HAGL Land will sign a cooperation agreement with Dream House Corp. today to further spread out its sales promotion program to more potential buyers, having reached a similar deal earlier with Sacomreal.
Le Hung, director of HAGL Land, told the Daily yesterday that Dream
House Corp. would lend a helping hand to the program to distribute some
500 apartments of the company's two projects under construction now,
two days after it announced to slash prices of apartments by a stunning
40%. The two apartment projects are Hoang Anh Riverview in Thao Dien
Ward in District 2 and Phu Hoang Anh in HCMC's Nha Be District.
HAGL
Land launched the promotion on Monday, wooing homebuyers and investors
with apartments whose prices are discounted to US$1,350 per square
meter for Hoang Anh Riverview apartments and US$1,250 for Phu Hoang Anh
ones.
Those prices are cut by nearly 40% compared with those
announced in the exuberant property market in 2007, when Hoang Anh
River View apartments were priced at US$2,300 per square meter and Phu
Hoang Anh apartments at around US$1,800. The move is expected to stir
up the currently sleepy property market.
Hung said the surprise
discount was made possible owing to the company's advantages in having
acquired land plots earlier at lowprices, and the supply of
construction materials including interior items from the parent firm
HAGL Group. Falling prices of building materials now are also a factor,
he said.
"Therefore, the construction cost is low and the discount has yet cut into the profit margin of the projects," he said.
Hung said there were some 100 homebuyers paying deposits for apartments as of late yesterday.
Before
that, Sai Gon Thuong Tin Real Estate Joint Stock Company (Sacomreal)
joined the promotion, distributing some 300 Hoang Anh Riverview
apartments on its property trading floor since Monday.
Sacomreal
said the first day of the promotion witnessed some 100 customers who
came to get information about the project, including 50 homebuyers
placing deposits for apartments.
Sacomreal lures investors by
supporting homebuyers with loans from Sacombank,Vietcombank and Bank
for Investment and Development of Vietnam (BIDV).
Sacomreal says
the loan is worth some 70% of the total value of an apartment and it
can be paid by installments from 10 to 20 years.
Hung of the
HAGL Land says the Hoang Anh Riverview project will be up and running
by 2010. When in place, it will include three 25-level blocks with some
580 apartments and other service facilities such swimming pool, tennis
court and spa among others.