Land lot projects save property firms
As the condominium market has been frozen with prices falling steadily over the years, many property project owners have shifted to the land lot market as a new approach in their strategies to diversify housing products and to seek customers.
Thu Duc Housing Development Corporation (Thuduc House) and Pacific Property and Infrastructure Development JSC (PPI) are going to offer the land lots belonging to Long Hoi City project in Ben Luc District, Long An Province.
The project covers 54 hectares with 424 land lots, including 382 units for street houses, semi-detached houses and villas and others for resettlement.
Some 100 land lots of the total 300 in the project’s second phase will be offered at the price from VND3-5 million per square meter. Earlier, the first phase was rolled out with 27 hectares and the land lots were sold out in 2006.
Similarly, Anh Tuan Investment Joint Stock Corporation has planned to sell the land lots at the Anh Tuan Garden project in Nha Be District, HCMC. The project worth VND120 billion in total capital includes 119 land lots for street houses sold at the price of VND8.2-8.5 million per square meter.
Meanwhile, Phu My Hung Co. said in mid-November it would launch into the market the Chateau villa project, also known as the company’s final house land lot project in grade A segment.
Phu My Hung Co. plans to offer the first phase of the project with 47 products, comprising 35 villas and 12 semi-detached houses with gardens covering 510-770 square meters. However, the offering price has not yet been revealed.
Other firms with land lot projects have also launched their products to attract homebuyers from HCMC and neighboring provinces.
Commenting on the market trend, Nguyen Vu Bao Hoang, deputy director of Thuduc House, said investors are eyeing the emerging market in Binh Duong, Dong Nai, Long An and Ba Ria-Vung Tau where the property price is cheaper.
With advantages of low prices and traffic infrastructure connectivity, Hoang expected the land lot projects will become favorable to small individual investors.
Meanwhile, market observers predicted poor business results in the apartment segment until the year’s end and a price drop in both primary and secondary markets.
