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Luxurious condo developers race to lure clients in HCM City

A view of Him Lam Riverside project in HCMC’s District 7. The investor of the project has launched many promotion programs to attract homebuyers - Photo: Dinh Dung

Given the crisis of the real estate market, few new high-class condos have been launched in HCMC except for those offered earlier such as Star Hill, Happy Valley of Phu My Hung Corporation, Him Lam Riverside of Him Lam Group, Celadon City of Sai Gon Thuong Tin Tan Thang Company, Sunrise City and Tropic Garden of Novaland.

While investors of low-cost condos have seen the light at the end of the tunnel thanks to affordable home products, those developing luxury projects have faced tough competition to lure customers.

As home demands usually pick up before the Lunar New Year holiday, or Tet, the investors have launched many promotion programs. The investors of Him Lam Riverside and Sunrise City in District 7, for instance, have offered the most competitive sales policies.

This month, Novaland has launched discounts and a program of installments over a period of 46 months. Customers of Sunrise City project’s first stage have to pay only 35% of the condo value in the first payment and 1.15% each month after that. Buyers will also get gifts and join a lucky draw program.

For customers of the second stage, Novaland has offered a payment policy of VND32 million per month over 50 months.

Meanwhile, Him Lam Group has announced five payment policies for Him Lam Riverside project, allowing customers to pay for a condo over a long period, giving discounts, gifts and service fee reductions.

Notably, in a sales program to be launched this Saturday, the investor will offer two interior decoration models to homebuyers and a set of home appliances worth nearly VND1 billion.

Novaland is also trying to boost the sales of its Tropic Garden project in District 2, offering installment payments over a period of two years, and management and parking fee exemptions and gifts for homebuyers. The project is now under construction.

Many of Imperia An Phu condos in District 2 were handed over to customers earlier this year, but the investor has still offered a preferential payment policy to clear up stockpiles.

Homebuyers will receive the condo after settling 10% of the condo value and pay the remaining sum over two years without any interest sum. They will also receive free parking and gifts worth VND250 million.

Phu My Hung Corporation is set to launch the sale of Happy Valley project with payment schedules over 2.5 years. The enterprise has cooperated with banks to give financial support to customers, granting loans of up to 70% of the condo value over 20 years with a fixed interest rate of 8% per annum in the first two years.

Similarly, the owner of the Celadon City project in Tan Phu District has also announced strong incentives for homebuyers, who only have to make the down payment of 25% to be handed over the condos. They will also be exempted of management fees for three years, plus a cash gift of VND30 million.

Bui Xuan Hien, deputy general director of Khai Hoan Land Company, said that real estate investors always have strong demand for cash at the end of the year, so they have to speed up sales to recover capital. Notably, recent promotion programs have given financial support to homebuyers.

Earlier, many customers did not think that they could buy high-class condos. If investors had launched such promotion programs sooner, transactions in the high-class apartment sector would have been much better, Hien said.

Recently, Vingroup Company has also spent VND200 billion investing in facilities and giving management fee exemptions over 10 years for residents of Times City and Royal City projects. Investors from any segments should learn about this policy to secure equality among old and new customers and reduce devaluation of projects, Hien added.


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