Lavish apartments priced at $10,000/sq.m and villas worth several millions of dollars are selling well in HCM City.
The Southern Place apartment building, located on Nguyen Van Linh avenue in District 7, is exciting the real estate market in HCM City for its luxury accommodations and services, and high flying prices: from $7,000 to $10,000 a sq.m. Apartments are valuated from $1-3 million.
Called “Royal Villa”, the Southern Palace is advertised as new age houses, targeting the rich who want to assert their social positions. 115 luxury apartments are for sale.
To match these apartments with their value, the investor – Southern Housing Business Company – designed Southern Palace as a 12 story building with a Louis XIV style. On the 1st to - 9th floors apartments are 150-350sq.m. The 11th and 12th floors are two-storey apartments of up to 500sq.m for the largest.
Each was built and decorated with the highest quality materials and equipment and were designed by European architects; they include $10,000 Jacuzzi style bath tubs and electronic sensor toilets worth at least $3,000.
Another deluxe apartment project in the South Saigon area, offering over 1,600 apartments, includes several that exceed 600sq.m. To own one, buyers are paying hundreds of thousands to millions of USD.
Most high-class apartment buildings over 10 stories tall include deluxe apartments of 300-500sq.m and even 600 to 700sq.m for the super rich. For example, a 650sq.m apartment in the Green Building project in District 9 is priced at over VND22 billion ($1.37 million). An estate project on Nguyen Huu Tho road offers 700sq.m apartments worth more than VND30 billion ($1.875 million). Other big estate projects like Hung Vuong Plaza, Ruby Land, Sky Garden Phu My Hung also advertise super luxury residences.
The Saigon Pearl project announced it will sell $4,000 - $5,000/sq.m apartments from the 20th floor downward and much more expensive deluxe apartments from the 21st to 37th floors.
At a meeting with HCM City real estate businesses on February 18, Chairman of the HCM City People’s Committee expressed his concern that real estate companies are too focused on building luxury apartments that are too lavish.
“I only hear about the shortage of houses for the poor and low-income earners while many luxury apartment projects being implemented; this strategy needs reconsideration,” he said.
“Million USD-worth houses are built for whom? And how many people can afford to buy them?” asked the Chairman.
Head of the HCM City Economics Institute Tran Du Lich said the appearance of super-deluxe apartments in HCM City shows that City residents have the highest living standards in Vietnam.
ed note: I knew this was coming from my recent visits 05-06. I'm sure they need art on the walls!!!!
No comments:
Post a Comment