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Property investors advised not to increase prices

Manh Tung
Friday,  May 29,2015,19:39 (GMT+7)
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Property investors advised not to increase prices

Manh Tung

By Manh Tung - The Saigon Times Daily

Visitors inspect a new housing project at the Home Expo 2015 in HCMC- PHOTO: MANH TUNG

HCMC – The Vietnam Real Estate Association (VNREA) has called on property investors to refrain from increasing prices provided that demand picks up in certain segments and the local real estate market shows more signs of recovery.

VNREA chairman Nguyen Tran Nam, speaking at the five-day real estate exhibition Home Expo 2015 that opened in HCMC on Wednesday, said 1,500 housing transactions have been made via realty trading floors in each of HCMC and Hanoi in the first five months of this year.

The former deputy minister of construction added these two major cities saw successful deals in the first quarter of this year rising by two to three times compared to the same period last year.

A number of property investors have adjusted up home prices by 1-10% depending on project locations to bank on the recovery of the market. However, Nam said property investors should focus more on long-term sales and marketing plans to achieve sustainable business growth instead of immediately increasing prices to maximize profit.

Reality showed hundreds of property firms with ailing financial capability and short-term visions went bust in previous years when the property market was frozen. This is a good lesson for companies in the sector to learn to become professional and grow business in a sustainable way, Nam said.

Nam urged property investors to provide clear information about their projects put up for sale and manage these projects in a professional manner after they are put into service. This will help enterprises enhance their prestige and corporate value in the long term.

Nam said the Government would likely launch a supporting program similar to the existing VND30-trillion home loan package for commercial housing projects with apartments sold at less than VND2 billion a unit.

The Home Export 2015 is attended by major property developers like Hung Thinh, Thuduc House, Phuc Khang, CityLand, Nam Long and Hoang Anh Saigon.

Hung Thinh is showcasing a number of new projects including Florita in District 7, 8X Rainbow in Tan Binh District and Melody Residences in Tan Phu District. Meanwhile, Nam Long brought to the event its E-Home projects with many promotions.

Thuduc House unveiled its two new land lot projects Hoa Moc Lan (magnolia) and TDH in District 9, HCMC.

Many property companies are introducing apartments and lots with prices of some VND1 billion (around US$47,000) each at the 2015 Home Expo, Vietnam News Agency reports.

Le Hoang Chau, chairman of the HCMC Real Estate Association (HoREA), said the 300-booth exhibition organized by HoREA in partnership with trade promotion and service firm TPS features housing projects, building materials, interior furnishing items and banking services.

 

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