When most of projects on the market introduce new approaches to attract prospective buyers, Phu My Hung requires buyers to send their personal information and to explain their reasons to own its condominiums.
This is one of many criteria for customers wishing to select the high-end Riverpark Premier condominiums in District 7, Ho Chi Minh City as a permanent residence. The condominium project of Phu My Hung Development Corporation will be launched at the end of July with the sales prices ranging from 6 to 18 billion VND per unit.
This is the first time a leading developer of the Saigon South area will apply the above sales policy for its condominium project.
According to the developer, it will not sell all units at once and at any cost, but will limit the number of units per selling phase and only accept a handful number of selected buyers through its selection criteria. Customers have to write the Condo-Purchasing Request Letters and send it along with their personal identity documents to apply. After studying the buyers’ applications, the selected buyers will have the privilege to join the Unit-Selection Draw event to choose their favorite units and each family can only purchase one unit.
According to Mr. Bui Duy Toan – the Director of Phu My Hung Real Estate Transaction Office, during this competitive period, it is understandable that many real estate companies actively engage with new customers and treat them like royalty. Therefore, when announcing this sales-limiting policy, there are many opinions that the company is “bluffing its way into selling condominiums to customers”. Furthermore, when the economy’s prospect looks grim, many people believe that there are not many buyers willing to spend billions to purchase these condominiums and soon or later the units’ prices will be reduced.
To give the reasons for this buyers-selection policy, Mr. Toan stated that besides location, planning, space arrangement…, the future owners of these condominium units are an important aspect for the development of this high-end project. Vietnamese people in the old time has a saying: “Better a neighbor near than a brother far off,” which still has the same value to the life of current urban dwellers.
“At the moment, we were receiving hundreds of buyers’ applications. The sales office is in the process of selecting the applications that met our criteria and to invite them to the Unit-Selection Draw at the end of this month” said Mr. Toan.
About the pricing policy, the Director explained that the prices ranging from 6-18 billion dong per unit are matching with the values that Phu My Hung has brought to its residents and buyers from the community value to the location and design – landscape values.
Comparing with other 39 condominium complexes developed previously in Phu My Hung, Riverpark Premier is the concentration point of the best characteristics: “proximity to city, proximity to river, proximity to avenue;” the project is located at the center of the Hillview District’s most bustling quarter, next to the scenic river and along the 31,5m-wide Nguyen Duc Canh Avenue. In addition, the project is bordering Saigon South International School and Lawrence S. Ting School as well as three urban parks with the total size of approximately 30,000 m2, of which an existing one nearby the project, a riverside one, and the Canal park. This is the first project in Phu My Hung that buyers can select units facing all 8 different feng-shui directions.
The condominium complex combines leisure lifestyle and modern design creating a relaxing and enjoyable living space. All of condominium units have the sizes of at least 100m2 and 3 bedrooms. A spacious area is expanded further thanks to the practical arrangement of the sliding door system and the glass balcony guards. Living room, bedroom, dining room, kitchen and other functional spaces are designed to receive natural light and cool air flows.
This project only has the floor area ratio of 3.75 and site coverage ratio of 48,38%, lowest in Ho Chi Minh City. Each flat condominium unit will have two motorbike-parking lots, and one car-parking lot, and in particular, each penthouse unit will have two car-parking lots.
It is also the first project in Phu My Hung that has a 500m2 swimming pool. Besides the pool, clubhouse, walking paths, outdoor benches, fitness room, community room, children playground, yoga deck…are all located on 2nd floor with the view of the riverside park and the scenic river.
“The selection of building materials took us 6 months in order to compare materials of this project to those used in previous projects of Phu My Hung and current projects of other developers in the segment. Every detail and element have to meet the criteria of a high-end living space. There is no need travel anywhere faraway when residents can return home and enjoy a complete leisure and relaxing space,” said Mr. Axel Fabian Korn, chief architect of Korn Architects (Germany), which works as the primary designer of this project.
Riverpark Premier has 3 residential blocks A, B, C (13-22 stories) positioned symmetrically at 3 corners, and connected via a ground-floor commercial 2-storey podium. The project will have 268 units, each with the size from 112-231m2. The project is currently in the foundation construction process, and is handed over in the end of 4th Quarter / 2018. Vietcombank provides the financial guaranty to the project, and POSCO E&C Vietnam Co. Ltd. – one of the leading South Korean construction companies – is the general contractor.
