How to buy an apartment in Ho Chi Minh city with budget from VND 02 to 03 billion?

The mindset of buying completed apartments, handing over immediately to lease is still the choice of many customers nowadays. However, whether the price will be high? Which location is suitable for leasing or what is the profit level from release and so on are the concerns of the majority of customers who buy completed apartments.

It is difficult to buy a completed apartment at price from VND 2 to 3 billion in Ho Chi Minh city

Having nearly VND 2 billion available, Ms. Mai Ngoc (living in District 9) shared that she is looking for an apartment in her area or nearby for lease. However, there is still a lot of concern about the price of completed projects as well as liquidity in the future. In spite of that, Ms. Ngoc said that if she compares between price and peace of mind, she still chooses something for the sake of her peace of mind. Accordingly, the completed apartment that can be leased immediately after handover will be the priority for her to choose investment channel at this stage.

This mindset of Ms. Ngoc is not anyone’s own story. A lot of customers including the ones have accommodation demand and investors choose completed apartment for the sake of their peace of mind. Buying an apartment that customer can touch by their own hands and see by their own eyes help very much in dispelling concerns about the risks of buying an apartment for future value. It is not included the fact that with the completed apartment, customers can verify the actual quality and the commitments of the investor shown in the project.

  In fact, the number of completed apartments with selling price around VND 2 billion / apartment and location near the city center is not many. Picture of a project in Tan Phu District is offering at VND 30 million/ m2 for completed-interior apartment. Photo taken by Ha Vy 

However, at this time choosing the completed apartment with selling price around 2 billion / apartment for one located in easy-to-lease area is not easy. Many customers after determining the apartment offered within affordability and their preferable living area or target location to invest in, have difficulties in choosing which project to buy.

According to recent record, in Ho Chi Minh City, the completed apartment project or being completed one is offering the last apartments to the market to with tough competition in secondary prices. There are only a few projects with “soft prices” of around VND 2 billion / apartment in crowded area and immediate handover.

For example, the Carillon 7 project located on Luong Minh Nguyet Street, Tan Phu District, Ho Chi Minh City), which is available for handing over in completed-interior condition, is offering at VND 30 million/ m2. Thus, an apartment with an area of about 66m2 is sold at VND 2,150 billion. This is considered a relatively soft price compared to other completed apartments in this area.

In the same area, Au Co Tower project is offered secondary price of VND 32 million/m2 for 65m2 apartment. Or Resgreen Tower project, the remaining completed apartments are being sold at VND 38 million / m2, or at around VND 2.3 billion / 65m2 apartment. The Melody Residences project is currently offered secondary price of VND 2.4 billion / 68m2 apartment, or arout VND 35 million / m2.

Another project in Tan Phu district, Richstar, has completed secondary prices ranging from VND 39 to 40 million / m2. An 63m2 apartment is offered at VND 2.5 billion.

Meanwhile, in District 7, some projects which have been built, handed over are competing in secondary prices. For example, Jamona Heights project located on Bui Van Ba Street, Phu Thuan ward, District 7 of TTC Land is offered from VND 32 million / m2 for the last apartments of the project; Customer can pay 30% in equivalent to 810 million / unit to move in.

Also, in the same area are the completed projects including Hung Phat the Golden Star, Q7 Riverside, Sky 89, Luxcity, South Gate tower and so on being offered secondary price fluctuating from VND 35-50 million /m2.

Therefore, we can see that with a budget from VND 2 to 3 billion, finding a completed apartment should also be considered quite carefully regarding of the price of each project at each period of market. There are some investors aggressively offering attractive prices, much lower than the projects completed in the same area at VND 3-5 million / m2 or competing in outstanding internal utilities to attract customers for the last apartments of the project.

Which factors should be determined when buying a completed apartment

According to record, buying a completed apartment help customer very much get peace of mind, avoid risks; reduce a lot of time waiting, especially, be free from worry of the quality of the apartment in long term, avoid unnecessary troubles during accommodating, all of which are considered the reasons that make customer target completed apartments to buy.

  In most of the projects handed over at completion, when the last apartments are launched to the market, the project utilities also existed. Therefore, being able to see the project with their own eyes, to verify internal utilities of the project is the one of the main reason customers decide to close the deal

The main factors affect customers when deciding to pay for a completed apartment:

- Save hundreds of million dongs: For customers who would like to buy for living in, immediate handover without waiting for another 2 years will save them from VND 288 to 360 million during this time (this amount is calculated based on the rental expense of an apartment for the whole family ranging from VND 12 to 15 million / month).

And for customers who buy to invest in leasing, they will also receive apartment to lease sooner than 2 years, so it will be profitable with the same amount of VND 288-360 million.

If calculating the amplitude of price increase of the project formed in the future and comparing to the period of 2 years to handover, the ownership of a completed apartment at this time is cheaper than 4.5 million VND / m2.

- Affordable price and more attractive than the projects in the same area: This is considered a major factor affecting buyers' decision to own completed apartments. Apartments with similar area in the same area but being offered lower price from VND 2 to 4 million / m2 than other projects, while still ensuring internal and external utilities, will be very much welcomed by customers.

For example, a completed apartment project in District 7, Ho Chi Minh City, but being offered at around VND 30 million / m2, is only equal to or even lower than the projects formed in the future (average price of VND 35 -38 million / m2) or much lower than the completed projects in the area that have been handed over previously will surely be very attractive to buyers.

- Exploiting and leasing immediately: Particularly, the project location is one of factors affecting the liquidity of the completed apartment project, especially affecting the demand of investors who buy for lease. The project must be located in a crowded area with synchronous infrastructure and strong urbanization; near convenient utilities such as hospitals, schools, shopping centers, supermarkets, entertainment areas and so on that attracts diversity of tenants for immediate leasing at good price.

According to experts, the nearby areas to the center of Ho Chi Minh City such as District 7, Tan Binh district, Tan Phu district, Phu Nhuan district are places where communities have existed for a long time owning connected and synchronous infrastructure. Therefore, finding tenants in completed apartment projects is not difficult. The rental price of a 2-bedroom apartment in district 7 is at an average of VND 11-15 million / m2 (depending on location, project); In Tan Phu district, the monthly rental price ranges from VND 9-11 million / apartment; while in Tan Binh district it is from VND 10 to12 million VND, etc.

In most of the projects handed over at completion, when the last apartments are launched to the market, the project utilities also existed. Therefore, being able to see the project with their own eyes, to verify internal utilities of the project is the one of the main reason customers decide to close the deal. This is also a competitive factor of completed apartment projects in the same area.

In addition, the design of apartments in opening style, diverse in utilities, and so on to meet the demand of young families is also a direction that clearly affects the both the accommodation and leasing demands.

Source: Ha Vy - Tri thuc tre