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Vingroup Will Build A Cheap House, At Priced From VND 700 Milion/Unit

Vingroup information will develop real estate VinCity with a price of VND700 million per unit, many experts said that this is a move to help balance the market.

Vingroup has just announced the VinCity real estate brand. This has led Vingroup to become a fully integrated real estate developer in the market, with the Vinhomes – Luxury Residential, VinCity – Medium Housing, Vincom – Commercial Real Estate and Vinpearl – Resort property.

Le Khac Hiep, Vice Chairman of Vingroup, said that VinCity is a real estate property with an average price of VND 700 million. However, VinCity still converges fully on the confirmed values of real estate projects developed by Vingroup – Quality – Synchronization – Utilities.

“The VinCity projects will be modeled on a closed urban area with utilities and services such as education, health care, culture, shopping, entertainment and landscapes. … VinCity’s residents also enjoy professional management services provided by Vingroup such as protection, trees, environment … “, said Mr. Hiep.

project of Vingroup
Vingroup has more Vincity property brand

In the first phase, VinCity will be implemented in seven provinces: Hanoi, Hung Yen, Ho Chi Minh City, Hai Phong, Thanh Hoa, Ha Tinh, Nha Trang. In Hanoi and Ho Chi Minh City, VinCity’s projects will be invested in suburban districts, contributing to the formation of satellite towns, expanding population and avoiding traffic jams.

“Expected, Vingroup will build from 200,000 to 300,000 VinCity apartments at reasonable prices in the next five years, enabling consumers to access and own quality life and amenities in the area. Urban development by Vingroup “said Hiep.

“With the official entry into the middle-class housing segment, Vingroup has become a leading developer of real estate in Vietnam, covering all segments of the market,” said Vingroup.

“We look forward to contributing to the change of urban appearance so that Vietnam will gradually have beautiful and modern cities like the rest of the world. Through VinCity, we wish to bring customers modern, safe and suitable with average income, “said Hiep.

Talking to reporters, Le Hoang Chau, chairman of Ho Chi Minh City Real Estate Association – HoREA said that the real estate market 2016 tends to shift to the luxury segment and resort. HoREA has repeatedly recommended this. Vingroup launches VinCity brand to help the market more balanced.

project of Vingroup
Vingroup’s multi-utility projects

“Many people still think that many large companies only invest in high-end housing projects for profit. With the launch of VinCity, Vingroup is taking the market to look back on the issue. This will overcome the phase difference supply and demand. Other businesses in the same segment will have a competitive strategy, “Chau said.

According to HoREA, with strong potential, professional management and experience in project development, homebuyers in the future will certainly benefit from VinCity’s products.

“VinCity only makes the housing market more affordable than the competition can not kill businesses in this segment. Each business has its strengths and geographical areas. Whoever has quality and good customer service will survive, “said Chau.

As a real estate developer in the West Saigon area, Le Huu Nghia, Director of Le Thanh Trading & Construction Co., Ltd, welcomed Vingroup to launch its VinCity brand with a calm attitude.

“There are many companies involved in affordable housing development, and consumers will benefit. Each company has its own strategy. Therefore, we are not too worried. However, many low-cost housing businesses have to revise their investment strategies if they want to compete with VinCity, “said Nghia.

Similarly, Ngo Quang Phuc, Deputy General Director of Him Lam Land, said that all businesses want to diversify their products in order to serve more customers and increase liquidity. Vingroup launches VinCity brand is also normal.

project of Vingroup
Vincity Van Giang is expected to be built and open for sale in the near future.

“At any stage, every business has the right investment strategy. The important thing is that each company must prepare a good land fund. This is Vingroup’s long-term plan. Therefore, VinCity will help the market reduce supply and demand phase difference, “Phuc said.

According to Phuc, there are three factors that determine the selling price of an apartment: land prices, construction costs, and investor expectations. With Him Lam Land, although the development of affordable housing, but products and utilities are very high

In Ho Chi Minh City, 50,000 new couples each year need their own home. Therefore, the demand for housing from this department is very large. The problem for young buyers is how to balance the limited financial resources that still have living space dream. At the same time ensure the safety of your investment.

Over time, some businesses have turned to the trend of low-cost housing for low-income people. Nam Long Corporation, for example, launched the EHomeS product line. L & L group are simultaneously deploying apartments Asa Light, Ouyang Lan Tower, The Avila …

Kien A Group with project Citisoho II. Vietcomreal is launching the Viva Riverside project. Him Lam Land with 2,000 cheap houses in East HCMC. Urban Infrastructure Development and Construction JSC – BID Vietnam also wants to invest tens of thousands of cheap apartments in Ho Chi Minh City.

With careful preparation in the past several years, Vingroup’s low-cost housing development project across seven provinces is seen as daring and ambitious. This is considered a new wind, making real estate market “wave” back and help customers have more options.

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