» » PPI launches residential project in Long An Friday

VNRE - Pacific Property and Infrastructure Development Joint Stock Company (PPI) and its partner Thuduc Housing Development Corporation are going ahead with a plan to introduce their housing project in Long An Province to potential customers in HCMC this Friday.

Pham Duc Tan, PPI’s general director, said the joint venture would gauge the market demand by presenting 447 land lots in the Long Hoi City project in the coming days, at a time when the local property market is still in difficulty over the credit crunch. Tan said the two companies have set aside some VND170 billion for infrastructure development in the project, which covers some 15 hectares in central Ben Luc Town, some 30 kilometers from HCMC.

The developers declined to announce the selling prices before the company, in collaboration with the HCMC Real Estate Association, organizes a seminar in HCMC this week to call for investment in properties in Long An Province.

Long Hoi City is the second phase of the Ben Luc residential project in the province. Some 800 lots in the first phase were launched into the market, and some 80% of them were sold at prices of VND3 million to VND4 million per square meter.

Tan said like the previous phase, the coming sales program would target buyers for accommodation as main customers.

In related news, Savills Vietnam in its tracking the market beat reported the land lot market in HCMC saw the average price in the secondary market declining by 10% as compared with the first quarter of this year.

According to Savills, the primary market is competing strongly with the secondary one, even it saw a stronger decline in selling prices as compared with the latter.

Small and medium dwellings with affordable prices were preferred, and some 80% of the total homes transacted in the primary market had an average price below US$400,000.

The second quarter saw two new projects including Goldora in District 9 and a residential development in District 8 entering the market with some 110 villas.

Commenting on the villa sector, CB Richards Ellis Vietnam’s managing director Marc Townsend said that given the current overhang of unsold condominium units, prices had dropped off in all sectors.

He, however, said villa prices would stabilize in the coming time because Vietnamese buyers prefer landed properties and the sector has yet to face the same hangover of supply.

Reported by Dinh Dung | The Saigon Times

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