Vietapartment » The Sun Avenue investor

Foreigners warned to “beware bad practice” in improving Vietnamese property market

alexhoang — Fri, 11 Sep 2015 08:58:56 +0000

Collusion between brokers and distributors is skewing the market and short-changing customers, warn Vietnam’s real estate associations.

The Vietnamese property market is making genuine progress following stagnation issues which culminated in 2014. The progress may be skewed, however, by speculators stockpiling property in the hope of creating the illusion of limited capacity in some developments. Collusion between suspect agents and developers are being condemned by key real estate associations, who are angry that bad practice by the few is harming the reputations of its members.

The Sun Avenue Apartment (Novaland) in District 2

End-purchase customers are seeing prices jump by as much as 800mVND on a previously unoccupied residence as speculators manipulate the ‘early-bird’ market.

Mr. Tuan Anh, a real estate investment analyst, said: “Developers are keen to get buyers in as early as possible, and openly offer ‘first stage’ prices. Many of these are snapped up by speculators, sometimes even before the official selling period has begun, with the sole aim of selling the property during the second stage.”

Typical ‘early bird’ prices can begin at around 26mVND per square meter, while secondary offers begin at around 28mVND. Publically, the public and long-term investors are the intended beneficiaries of preferential early investment, but in reality short-term speculators are reaping the benefits.

“While this kind of speculation is frequent in every market, it’s unfortunate that developers are colluding with it by, firstly, promoting ‘early bird prices’ knowing the supply is more limited than their claims, and secondly, trumpeting early sales as a sign of a projects popularity. This is an artificial boost to second stage interest, and is quite discomforting.”

Too many brokers

Industry representatives echo this disquiet. General secretary of the Vietnam Real Estate Association (VNrea), Tran Ngoc Quang, is particularly concerned at the negative impact at a time – following the laws of July 1^st – when efforts to attract overseas investors are showing early signs of success.

“Customers are being faced with a barrage of disreputable agents and bad practice, who are inundating enquirers – here and overseas – with repeated pleas to invest in property they know to be inflated in value.”

Approaches by text message are becoming a real cause for concern. One unhappy recipient, Mr Viet Dung of Hanoi, reports receiving “many messages from strange numbers at all hours of the day, even after midnight. It’s so persistent, and impacting my sleep, making me feel terrible.”

Electronic inboxes are flooded with equal frequency. Ms Thuy Hang, also of Hanoi, receives “on a regular basis 15 new messages each time I check my email, many of which offer adjoining or identical properties for varying prices. It really distorts any interest I had in the first place.”

One developer, who wishes to remain anonymous, distanced himself from such practices while acknowledging their impact:

“Value is high when demand is high. This kind of practice doesn’t generate demand for the market as a whole, and so disappoints us greatly. The problem is with individual brokers. For them, it works: they can send thousands of messages to unsuspecting would-be customers, and if they generate even 1 or 2 sales, they’re very happy.”

High brokerage costs

The overall effect is disorientating for would-be buyers. One such potential homeowner, Mr Tuan of Tay Son-Dong Da, is feeling pressured and misled:

“Every day, I get calls from brokers with different prices, most of which are ascending. Over the last 2 months, quotes have increased by as much as 3mVND per square meter. But it doesn’t take much digging to discover they are pushing apartments which have remained unsold the whole time. It’s bizarre.”

Estella Heights apartment will be opened to sell second stage in this month

The overall health of the market has been trumpeted recently. The first 4 months of 2015 saw the Ministry of Construction record 5850 transactions, 2.5 times the same period in 2014. April alone accounted for 1600 completed sales, a 10% rise on the previous month.

Though sales have genuinely seen an upturn in the last year, one Hanoian expert suggested the numbers were inflated by dubious means. “Distributors and brokers are responding to many queries with ‘sorry, sold out’, to create the impression of high demand and inflate short-term prices.” He went on to say “It’s a pointless inflation – we know these projects are making a healthy number of sales per day, but the announced figures are often magnified two or three fold. It’s unsustainable and will hurt their projects in the long run.”

