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Friday, June 14, 2024

Affordable apartments to meet demands of middle-income earners

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It was easy to find an apartment valued under VND2 billion in HCMC five or seven years ago, but things have changed when this market segment seems to have disappeared. Due to this reason, young people with low and middle incomes could hardly realize their dreams of owning an apartment in the city.

Not easy to find budget apartments

Huu Thanh, aged 33, finally had to use their marital savings after more than 10 years of working in HCMC together with a bank loan to buy a secondhand one-bedroom apartment in an outlying area of the city with an area of 50 square meters at the price of VND2.3 billion. However, this decision differs from their initial plan as they previously sought to buy an apartment priced at under VND2 billion in HCMC.

“Apartments affordable to us are old, having been used for a long time. Meanwhile, brand-new apartments usually come at a very high price, and therefore middle-income earners like me or low-income earners find it hard to buy a home,” said Thanh.

A report on property assessment in 2021 by the HCMC Real Estate Association also showed the same situation. Affordable apartments priced at under VND25 million a square meter are no longer available on the market. No new products of this market segment have been launched during the past years in the city.

In addition, the abundant supply of luxury and hi-end apartments and a lack of affordable units in the real estate market have made owning an apartment a distant dream for young people.

For the time being, young people cannot cope with the increasing housing prices given their current incomes, which puts many people in a dilemma of whether to buy an apartment with poor amenities in an outlying area of the city or live in a rented home for long years.

Here comes the solution

To meet the high demand for affordable apartments, Hung Thinh Land introduces 9X An Suong Project (a residential project for people born in the 1990s, known in Vietnam as Gen 9X), located in the center of the northwest part of HCMC. This is the second project developed by Hung Thinh Land in the series of apartments for the young people born in the 1990s following the first one, 9X Quy Nhon in Binh Dinh Province.

9X An Suong Project is designed to have multiple green spaces and diverse internal utilities – PHOTO: HUNG THINH LAND

Pursuing its mandate to build properties with humanity values for the community, with the 9X An Suong Project, Hung Thinh Land saved a large area for developing utilities, landscape to bring the best life quality for residents. The project with 30 different utilities including a commercial center, an infinitive swimming pool, a multi-functional sport court, an amusement park for children, a BBQ garden, a hanging garden, and a kindergarten is expected to satisfy the needs of residents of all ages.

The 9X An Suong Project located right at the center of Hoc Mon District, with a front facing Song Hanh Street and close to main traffic routes such as Truong Chinh, National Highways 22 and 1A, enables residents to get easy access to the city center or surrounding provinces such as Long An, Tay Ninh and Binh Duong.

Besides, the project is located near An Suong intersection – the economic gateway of HCMC which helps connecting with big industrial parks such as Tan Binh, Saigon Hi-Tech Park, Quang Trung Software Park, Song Than/VSIP Binh Duong, and Tan Tao. Owing to breakthrough infrastructure development in the northwest part of HCMC in recent years, residents of the 9X An Suong Project will be entitled to full utilities of education, healthcare, commerce, entertainment within a radius of five kilometers.

According to a representative of Hung Thinh Land, this project is to follow the success of the residential projects for clients born in the 1980s, or Gen 8X, in 2013 and 2014. By offering a price from VND1.6 billion per unit, together with an incentive payment schedule at 0.5% per month, the 9X An Suong Project will help relieve a burden on young people so that they could focus on building their careers and savings.

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