Most of realty projects are under the lower
progress compared with requirement, Vietnam Construction Association (VCA)
reported. A lot of the projects are unmoved or suspended, according to local
newspaper Vietnam Business Forum.
Citing
the recent survey in Hanoi made by Vietnam Business Forum, Coma Engineering
Construction Corporation’s Skylight high-class housing project on a site of
15,534 square meters at No 125D Minh Khai, Hai Ba Trung was kicked off from
June 2009 and expected to finish by June 2011. The project includes two
22-story high-class condominium blocks and 14 three-story associated houses.
However, only 13 stories of high-class blocks have been constructed till now
whilst the location where associated houses were designed remains vacant.
There
are many projects such as Hanoi Housing Management and Development Company’s
office and housing project at No 187 Tay Son, Dong Da Dist with such a slow
progress, which has made many buyers angry. Some buyers are planning to sell
their apartments due to the standstill of property projects.
The
investor Hanoi Housing Management and Development Company started the work in
September 2009 and expected to finish it by the second quarter of 2012 but up
to now; only the raw body of the 17-story building has been done. The
construction has been going with several tens of workers.
Similarly,
construction on Cho Mo trade centre was begun in late December 2008, covering
11,154 square meters at No 459C Bach Mai St, Hai Ba Trung St. The project
comprising three 5-25 story blocks, invested by Vinaconex Trading Development
Joint Stock Co (VCTD JSC), is expected to be completed by the second quarter of
this year but to date only 17 stories of these blocks have been built.
The
real estate projects with the same situation are Hapro Service Trade Centre at
11B Cat Linh St, Dong Da St by Hapro Corporation, Usilk City luxury condominium
project in Van Khe, Ha Dong District, Tricon Tower (Hoai Duc), SMS Hoang Gia
(Ha Dong Dist), Trung Yen Plaza (UDIC), G3AB Yen Hoa (Cau Giay), L3, L4, L5
blocks (Ciputra urban area)…All showed that a lot of investors are exhausted.
The
above situation is attributed to the difficulties of investors as well as
customers (of property projects) in accessing loans,
According
to the research division of CBRE consulting firm, in such a context, buyers
have to suffer the biggest losses such as financial damage, opportunity cost,
lose of faith, higher investment risk ratio. So customers should be cautious as
participating in projects of real estate developers.
VietBiz24
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment