In November only, the Ho Chi Minh City Department of Construction allowed up to four low-rise building projects to be offered for sale.
The largest supply came from the South Saigon area with two projects namely Phuoc Kien housing area and Vinh Phuoc residential area, both of which are located in Phuoc Kien commune, Nha Be district.
The biggest project is the Vinh Phuoc residential area (Lavila Phuoc Kien) with 268 terraced houses invested by Lavila Phuoc Kien Co., Ltd. The project has the total area of 47,959 square meters and the total land use fee of VND242 billion (roughly US$10.67 million) which has been fully paid, according to Ho Chi Minh City Tax Department.
Currently, the land use right of this project is mortgaged at the branch of ACB Bank in Ho Chi Minh City. So, customers have to pay money to the investor's account opened at ACB Bank. ACB Bank also agreed to provide guarantees to homebuyers.
Also located in the South Saigon area and approved for sale, the Phuoc Kien housing area project includes 238 low-rise houses invested by Phuoc Kien Investment Co., Ltd. The project has the total area of 80.818 square meters, including 192 terraced houses, 16 separated villas, and 30 duplex villas.
The land use right of the project are pledged at HDBank which offered the same conditions as ACB Bank.
In addition, the Department of Construction also announced that the Vuon Lai residential project located in An Phu Dong Ward, District 12 invested by Tien Phuoc Real Estate JSC has been allowed to offer for sale.
This project has a total land area of 94,416 square meters with a total land use fee of VND219 billion (roughly US$9.66 million), of which the site clearance cost that is deductible is VND146 billion (roughly US$6.44 million). In this November, the investor of the project paid the remaining land use fee of VND73 billion (roughly US$3.22 million).
This project was originally designed with 87 terraced houses and 78 villas but later it was adjusted to 97 villas.
The land use right of the project was mortgaged at the branch of SeABank in Ho Chi Minh City. The bank allows the investor to sell the house without lifting the mortgage provided that it has to pay the debt and interest on time according to the credit contract signed with the bank and also the payment of the purchasing contract must be made via the account open at this bank.
The fourth project is the Hung Phu residential area in Tam Phu ward, Thu Duc district invested by Hung Phu Invest JSC. The project has a total land area of 91,711 square meters, including 185 terraced houses, 30 villas, and 383 apartments.
The land use right of the project was mortgaged at An Binh Commercial Joint Stock Bank. Currently, only the low-rise housing project is allowed to be offered for sale.
In October, only one low-rise housing project which is Phuoc Long housing area located in Phuoc Long B Ward, District 9 met the requirements for business. The project was invested by invested by Phuoc Long Real Estate Investment Limited Company.
The project has 224 villas and terraced houses. Its certificate of the land use right has been mortgaged at VP Bank.
In November alone, there were six apartment projects with a total of nearly 3,000 apartments being allowed to be offered for sale.
Although the Department of Construction confirmed the qualification to sell the house formed in the future, many projects have been launched for sale several months ago.