All buyers are being subjected to such tactics, but fears are that foreigners and Viet Kieu (overseas Vietnamese) will bear the brunt as they are unfamiliar with the local market. All buyers are urged to work with reputable agents who are verifiable by trade associations such as:

Hanoi Real Estate Association
Ho Chi Minh City Real Estate Association
Vietnam Real Estate Association

Keep up to date with advice and information as changes to this emerging market take shape. If you have any question about Viet Kieu and foreigners buying property in Vietnam, get in touch today.

VietApartment NEWS

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Special promotion for the Sun Avenue Apartment customers!

alexhoang — Sun, 26 Jul 2015 02:08:37 +0000

People who buy The Sun Avenue apartment of Novaland developer from the price 1.9 billion VND are given special offer, including 12% discount when apply the special schedule payment and 70 million VND kitchen cabinet package.

Besides, for those who have permanent address, confirmation for temporary residence, or stable work in District 1 could have 1% more in price discount.

We also give The Sun Avenue Apartment buyers from North 1% contract value, included roundtrip airfare ticket for sightseeing project.

The Sun Avenue Apartment from Novaland developer in District 2– very hot project at the moment

The Sun Avenue Project has 500m frontage stretching on Mai Chi Tho Street, located in Thu Thiem area, District 2, HCMC (where Sala Premium Residence is in). The architecture partner of Novaland and Junglim Company group has collaborated to complete the design outline for complex apartment, commercial, The Sun Avenue service in a green space, ventilation, suitable for both residential and business needs of residents.

With modern design ideas, The Sun Avenue Apartment is so much harmonizing for the new Thu Thiem urban area. The Sun Avenue apartment are clearly divided into functional areas. So that accommodation will separate, ventilated and vision is not restricted by buildings and allow every resident can see the Saigon River.

The building stretches over 500m straight line along the front part of trade under the podium and the dome with advanced technology will be linked to form an inter-trade zones. This formed a food court, entertainment, bustling shopping modeled Clarke Quay area of Singapore. Residents here can be both homeowners and commercial owner for business or for rent.

In addition, within the framework of a special program “The first 100 apartments welcome Overseas and foreigners” by the Group Novaland deployed, customers are overseas Vietnamese and foreigners to buy apartments The Sun Avenue was offered a lease commitments package 8% of the contract value in the first year, gift package management services in interior finishing stage and return air tickets to visit the project. Besides, there have committed to complete the purchase price plus interest incurred if within one month from the time the customer has not satisfied the product.

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Vietnam real estate market is warming up in 2015

alexhoang — Wed, 22 Jul 2015 03:30:55 +0000

Recent reports and analysis from organizations in real estate market showed positive views about market. “The market is warming up in 2015”, observer said.
In the first quarter 2015, the market is showing up its recovery trend. Credit balance and the number of transaction increased. Successful transactions keep the growth in comparison of same period last year. In Hanoi, there are 4.250 successful deals in first quarter this year, three fold compared with same period 2014. The market focus is on the under-construction projects and good location ones. The same situations happening in Ho Chi Minh real estate market. Namely, there are 3.950 successful transactions, most of small and medium size apartments segment (70 – 90sqm of area). The inventory for real estate is dramatically decreasing in first 3 months. Estimated to the end of March 2015, the sum value of the inventory in whole country is only 70.703bn VND, 45% decrease (57.845bn VND), in comparison of the first quarter 2013. In Hanoi, the inventory is 9.006bn VND, equivalent 45%. Same with Ho Chi Minh City, 14.057bn VND, 51% go down compared with quarter I/2013.

The Sun Avenue apartment with 7 buildings in District 2 is a very big project will be completed in 2017

According to the statistic from the Construction Ministry, the credit balance in real estate calculated to 31^st Jan 2015 around 316.578bn VND, mean 4.8% increase compared with the end of 2014. Evaluations from the ministry also show the price level is fairly stable. For some projects, which located in a well-equipped infrastructure zone and their deployment keep the schedule, the price is slightly go up. In Hanoi, the price for apartments is stable in general speaking; for some project under construction but in good location, the price rises from 1-3%. In Ho Chi Minh market, the price is also stable, not many fluctuations but we also observed some increase in good location projects.

