Investors woo homebuyers

Not content with promotional programs, discounts and flexible payments, some property investors in the country have gone so far as to give profit pledges to customers to improve home sales during the gloomy market.

Van Phat Hung Joint Stock Co. is trying to lure potential investors by promising a 15% profit on the total value of condos of La Casa complex in HCMC’s District 7.

Situated at the corner of Hoang Quoc Viet and Dao Tri streets, the project comprises seven blocks with 35 stories each, offering over 1,900 flats besides restaurants, hotels and shopping centers.

According to the investor, the commitment will be applied if buyers follow payment progress as required in the contract and pay 60% of the value of the condo. The enterprise will refund investment capital and profits for buyers as pledged but not apply the policy to those receiving the condo or transferring it.

Prices of La Casa condos average out at VND21 million per square meter and buyers will have to pay 15 installments within 40 months after signing contracts. Investors expect to hand over the project to customers from September 2013.

Earlier, Novaland launched a program to give buying rights for customers of Sunrise City project in District 7. Accordingly, homebuyers will place a deposit equivalent to 20% of the value of the flat on contract signing, 60% more when receiving it and try to live there within two years. After that, they will either settle the final 20% if they want to own the flat or return it and take their money back.

Meanwhile, some investors also pledge to re-lease condos or villas to convince customers to buy their products.

Him Lam Land Co. has launched the sale of serviced apartments of Him Lam Riverside project in District 7 and committed a monthly income from US$1,000-1,500 in two years for customers through a leasing program.

Toan Thinh Phat Investment Architecture Construction Corp. will also continue the leasing program to the second sale of The Pegasus Residence project in Bien Hoa City, Dong Nai Province. The investor is seeking tenants for the villa village such as expats working in the city.

For Saigon Pearl luxury apartment project in HCMC’s Binh Thanh District, the investor has offered a flexible payment policy allowing customers to move into a flat after paying just 50% of its value. The homebuyers will pay the rest of the value within 15 months or ask the investor to help them put the flat up for lease.

Industry insiders said the tough market has forced most enterprises to increase their competitiveness. However, as demand is still low, investors have to improve services and keep offering deals to lure customers.

Source Saigon Times

Tags: Vietnam Property market, Vietnam property sector, vietnam real estate market