Many real estate developers are racing against time to put their housing units up for sale and introduce their projects for the rest of the year after a property slowdown lasting for months. 

They are launching a series of high- and mid-end apartments, while a slew of promotional programs and discounts are being offered to homebuyers in the Vietnamese market.

Real estate giant CapitaLand on Monday night introduced its Lumi Hanoi apartment building project with a total capital of over one billion Singapore dollars (US$739 million).

The project, which is set to get off the ground in the first quarter of 2024, will cover an area of some 5.6 hectares of land in Hanoi and provide the market with 4,000 apartments.

In Ho Chi Minh City, property firm Khang Dien has announced that it was authorized to sell over 1,040 houses at the The Privia housing project in Binh Tan District.

The firm is offering incentives to homebuyers.

Another real estate developer, Phu My Hung, said that among 166 apartments of its Phu My Hung The Horizon project, south of the city, just 66 units are being put up for sale.

The eastern area of Ho Chi Minh City is seeing numerous houses put on sale.

A representative of Nam Long Group told Tuoi Tre (Youth) newspaper that the group is ready to put 500 EHome Southgate apartments on sale in Long An Province, and 1,600 units in Can Tho City in the Mekong Delta region in the fourth quarter of the year.

Van Viet Son, CEO at Nam Long Land, said that the firm’s affordable homes have become attractive to customers.

The firm had previously signed deals with 20 strategic outlets to implement a plan to debut over 16,000 apartments in the next three years.

Apart from increasing the supply of housing units in the Vietnamese market for the rest of the year, property firms are stimulating consumption with various discounts and preferential programs.

Son from Nam Long said that the group had teamed up with its partners to bring financial solutions and preferential packages for interiors to buyers.

Meanwhile, Masterise Homes is applying a preferential program which allows buyers to pay just 20 percent of an apartment’s value in advance, while the rest will be lent by banks at a zero-percent interest rate until April 2025.

Buyers who get one apartment at the Phu My Hung The Horizon project will be able to access preferential loans from major banks, said the representative of the firm.

A representative from a property firm in Ho Chi Minh City told Tuoi Tre that due to pressure on earnings by year-end, paired with falling lending rates, real estate companies are rushing to launch their products.

According to DKRA Vietnam, luxurious apartments are holding the lion’s share in the housing supply in Ho Chi Minh City, while mid-end and low-cost houses are dominating in some neighbors of the southern metropolis.

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