The Construction Ministry said, as of mid-March 2015 the 30.000bn VND credit package, which is supposed to give real estate market a push, has been disbursed 6.285bn VND, equivalent of 20.95% the total. Besides, the capitals committed for lending reached 10.967bn VND, corresponding to 36.5% the whole package. Considering the structure of the loan, the banks have contracted to commit for 14.367 households, personal loans totaling 6.547bn VND, of which 4.525bn VND has been disbursed. Besides, the banks is committed to loan 34 projects 4.220bn VND, disbursed for 31 projects with 1.760bn debt.

Also in first 3 months this year, the real estate market occur the conversion trend from residential to social houses and it also adjusted the structure of commercial houses segment. There are 88 projects applied for structural adjusting in apartments, an increase of 14 projects compared with same period last year, the number of apartment is 36.113 initially, applied to convert 49.199. There are 62 projects registered for converting from residential to social housing with the construction scale of 41.769 apartments.

Although the market is showing some positive signs, but more than ever, the management authority and businesses need to have suitable movements, must avoid creating shocks, disappointing the confidence has newly rekindled. With the warming of the market, there are some bad tactics of creating virtual fever appeared with sophisticated level. Together, the credit policies are being loosed more to the real estate market while the interest rate is attractive. It is clearly that the market is recovering but how long it stands this state or this is just a temporary in short-term, depends on the attitudes from all partners. Remember, haste is of the devil!

Compiled by VietApartment NEWS

Literaturated from Economic Investment

Story of Extension 20 years after 50 years ownership of foreigner

alexhoang — Tue, 14 Jul 2015 04:32:39 +0000

“Foreigners who buy apartment will have usable time is 50 years on that apartment and have extension time 20 years more. If you hadn’t finished a period of 50 years and you sell your apartment to a Vietnamese individual, he or she will permanently own your apartment. And a Vietnamese individual buy apartment and in the period of 30 years and that individual sell apartment to foreigners, foreign individual will have a ownership right on that apartment in the period of 50 years. After that, foreigner sell it again to Vietnamese and Vietnamese individual will permanently own that apartment”

Above explanation is from the head of business department of one real estate agent and Fransis Kok, Singaporean who wants to buy a premium riverside apartment besides Saigon River after the fact that foreigners can buy and own a property in Vietnam from 1^st of July, 2015. Francis said that he will immediately pay in cash worth VND 2.5 billion to buy 1 bedroom apartment of 50sqm on 19^th floor he really loves it.

In calculation in Singapore currency (SGD), this apartment values SGD150.000 and this budget is just enough for him to deposit an apartment in surrounding area of Singapore. By schedule, this apartment will be finished in 2017 and have expected rental price at least $500 a month. In case he found that he can have return in this apartment, he will sell it to buy a bigger one in this area too.

But after finding information, asking question on forum and hearing information form some places during 3 days visiting Saigon (Ho Chi Minh City), Francis set decision to postpone buying that apartment. He smells that something is not clear and he explained that a period 50 years of ownership than have an extension 20 years more and he is not sure about if he could have 20 years more. Fransis thought that if Vietnam Government should issue a fair law for foreigner to buy property in Vietnam. Like in Singapore, the government will have an extra money at the initial period with foreigner but after that, foreigner is the same shoe with the local one. In fact, in Singapore, there are many kind of ownership on property such as 30 to 50 years of ownership of industrial properties, 99 years of ownership on government-built apartment, private apartment or condominium (premium apartment, 999 years ownership and permanent ownership (freehold).

The Sun Avenue Apartment in District 2As the rational thinking, which apartment has a longer period of ownership will have a higher price. Following the law of Singapore, foreigners are not allowed to buy a land include the house and only allowed to buy apartment. Frasis said that his 120sqm apartment that was built in 1995 has only 75 years more to own then it will be handle back to Singapore government without extension.

Period of 50 years is a long period in compare with a lifetime of human beings and with a project of apartment. If we calculate that without inflation, bank interest, transaction fee, rental of Francis’s apartment in Vietnam is SGD5.000, Francis will reach to a breakeven after 30 years.

