Luxury property projects still moving

News - While property investors are encountering difficulties finding customers for their projects, many customers still set aside millions of U.S. dollars to buy a luxury villa.

Phu My Hung Co. sounded out the market by launching the luxury Chateau villa project with 35 villas and 12 semi-detached having gardens with an area of 510-770 square meters each. Half of these 47 villas have been sold within two months.

Consisting of 103 villas, the Chateau project is set for completion in the first quarter of next year.

Good infrastructure in Phu My Hung new urban area is one of the factors appealing homebuyers although the market is still quiet, Savills Vietnam explained.

Projects having land lots, villas and semi-detached houses are still favored, making trading in this segment active over the past time.

There are a total of around 3,100 villas and semi-detached houses in HCMC, mostly located in districts 2, 7, 9 and Nha Be District. Meanwhile, land lot projects are in District 8, Binh Chanh and Thu Duc districts.

The price range of a villa in the primary market is quite broad, at VND4.7 billion to VND87 billion, while a semi-detached house is priced between VND2 billion and VND15.5 billion respectively.

According to Savills, high quality, modern facilities, good environment and investors’ brands have attracted potential buyers.

Savills expects that there will be around 140 projects of this kind covering a total area of 8,700 hectares and providing 60,000 houses for the market over the next eight months.