More products, support set to boost property in HCMC

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Real estate developers in Ho Chi Minh City are looking for ways to boost the market amid a slump caused by the Covid-19 epidemic. VIET NAM NEWS

The Ho Chi Minh City real estate sector provides more housing projects and subsidises rentals to boost the market amid the Covid-19 epidemic.

An announcement by the Vietnamese city’s Department of Construction in the first quarter said there were 3,137 housing products comprising apartments and townhouses in nine projects available on the market.

Notably, a six-star hotel and office project opposite Ben Thanh Market in District 1 is now putting 214 apartments up for sale after years of delay because it is the first project in Vietnam with six basement levels, which caused some unique difficulties.

Beside luxury properties, investors are also providing social housing on a large scale – 352 units at the Nam Phan project in District 9’s Phu Huu ward are available for sale.

This is unique because normally social housing units rarely exceed 100 in any sale, investors say.

Another project is in Thu Thiem ward – also known as Metropole Thu Thiem – with 465 housing units.

Besides providing more housing products, developers are also offering more support policies in the context of the Covid-19 epidemic, investors say.

For example, Hung Thinh Corporation JSC will reduce rents by 20-40 per cent at commercial centres at its Moonlight Plaza in Thu Duc district, Saigon Mia in Binh Chanh district and Vung Tau Melody in Vung Tau city.

Vingroup said it would spend 300 billion dong ($12.8 million) to subsidise lessees at all its 79 commercial centres with fixed-price leases.

It would also extend the payment periods for people buying houses.