While the real estate market remains quiet in Ha Noi, investors in housing projects, apartments and retail spaces have continued to offer promotional programmes in an attempt to warm up the market.
HA NOI —
The investor in the new Nam Hoang Dong 1 urban area in the northern Lang Son Province has on sale 600 land lots in Ha Noi. As part of a two-day promotion that finished yesterday, customers enjoyed preferential discounts of 3 to 5 per cent.
In late November, Indochina Plaza Ha Noi also provided a special incentive to customers, offering free furniture coupons with the purchase of every apartment.
Ecopark, the largest eco urban township in Hung Yen Province's Van Giang District also offered discounts to buyers of its apartments, penthouses and villas.
To help buyers overcome financial difficulties, Ecopark offered a range of financing options to suit the needs of individual buyers.
The US$2 billion Hoang Dong Lang Son project also launched incentives for buyers for its new development of 48 luxury houses.
Nguyen Thanh Hai, director of the development's agent Netreal Viet Nam, said targeted customers for this project were wealthy people with expensive taste.
Customers would have access to facilities such as golf courses, swimming pools and tennis courts from their luxury homes. If potential buyers were given free golf cards and five-star hotel service, they would take an interest in the project, Hai added.
Retail space is also being pushed as the year draws to an end.
Savills Viet Nam has offered 22,000sq.m of retail space in the Mo trade centre project in Hai Ba Trung District and CBRE is also preparing plans to offer retail space in Hang Da trade centre in Hoan Kiem District.
Le Xuan Truong, director of B.D.S Real Estate Company, said that when the market saw unpredictable change, it was difficult to determine when it would pick up again. Therefore, real estate companies could not afford to wait for the market.
Pham Trung Ha, general director of Hoa Phat Land, said investors usually launched their products towards the New Year and Lunar New Year to catch idle money from the public. Promotions mainly targeted people who were looking to make a home, rather than speculators.
Last year, many customers had idle money from remittances or saving accounts and by offering promotions this year, agents hope to attract them.
These forms of promotions and direct selling could create an element of trust among potential buyers, who for years have had to buy with great price disparity in Ha Noi, said Ha.
Ha added that many projects had been launched in attempts to set a new price level for the domestic market. With the current selling prices, a strict policy on loans from commercial banks had forced land speculators to wait and see if the market bounced back. — VNS