Investors in apartment projects across Ho Chi Minh City are launching special purchase packages to attract buyers in the last quarter of this year. Realty firm Le Thanh, for instance, unveiled on October 20 its latest condo project, the Le Thanh Twin Towers, located in Binh Tan District, with a special long-term leasing program to assist customers. Customers have to pay only VND240 million (US$11,500) to lease a 35-square-meter apartment with a term of 15 years, or only VND1.3 million per square meter. The company’s CEO said the idea of supplying apartments at affordable prices to young people who have just started their career and wish to settle down in the city has been nurtured for a long time. “And the current frozen real estate market is the prime chance for the idea to be realized,” said Le Huu Nghia. “Hopefully this long-term leasing model can attract many customers, especially single white-collar workers, or newlywed couples.” It is impossible to buy a house or an apartment in HCMC with just VND240 million, while renting a house poses certain disadvantages for the lessees, he said. “[The lessees] can be asked to leave their rental houses at any time, and they will thus hesitate in buying facilities to better their lives,” he explained. Meanwhile, the 15-year term at Le Thanh Twin Towers will allow young customers to settle down and is long enough for them to accumulate money to actually purchase the apartment, he added. “The 15-year leasing apartments will help solve the demand for housing of young customers, as well as assist realty investors to escape from the frozen market,” said Le Hoang Chau, chairman of the city’s Real Estate Association. Besides the pioneer Le Thanh, several other companies are also completing procedures to follow this model, he added.Late payment, slashed prices This month also saw other players launch new programs to lure customers for their new projects. Novaland is offering a five-year late payment for its Sunrise City project. Specifically, customers will only have to pay 30 percent of the apartment value in the first four months, and the remaining will be cleared in the next 60 months. “Although the total time for payment is 64 months, customers are allowed to receive the apartment after clearing the payment in the 26th month,” said deputy CEO Nguyen Thuy Anh. Other projects such as Lacasa in District 7, and Lucky Apartment in Tan Phu District, have also slashed prices to attract buyers. Earlier this month Hoang Anh Gia Lai also put a new apartment project in District 7 on sale at prices that are 30 to 50 percent lower than those of similar projects in the area. An apartment at the Hoang Anh Thanh Binh is now available at VND20 million a square meter. The investor also offers flexible payment method for buyers. Customers have to pay 30 percent of the contract value in advance, 40 percent in the next 30 months, and 25 percent when receiving the apartment. The remaining 5 percent will be cleared when the apartment possessing certificate is handed over to the buyers. “Cutting prices or offering special programs are all intended to share difficulties with customers, as well as assist the investors themselves,” commented Hoang Anh Tuan, CEO of Tac Dat Tac Vang Co. “It’s better to earn lower profits but recoup investment than ‘bury’ your investment in the projects and clear exorbitant bank loan interests.”