Phu My Hung Midtown, the magnet in South Sai Gon property market
Nearly three years after being launched, Phu My Hung Midtown which is being developed jointly by Phu My Hung Development Corporation and three Japanese partners, has become a magnet in the HCM City real estate market, in the South Sai Gon area in particular.
Soon after being unveiled at the end of 2016, the project heated up the market and created records in terms of sales with nearly 100 per cent of units being snapped up on the first day of each stage.
Well selling rate at every event
Japan has always been one of the biggest foreign investors in Viet Nam.
While many other companies have been tapping this source of investment for a long time, Phu My Hung Development Corporation only shook hands with Japanese investors in recent years, and since it is a big change, it has been very careful in choosing the Japanese partners, Phu My Hung said.
The most important factors the company focuses on when choosing foreign partners are business culture and sustainability of development.
After years of looking for suitable partners who share the same business philosophy, the first project developed jointly by Phu My Hung Development Corporation and foreign partners became a reality, Phu My Hung Midtown.
The project, which the company developed together with three Japanese partners, was inspired by famous places in the world like Tokyo Midtown and Midtown Manhattan.
In this tie-up, the three Japanese partners are Daiwa House Group, Nomura Real Estate Group and Sumitomo Forestry Group, which together have 50 per cent of the Japanese property market share.
It is Phu My Hung’s collaboration with the three Japanese partners that has made the project so popular.
Most of the condos were sold out every time a phase was launched in the market.
In February 2017 the first development in Phu My Hung Midtown, The Grande, came into the market with 309 condos, and 98 per cent were sold out in three hours.
The developer had received applications from 1,539 customers who wanted to buy a condo. Around 800 were shortlisted and invited to the sales event.
Because of the high demand from customers, Phu My Hung’s sales policy considered customers who were similar in terms of knowledge, education and income.
Each shortlisted customer had to enter a lucky draw for the right to buy a condo in their projects.
Three months after the first phase, the developer sold the second with 319 condos and 73 shops in The Symphony.
This time 3,000 customers registered to buy, and 1,200 were shortlisted.
All 319 units were sold out in one morning.
In the first quarter of 2018, after the company announced the launch of the third phase, The Signature, again a large number of people registered to buy.
The total number of condos on offer this time was 516, but 3,300 sought to buy and 2,200 were shortlisted for the lucky draw.
The huge demand showed that Midtown was a magnet in HCM City’s real estate market.
Faced with market pressure, Phu My Hung decided to sell the last phase, The Peak, at the end of 2018 itself, several months earlier than planned.
In November 2018 the sales of M8B building at The Peak attracted 600 customers and 90 per cent of the 338 condos were sold.
In the two first quarters of this year more products from The Peak were brought to the market and much of them were sold.
In nearly three years around 2,200 condos and shops in Phu My Hung Midtown were sold.
Thanks to this, experts consider Phu My Hung Midtown an extraordinary player in the city property market since being able to sustain investors’ interest for a long time and maintaining a high sales rate is not an easy task.
They said Phu My Hung Midtown is a high-end project and would always be a magnet for a long time.
The last phase of Phu My Hung Midtown is almost finished, with only building A yet to be sold.
Analysts expect building A to be in huge demand because it is the last building in the project and offers impressive views.
The company plans to sell it in the middle of September to successfully wrap up work on Phu My Hung Midtown.
The first units in Phu My Hung Midtown, at The Grande, were handed over in June.
The Symphony will begin handover from the middle of next month.