NEWS
Project owners seek ways to survive tough times
16-10-2012
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The sale of Dai Thanh condo project in Thanh Tri District sent shock waves to the Hanoi market when its price was lowered to VND10 million a square meter last week. Business of Lai Chau No.1 Construction Co., the project developer, has become bustling with the presence of large numbers of interested customers since then.
With the price cut, the condos on offer cost VND360 million to VND470 million per unit and buyers are able to pay money in line with the construction pace.
Earlier, the developer of the VP3 Linh Dam condo project in Hoang Mai District had slashed prices by an additional VND3 million a square meter. The apartments now are priced at between VND22 million and VND23 million a square meter from VND25-26 million.
The condos’ prices have shrunk a combined VND10 million compared with the previous prices of VND31-32 million for one square meter.
In this year’s third quarter, COMA 18 Co. adjusted down prices of the high-class Westa apartment project in Ha Dong down to an average VND17.9 million a square meter of unfurnished housing and VND21 million for a square meter of furnished housing, dipping from VND5 million to VND7 million a square meter against the previous levels. Some other projects also saw their prices going down in the same period.
In recent times, besides promotions to lure homebuyers, a slew of developers have come up with delivering near-completed housing products to homebuyers to lower prices. The Xuan Mai housing project in Ha Dong is launched for sale at VND14 million a square meter of near-completed apartment and at over VND17 million for a square meter of completed condo.
The project owner of the Golden Palace project in Tu Liem has also revised down the selling price from VND30-33 million a square meter to VND27-29 million as the country’s economic woes are still biting. Another high-end project located on Hoang Minh Giam Street, Thanh Xuan District, is offered at VND30 million, down from VND40 million reported in 2011.
According to many project owners, adjusting down the prices for incomplete condos has partly stirred up local housing demand.
Given poor local demand for housing, multiple secondary investors have had no other choice but to lease out their apartments after having failed to find buyers for a long time.