Along with me on the way back to Singapore on Tan Son Nhat International terminal, Francis frankly told me that the reason he still doesn’t want to buy property now is not only on the reason of 50 years of ownership but also the reason of living environment on the point of fair and freedom.

And in my opinion, the question raised that who foreigners will come to rent Francis’s apartment while the apartment market is in the status over supplying and most of Vietnamese likes house with land under and apartment is an investment to have rental return every month.

VietApartment NEWS

Literatured by Saigon Investment

Value of The Sun Avenue apartment raises with region in the Estern

alexhoang — Mon, 06 Jul 2015 03:23:36 +0000

The real estate market in Vietnam, after a long depressive crisis, is now going up again with more sustainable development. One of that sign is the development in infrastructure of traffic, especially in the Eastern of Saigon (Ho Chi Minh City). We can considerably firgure out some significant construction is: Mai Chi Tho Avenue, Thu Thiem Channel, Ho Chi Minh- Long Thanh -Dau Day hight speed road, Border Road NO. 2, Long Thanh International Terminal. These century construction of the City open a new way for the future of the properous city and the big chance for the going-up-process of real estate market again.

From this region on the estern gate, you can easily go to Thu Thiem new business center, District 1, National University, Saigon Hight Tech Park, Long Thanh International Terminal and many other provinces. Mr. Marc Townsend, CEO of CBRE Vietnam stated: the most important thing in real estate market is the infrastructure. Which area has a strong development of these construction will push all the market goes up.

Mr. Phan Thanh Huy, general director of Novaland said that: in this region, Novaland develop 10 projects including 9.000 apartments with value over VND 20.000 billions. Some projects like Tropic Garden apartment in District 2 with 800 apartments has been nearly sold out, Lexington apartment in District 2 with 1.300 apartment is also nearly sold out just in 1 year open to sell, The Sun Avenue Apartment with 1.800 apartment has 500 customers deposit…All of what we inform you that the market in this area have a positive growth and already has a testimonial just be calculated by Vietnamese customers.

One project of Novaland now has a high ability to sell to foreigners and Vietkieu after 1st of July is The Sun Avenue apartment. An introduction should be for you to know your buying decision is included investing decision. We recommend you should think both way carefully before buying decision.

Following the success of the Lexington An Phu Apartment, Novaland Group has continued to exploit the invaluable potential area of District 2 for the preparation of complex commercial-services-apartment AVENUE THE SUN residence at the front side of Mai Chi Tho Avenue, only 3km from the Thu Thiem Tunnel with direct views towards Saigon River and panoramic view of all blossoming city center.

The Sun Avenue Apartments

is located at the “gold” position of intersection of Mai Chi Tho Avenue and Dong Van Cong road in District 2. At the present, these roads are belong to one or two largest routes of the city. These routes plays an important role which is compared to the basement for economic development of the city. Just as these description, the area where The Sun Avenue Apartment is becomes the center of the real estate “storm” which is caused by the new Thu Thiem urban and a series of key projects are being accelerated construction. This is also the foundation for the development of residential projects.

• Total area of The Sun Avenue Apartment: 46715sqm
• Kind of residence: Apartment building – Office commercial and serviced
• Number of floor: 28 – 30
• Construction ratio: 40% apartment, 52% commercial purposes

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Pricing and Payment of The Sun Avenue Apartment Novaland

alexhoang — Tue, 23 Jun 2015 03:38:18 +0000

This post is essentially written for all of buyers and investor, especial for foreigner, who want to know and estimate roughly about the pricing and payment of The Sun Avenue Apartment from Novaland Investor. There are many factor that affects the final decision of the buyer to any project of apartment, villa or house, from big project like Vinhomes Central Park to small one like Galaxy 9 apartment in District 4. But among factors like location, investor, services or structure of apartment, pricing and payment are the initial factors of all things.

