Vietnam - Cheap and small apartments attracting buyers

With an area of less than 50 square metres and price at less than 15 million dong per sqm, the apartment projects aimed at customers with tight budgets still have many buyers.

Typically, at the buildings CT4, CT5, CT6 in Xa La urban area (Ha Dong, Hanoi) invested by Lai Chau Construction Co No 1, with the small apartments covering area of from 31 to 45 sqm and the contract price at 13 million dong/sqm in 2010, this company has sold out products when the project completed work on the foundation. It is expected that these buildings will be inaugurated and handed over to customers on April 30.

At Tan Viet Tower project in Duc Thuong commune, Hoai Duc district, Hanoi, with an area of 70-90 sqm, price at 14 million dong/sqm, payment schedule in nine phases within two years, suitable with the affordability of many young families living in Hanoi, therefore only in a short time, the investor has sold more than 80 percent of apartments.

In the south such as HCM City, Binh Duong and Dong Nai, the trend to build popular apartments is developing stronger. In the second quarter of 2012, there will be a series of projects of this kind such as Quang Thai apartment area (Tan Phu, HCM City, area at 63-85 sqm, price at 13.3 million dong/sqm) and Long Phung project (Binh Tan district, HCM City at the price of 11.5 million dong/sqm) to be offered for sale.

Marc Townsend, general director of CBRE Vietnam, said the liquidity of the segment of small and cheap flats is being gradually improved. The demand for affordable housing in Hanoi, HCM City, Binh Duong and Dong Nai is always high. Investors have also begun to focus on this segment by enhancing the promotions and discounts.

According to Marc, this housing segment is forecast to be exciting this year.

VietBiz24

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