The real estate market (real estate) is appearing information promoting luxury projects with apartment prices up to several tens of billions of dong. In fact, with these types of real estate, only the rich and super-rich can touch them. Experts in the real estate industry say that investors need to carefully study the information of the branded real estate project and especially carefully study the content of the contract with the terms of the term of the brand to avoid confused.
Understanding brand real estate
About more than a year ago, the line of luxury and super luxury apartments has gradually been mentioned more and more in the Vietnamese market, especially in Ho Chi Minh City. This is a relatively new product line, but attracts the attention of customers because of its high price, expensive location, and quality that meets the elite living standards of the rich.
Experts have nicknamed the branded real estate "Products that defy any crisis" because of the following characteristics: Prime location, top quality construction, impressive unique design, diverse utilities, The attentive service, lifestyle benefits and endorsements of a globally recognized resort brand.
At the beginning of 2021, the Vietnamese real estate market was excited by a project in Ho Chi Minh City with a brand new apartment model and a record high price of 423 million VND/m². Branded real estate project Grand Marina, Saigon has officially launched eyes and was purchased by customers with a starting price of 1 million USD (about 23.5 billion VND) each. This price level can be surprising in the domestic market, where Urban branded residences are so new.
According to the international consulting unit Savills, luxury real estate is broadly defined as a model of a housing project that is co-operated between a world-famous brand (usually a branded hotel management company). and a project developer.
The hotel management company will grant the right to use their trademark to the project developer to market and sell branded real estate project products. The products of this project may be sold to organizations or individuals to live in or use to participate in rental programs subject to approved and approved design and furnishing standards. approved by the branded hotel management company that has granted the right to use the trademark.
Talking to Lao Dong, economic expert - Assoc. Famous brand with design standards, superior management. Home buying psychology in Vietnam market is similar to many other markets in the world: Investors look for products with good construction quality, professionally managed and operated, and good commercialization ability, from which the product can bring attractive economic benefits to the owner.
The Vietnamese market is in need of such high-end housing brands. In the coming time, these big brands will be known more, the market will have positive reactions to this type of product.
Branded real estate warning
However, the Ho Chi Minh City Real Estate Association (HoREA) has warned about investing in luxury real estate in the market. HoREA said that when buying branded real estate in the future, customers have put their trust in the quality of the product. First of all, we believe in the reputation of the unit that owns the global brand of luxury real estate (foreign side), then the brand reputation of the project investor (domestic side).
Currently in Vietnam, some investors trade in luxury and super-luxury high-end residential projects by the method of "standing on the shoulders of giants" when combining with foreign brands to develop projects. .
In addition, Vietnam has also formed "Vietnamese-branded" real estate businesses such as Vingroup, Sungroup, Novaland, Him Lam, Phu My Hung, Hung Thinh, Nam Long, FLC, S.S.G, Bitexco, Son Kim Land, etc. CityLand, Khang Dien, Phu Long, Kien A, Tien Phuoc, Phuc Khang, Hoa Binh, Van Phuc, Vinaconex, Van Thinh Phat, Masterise, Sunshine and many others.
Mr. Le Hoang Chau - Chairman of HoREA warned customers, investors, in terms of business, "there is no free meal". In order to use the name of the branded real estate, the project investor has to pay a considerable cost to the brand management unit. This cost is certainly included in the selling price of the house that the home buyer must pay the cost of borrowing this name, including the cost of promoting the product in the country and abroad, which are included in the selling price of the house.
Mr. Le Hoang Chau - Chairman of HoREA warned customers, investors, in terms of business, "there is no free meal". In order to use the name of the branded real estate, the project investor has to pay a considerable cost to the brand management unit. This cost is certainly included in the selling price of the house that the home buyer must pay the cost of borrowing this name, including the cost of promoting the product in the country and abroad, which are included in the selling price of the house.
Regarding the cost of managing and operating a branded real estate project, the owner of the apartment building is the one to pay this cost, including the cost of building management and operation in the period before the establishment of the general house management board. previously paid by the project investor. If the owner of a branded property does not hire a qualified operation management unit of the brand name management unit, does not ensure the quality of operation management, then the building is at risk of not being allowed to continue. Continue to use the brand name of the real estate brand name.
Mr. Le Hoang Chau - Chairman of HoREA said that investors need to carefully study the information of the branded HoREA project and especially study carefully the content of the contract to avoid confusion and swapping concepts.
In addition, real estate project investors keep their credibility, provide full product information, explain in detail the house purchase and sale contract to customers and have the right after-sales service as committed to really bringing a new breath of branded real estate in the market of Ho Chi Minh City in particular and Vietnam in general.
