive property option.
World trend
Leashold ownership of condotels has been one of the "hot" issues of the real estate market in the past years, with real estate experts and homebuyers alike dissecting, analysing, and comparing every aspect of this relatively new form of ownership.
Globally, the condotel apartment projects currently being exploited for high liquidity are suitable for most customers because they suit a variety of needs and ways of life. For example, in Singapore, known as the “land of the condotels,” more than 80 per cent of the people live in apartment buildings.
Leasehold is favoured in many countries as a means of securing land funds and diversifying the housing segment, while ensuring the safety and well-being of citizens.
In Vietnam, leasehold with the duration of 40 to 50 years has existed for a long time. However, people commonly believe that possessing a property permanently would help create stability and assets for their descendants, opting out of leasehold.
Therefore, in order to gradually change customers’ perceptions, when developing these projects, investors generally spend more on quality, utilities, and services than on other projects to reassure both investors and customers. Thus, if customers seize the upcoming opportunities, leasehold can bring various benefits and generate potential profit.
After many years of implementation, the majority of the people has begun to have a more positive view on this type of housing.
Nguyen Ha, the owner of a condotel at the 5 Seasons project located in the TNR GoldSeason luxury apartment complex at 47 Nguyen Tuan Street, said: “After thoroughly researching the living conditions, environment, prices, as well as security and services related to daily living, I and my husband decided to purchase a condotel in 5 Seasons because they seem secure. In particular, the project is located near the city centre, which is convenient for both of us.”
Optimise benefits with 5 Seasons
In fact, projects like 5 Seasons offer quite a number of advantages, the first and foremost of which is the price. For only VND1.6 billion ($70,300), customers can own a luxury property in the heart of Hanoi.
In addition, customers can benefit from many preferences. For example, at 5 Seasons, customers will receive a discount of up to 4 per cent or receive two troy ounces of gold when purchasing condotel Number 04, 05, 11, or 12 at 5 Seasons.
Customers who do not miss the repayment schedule will get a discount of 1 per cent. Those who pay 100 per cent of the condotel value in advance can receive a discount of 5.3 per cent.
Calculated on the actual value, when a customer buys a VND1.6-billion apartment, he will get a discount up to VND165 million, equivalent to 10.3 per cent ($7,240).
Besides the attractive price, 5 Seasons has also partnered up with Maritime Bank to provide customers a supported loan of up to 50 per cent of the condotel value with 0 per cent interest rate for 12 months.
Thus, homebuyers only need an initial VND630 million to be able to own a 5-star luxury condotel in the centre of Hanoi, which is the highlight making 5 Seasons prominent on the market.
Staying at 5 Seasons, residents will experience fantastic services free of charge for an entire lifetime, including a gymnasium, yoga, swimming pool, sauna, and jacuzzi, as well as a meeting room, and library.
In addition, the standard 5-star hotel is also the perfect home for busy families. Shopping, cleaning, and laundry services are provided to each apartment to help residents deal with daily worries. These are also a great point for 5 Seasons residents.