Pricing and payment play very important role in any project and in The Sun Avenue Apartment of Novaland, pricing and payment is introduced in involvement with promotion and financial support from the bank. When you have all the information of the pricing and payment of The Sun Avenue, you will quicker and have useful key to choose best fit project on the basement of analyzing actions and comparison. And the buyer and customers of The Sun Avenue Apartment of Novaland, have the additional reason to buy when they have support from VP bank and some interesting promotion in the selling policy of Novaland.

PRICING & PAYMENT OF THE SUN AVENUE APARTMENT

PRICING

PAYMENT

PROMOTION WHEN BY APARTMENT IN THE SUN AVENUE PROJECT OF NOVALAND
(Applied for April 1, 2015 to June 30, 2015)

Customers will be offered from completion package to plus completion package
You will receive a SH Honda Motorcycle when:
– Buy a 2 bedrooms apartment value: SH 125 cc values 66.000.000 VND
– Buy a 3 bedrooms apartment value: SH 150 cc values 80.000.000 VND

SUPPORT FROM THE BANK

Three year fixed loaning rate of 7.49%/year.

Maximum financial support up to 85% value of The Sun Avenue apartment value.
Allows parallel disbursement, customers can be disbursed as soon as the payment after completed stage 1.
Free early repayment after 36 months.
An original maturity of 1 year.
Prolonged period of payment up to 1 year.

All these financial support start from April 1, 2015 to June 30, 2015.

Convenient services in The Sun Avenue Apartment in District 2

alexhoang — Tue, 23 Jun 2015 02:57:02 +0000

The Sun Avenue Apartment in District 2 in one of the most attractive projects in Ho Chi Minh City at the moment. We defined atractiveness of The Sun Avenue Apartment by its location, ability of investor Novaland, financial support from the VP bank and convenient services.

Having the same location with Sala Sarimi apartment, The Sun Avenue apartment is a great choice for you to live and invest. Residents in The Sun Avenue can easily get to external services in District 2. Therefore, as a place-to-live buyers or investor, you have many reason to buy apartment in The Sun Avenue for you can also live in or sell if you want. People buy the Sun Avenue for all the internal services in the project and external one in surrounding area. Residents can use services in other project like The Krista Apartment or Vinhomes Central Park as well. That is the valuable point when you set decision to buy or to rent The Sun Avenue apartment in the heart of District 2.

External services of The Sun Avenue Apartment

1. International AIS School
2. Intermediate Luong Dinh Cua School
3. People Committee of District 2
4. Phuc An Khang hospital
5. District 2 hospital
6. Children house of District 2
7. Thu Thiem high school
8. Metro An Phu
9. Parkson Cantavil , BigC supermarket
10. BIS international schools in Thao Dien area.

Internal services of The Sun Avenue Apartment

• 4 Swimming pool for adults and children
• Theater
• Commercial center
• Restaurant, Food court
• Bowling Center
• Kids playing garden
• Outdoor cafe
• The Square area
• Internal park
• International gym
• Convenience shop
• Health care center

Meeting area The Sun Avenue Aparment

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Overview of The Sun Avenue Apartment Novaland

alexhoang — Mon, 22 Jun 2015 04:19:54 +0000

The Sun Avenue apartment, The Krista apartment or Sala Sarimi apartment are now very hot property in District 2, right at the estern gate of Saigon (Ho Chi Minh City). Therefore, customer and investor who want to find a good place to buy a truly home have a big chance to find a great place to buy. The competitive factor is the root of development and it is more persuasive in this most low depressing real estate market. And we would like to introduce to you one of our potential project in District 2- The Sun Avenue Apartment of Novaland Investor.

SUN AVENUE APARTMENT INFO

The Sun Avenue Apartments

The Sun Avenue

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The Sun Avenue apartment and surrounding area

alexhoang — Mon, 22 Jun 2015 02:55:45 +0000

In Vietnam real estate market, there is an important thing you should note when you want to buy and invest in some kind of property in Vietnam. That is location. For all of Vietnamese and foreigners, “location” word is just a word of a definition. In this post, we will inform you more, out of that small word, about surrounding area of The Sun Avenue Apartment.
You may know about District 2 of 2 year ago. But at the present, District 2 in Ho Chi Minh are not limited by just a accrossing Saigon River. It is opened by canal under Saigon River and all of area in District 2 becomes the surrouding area of Saigon Business Center. You just spend only few minutes to go to Benthanh Market. That is something so awesome about District 2 at the present. And many projects in District 2, including The Krista apartment, Sala premium Residence and The Sun Avenue apartment, changes their value to a very different stage. The stage of premium quality of living.
The Sun Avenue Apartment is one of biggest projects of apartment in District 2. Here are the information about surrounding area.

