» » Many real estate trading floors, few real estate commodities

Though the real estate market remains cold, more and more real estate trading floors have been born recently, leading to the fact that markets lack commodities.

On January 10, 2009, the first real estate trading floor in the central region was set up, run by Cuong Hung Thinh Group.

Prior to that, on December 23, 2008, RESCO launched its real estate trading floor at No. 41 Suong Nguyet Anh Street in district 1, HCM City.

Many other real estate trading floors had been put into operation before, including the ones run by Asia Commercial Bank’s Real Estate Company (ACBR), Nam Long, Thu Duc Housing Development and Nam Viet.

New commodities for trading floors

Pham Van Hai, General Director of ACBR, said that besides land, apartments and houses in old urban areas, in 2009, ACBR will also seek business opportunities in project land.

Hai said that a lot of real estate project owners have come to discuss marketing to sell products at ACBR. The projects need to have transparent legal status, while the projects’ owners need to have prestige to be eligible to have their products transacted on ACBR.

Some real estate projects’ owners have their own real estate trading floors. However, the floors not only sell the products of the floors’ owners, but also other commodities as well.

Nguyen Xuan Chau, Chairman of Nova, a real estate trading company, also said that previously, his company mainly did the marketing for the company’s products. However, he has decided to ‘contact’ many other projects in order to diversify the commodities of the trading floor.

According to Truong Thai Son, Deputy General Director of Hoang Quan , Hoang Quan trading floor has joined forces with some other big floors nationwide in order to provide updated information to clients and diversify commodities.

Many trading floors, few commodities

A lot of real estate projects kicked off construction in the last weeks of 2008. However, the projects will only provide products as of 2010 or 2011. Meanwhile, the products being offered on floors mostly belong to old projects.

“Some projects’ investors have visited the floor, but they just sought to understand the conditions for marketing products, as the projects will only be kicked off in mid-2009,” Hai said.

Experts said that the market still lacks commodities. A lot of trading floors have been set up recently as the laws require real estate developers to have their products transacted on trading floors. However, as the market remains frozen, trading floors cannot find clients.

The network of real estate trading floors has gathered 115 members, but problems still exist. After one year of operation, the content of the websites have not been improved considerably.

Source: VNN

Post a Comment

Anonymous said... January 25, 2009 at 11:43 PM

It's good to see real estate is doing fine in some parts of the world. I consider India and China the key players in Asia, however it seems Vietnam has huge potential there too. Here we are solving crisis troubles, real estate in Toronto has some problems in recent months, our December sales drop was 45%...
Wish you good luck and lot of great deals!
Elli Davis