Vietnam Daily News

Binh Duong real estate market sees shocked promotion programmes

Written by Dailynews.vn Wednesday, 21 December 2011 16:19

The promotion programmes such as buying land to get gold gifts, paying low amount to receive houses in the southern province of Binh Duong are causing shocks and attracting public attention.

After the success of swiftlet raising mode in Dai Nam Tourism Area in Binh Duong, these days the movement suddenly is booming. A lot of investors and residents en mass plan to raise the kind of bird in their living areas instead of outskirt areas such as Can gio, Tra Vinh or Tien Giang.

In Vinh Phu residential area of Thuan An Town, tens of villas were repaired and re-designed to build swiftlet bird cages. Absolutely, the locations seen as potential land to raise the bird are being attractive.

On other hand, investors also have many ways to use available land which cannot be sold at this context of gloomy market.

On December 8, Becamex TDC, investor of Uni Town project held a roadshow to introduce Binh Duong new city project in Hanoi. The investor made listeners get shocked as announcing that only depositing 4-10 percent of contract value of around 5 billion dong (with the foundation area of over 100 square meters), customers can get houses right in 2012. Remaining payment can be done within 54 months. This is the first time the property market generally saw such a low deposit.

In addition, the remainder of payment for houses in Uni Town is divided into 29 small phases in 54 months. From now till December 24, Becamex TDC presents 200 air tickets to the customers paying visit to the project and return tickets for tSTC registering to buy houses.

Distributors also are launching smaller sized programmes. Binh Duong presently is the place where a series of gold gift promotion programmes were launched. Cat Vang Real Estate Co as the distributor of a 271-hectare trade centre in My Phuoc Dist at the land tenure price of 158 million dong per 110 sqm (enclosed with red book). Thus, each square metre in the trade centre is priced at 1.2 million dong.

Moreover, to draw customers, Cat Vang Co confirmed to present one tenth of SJC tael or return air tickets to tSTC who sign purchase contracts.

Similarly, Kim Oanh Real Estate Co offered to sell foundation land opposite to International University in Ben Cat Dist, Binh Duong with the price of 318 million dong per lot. Buyers will be presented three tenth of SJC tael.

Analysts said buyers or investors should be awake before making decision.

Latest data of Savills Vietnam shows that Binh Duong has around 24,400 houses of 71 projects, mainly villas, apartments and foundation land. In which Binh Duong New City includes almost villas and apartments with average price of 18 million dong per sqm, foundation land at 2.4 million dong/sqm.

Binh Duong Department of Construction said that residents' real demand for purchasing land or houses was not high while so many property projects were offered, representing the oversupply situation.

Binh Duong now has 220 residence projects with total area of 8,553 hectares but only 51 of these projects basically have been finished, accounting for over 23 percent. The local governance revoked 38 idle projects.

According to Le Hoang Chau-Chair of HCM City Real Estate Association, the value of gifts in promotional programmes of developers and distributors was offered in line with a part of customers' taste.

Customers should pay attention to legislation, quality of projects, quality of apartment planning and designing, technical infrastructure, a trading floor's director in HCM City concerned.

Source: www.intellasia.net/news/articles/business/111351519.shtml