Area connect
• Area Internal road 40 meters connecting The Sun Avenue Novaland the new Van Minh residence, Thanh My Loi Residence and the Ring Road 2 (near Phu My bridge)
• Internal roads 16m alongside Mai Chi Tho Avenue, connecting The Sun Avenue Apartment to Van Minh Residence and Thanh My Loi Residence.
• Internal road 19 meters in The Sun Avenue Apartment parallels Dong Van Cong Street.
• The Sun Avenue Apartment is adjacent to Thu Thiem New Urban Zone (2 kilometers from the center), takes 3 minutes to the center of District 1 and District 3 via Mai Chi Tho Avenue by Thu Thiem Tunnel.
• The Sun Avenue Apartment is adjacent to some residential area has been formed and completed in infrastructure: City Horse 87 hectares, Van Minh Residence, Thanh My Loi residence and others.
• To Administrative Center in 2-3 minutes from The Sun Avenue.
• To Phu My Hung Urban Area 15 minutes by Phu My Bridge.
• The Sun Avenue Apartment near Long Thanh – Dau Giay Highways.
• Metro station adjacent Long Thanh International Airport project
• Near Ben Thanh-Suoi Tien metro subway.

Where is The Sun Avenue apartment in District 2?

alexhoang — Sat, 20 Jun 2015 03:25:36 +0000

The more closed to the day foreigners can buy property in Vietnam, the more demand of informaiton about some big projects of apartment in District 2. With a Thu Thiem canal under Saigon River, resident in District 2 now can easily go to The Saigon Business Center within 5 minutes. Therefore some projects like The Sun Avenue of Novaland, The Krista apartment or Sala premium residence are now very hot and attract a large notice of many foreigner. One of that century projects of Ho Chi Minh City is The Sun Avenue aparment with 8 buildings along the Mai Chi Tho hightway.
So we would like to answer and inform for all of foreign customer and investor know the very majestic location of The Sun Avenue apartment in District 2. You will be persuaded by its attraction of conveniences, just 1 minute by auto from Sala Premium Residence!

LOCATION

The Sun Avenue Apartment

at front of Mai Chi Tho, An Phu ward, District 2, Ho Chi Minh City, is located in the center of administrative Thu Thiem and stretches over 500 meters frontage of Mai Chi Tho Avenue. The Sun Avenue owned an advantageous regional location convenient for transportation. It is connected by the network of transportation of “arteries”: Long Thanh – Dau Giay highway, city inner belt-way in direct connection with the Thu Thiem tunnel to the center of District

The Sun Avenue Apartment also possesses outstanding design of ventilation, ensuring unrestricted visibility and various internal facility, ensuring strong added value over time.

A number of notably key transport projects in District 2 can be referred to as: Xa Lo Ha Noi Highway, road extension of Dien Bien Phu Street which starts at Saigon Bridge connects District 2 to the east District like District 9, Thu Duc district, and other eastern provinces. With this route, people will easily take a quick moving from District 2 to the adjoining districts like District 9, Thu Duc District, Binh Thanh District. Being designed with modern harmony with nature gives The Sun Avenue Apartment always get natural light, pure and fresh air … give you a overlooking beautiful view, airy space with modern luxury design.

Second route is Mai Chi Tho Avenue (route connecting the east and west of Saigon) make traffic becomes extremely convenient when moving from District 2 to District 1 in center via Thu Thiem Tunnel. With convenient transportation, inspired by some model apartment in Europe, Novaland firmly develops The Sun Avenue Apartment to be a luxury complex apartment in Ho Chi Minh.

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