Knight Frank’s recently-announced report on real estate market in the first quarter of 2012 in HCM City said that after Lunar New Year (Tet), apartment market in HCM City continued to witness low transaction rate and the popular segment still continued to lead the market in Q1/2012.
Many investors have reduced the prices for the project on the primary market to accelerate the pace of sales. Besides, some other investors saw more benefits when launching many different promotions.
Many other investors have also supported the buyers through means such as flexible payment schedules, supports in accessing bank loans and preferential interest rates, etc.
Price for new projects being launched for sale in Q1/2012 was from 13.9 million dong (about $665) to 24.5 million dong (approximately $1,170) per m2.
The supply of popular segment accounts for 86%.
According to Knight Frank, around 2,300 apartments were offered for sale in HCM City in Q1/2012. The popular segment still accounted for a large proportion of new supply at a rate of 86%. Hyco 4 Tower project in Binh Thanh District was the only project being launched during this quarter.
Most new apartment supply in Q1/2012 was from outskirts districts like Binh Tan, Nha Be and District 9.
Apartments priced at less than 20 million dong per m2 attracted interest.
Popular apartment segment priced at 11 million dong (about US$526) to 20 million dong (about US$957) per m2 still continued to attract the attention of many buyers during this time.
Knight Frank forecasts in Q1/2012, four more new future projects were announced with about 1,800 apartments to be involved in future supply. The amount of these new apartments is equal to only about half of the new apartments being announced in Q4/2011.
In general, there will be about 53 projects with about 23,500 apartments to participate in HCM City market in the next 3 years. In which the apartments mainly concentrate in districts of 2, 7, 9, Tan Binh, Tan Phu and Thu Duc.
According to Knight Frank, the real estate projects tend to convert architectural design or even change their use functions. This is seen as temporary solutions of investors during many difficult period of real estate market.
Popular and middle segments will still continue to be targeted in the business strategies of foreign investors such as CapitaLand and Indochina Land this year. - Source: Vietbiz24
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