The real estate market is showing signs of warming up in terms of transactions after a series of positive moves from interest rates, policies to remove difficulties...
Many startup projects return to the market
Different from the silence like the first months of 2023, up to now, many projects have returned to the market. In which, transactions appear in segments such as land plots, townhouses, and apartments. Besides projects in Ho Chi Minh City, a series of projects in neighboring provinces also started in May 2023.
Recently, Novaland Group has restarted projects in Phan Thiet and Ho Tram. Specifically, this unit will hold the signing ceremony of NovaWorld Phan Thiet with MB to finance the project. At the same time, Hoa Binh Construction Group also resumed construction with this project.
In Binh Thuan, in May 2023, Nam Group's Thanh Long Bay project kicked off again (the next phase of the project) after a long period of silence. This is a project of more than 90ha in Ke Ga Cape, Ham Thuan Nam, Binh Thuan.
In Dong Nai, the Fiato City apartment of Thang Long Real Group also kicked off the affordable apartment product line. This is a project located in Thang Long Home - Hiep Phuoc residential area with a scale of more than 10 hectares in Nhon Trach, Dong Nai has been handed over phase 1. The project has modern internal utilities and more than 70% residents have entered. live.
Many real estate projects have restarted in April and May 2023.
In the Ho Chi Minh City market, a number of real estate enterprises such as Nam Long, Khang Dien, Rioland, Capitaland, Hongkong Land, Keppel Land... are preparing the next phase of their projects to the market. For example, Nam Long with a line of apartments in Akari City, Mizuki Park; Khang Dien has The Classia; Capitaland with projects DeLaSol, The Mag of Hongkong Land; MT Eastmark City of Rioland… Worth mentioning, these projects have recorded quite good transactions at the moment. Even, there are apartments that cost a few tens of billion dong/unit, but the revenue is still good. The clean product line, from a reputable investor with a brand name, enough legality, good utilities, is still chosen by customers to buy.
In particular, the topping-out event is gradually taking shape a series of projects of Masterise Homes Group in the beginning of the second quarter of 2023.
Entering the second quarter of 2023, Masterise Homes continues to accelerate and maintain the progress of projects by closely coordinating with strategic international partners and a team of specialized contractors, committed to ensuring the quality of works.
At the beginning of the exciting year, Masterise Homes became a bright spot in the market with a series of topping-out events and the formation of a series of key projects. The event of topping out and gradually forming the urban area marks an important development milestone of the projects, gradually realizing the commitment to create iconic works with sustainable value for Vietnamese customers.
All three projects have completed the rough construction according to the set schedule, ensuring the handover time as committed:
- The Ritz-Carlton Residences, Hanoi: The two buildings of The Crown and The Heritage luxury apartments have both completed the body structure and the roof. The interior space is being constructed and moderated in accordance with the design language and global standards of The Ritz-Carlton brand.
- LUMIÈRE riverside: ensuring the construction progress despite the lockdown period due to Covid-19 and the rough construction has been completed. The project is continuing to complete the infrastructure inside the 02 towers and apartments.
- LUMIÈRE boulevard: the body structure of 5 towers was completed after nearly 4 million hours of work. The exterior and interior are being completed, expected to be handed over in 2023.
- SOHO . townhouses The Global City SOHO townhouses are in the process of building body structure, brick wall and technical system. In which, more than 50% of SOHO townhouses have been topped off and more than 30% of topping-out rows have nearly completed the construction of partition walls. The facades of some SOHO townhouses will be completed according to the design of Foster + Partners.
- Project LAKE COURT Grand Marina SaigonLAKE COURT: with expected handover from July 1, 2023, almost finished the exterior and rushed to build the internal structure as well as complete the interior. Multiple floors of the tower complete the corridor and apartment space. In particular, the 2-bedroom model apartment according to Marriott standards is in the final detailed adjustment stage, soon opening to welcome customers to visit and experience.
According to an industry expert, there are four factors that help liquidity appear in real estate projects at this time.
Firstly, customers are still very interested in safe real estate investment. Second, real products and good construction still attract buyers. Third, reputable investors are prioritized for selection. Fourth, the cash flow solution is at this point something to watch out for.
Appears "fear of missing out" from the seller?
Good moves of the Government such as taking drastic action to direct the legal removal of 600 projects, approving the interest rate of 4.8% for NOXH, or allowing bond debt rescheduling, reducing bank interest.... shows that real estate is being supported for recovery. This also affects the psychology of homebuyers at this "transitional" time. They identify either buying in or missing the opportunity, the price can continue the upward momentum in the future.
According to Mr. Vo Hong Thang, Deputy Director of R&D DKRA Group, it is clear that the real estate market is having fomo (fear of missing opportunities), however, it is fomo from the seller's perspective. This shows that investors with projects are taking advantage of the period with good supporting factors to sell goods and receive purchasing power. Having demand at this stage will well support the cash flow of the business, revive or nourish the apparatus.
Besides affordable real estate projects, high-end and luxury product lines also continuously stimulate demand by offering attractive discounts and splitting payments. This shows that investors are catching up with the recovery of the real estate market.
On the buyer's side, they have also seen opportunities in difficulties. However, purchasing power is not spread evenly across projects. The psychology of waiting and waiting still appears.
According to Mr. Vo Hong Thang, lending interest rates have cooled down and decreased significantly in the past time, this is a positive and urgent move, helping to blow a new wind into the capital market, reducing a part of the burden. current interest rate in the market. Investors also take advantage of this information to expand projects and explore the market.
Sharing the same opinion, Mr. David Jackson, General Director of Colliers (Vietnam) said that,
The real estate market recorded some positive signals in the first three months of 2023 when the interest rate situation gradually stabilized thanks to the Government's efforts. This improves market sentiment, especially domestic and foreign investors with strong capital taking advantage of this time to speed up the appraisal, negotiation and transaction process. In the next few quarters, the market is expected to witness large-scale investment deals. The sectors that have recovered the best are residential, industrial and retail, thanks to sustained demand and long-term growth potential.
Experts predict that 2023 will still have many obstacles in the context of prolonged global economic instability and domestic fluctuations that cannot be resolved in a day or two. In order to create a big enough push for the market to recover, it is necessary to implement a series of solutions to remove obstacles including, removing real estate legal obstacles, lowering interest rates, opening up capital...