Apartments in Hanoi being sold at dump price to cut losses

Many apartments in Hanoi are being sold at discounted prices to cut losses, with the price being 5 percent – 10 percent lower than investors’ prices.

In website sanbatdongsan.com, the owner of the apartment no 1912, HHB building in Tan Tay Do tenement house (Hoai Duc, Hanoi) shocked customers with the news “Tan Tay Do apartment is on dumped sales with the price of 13.5 million dong per square metre”. According to the owner, investor’s price at the end of 2011 was 15.5 million dong/m2 and he even had to pay 17.5 million dong per square metre for it, but now with urgent need of money he has to sell at a dumped price of 13.5 million dong/m2 and suffer a loss.

Even C1 apartment, twentieth floor, CT2B building in Tan Tay Do tenement house is opened for sales with the price of 13 million dong/m2 including charge.

Tan Tay Do tenement house (invested by Hai Phat Investment JSC) is one of Hanoi projects targeted cheap price apartments, with the price of around under 15.5 million per square metre for each apartment. At the end of 2011, this project had received many expectations from customers about a profitable one with cheap apartments when 32 national highway was opened to traffic. However, along side with Tan Tay Do, a series of cheap price apartments were opened sales with the same price, so the market is in saturation.

Another project being sold to cut losses is Dai Thanh urban area (Thanh Tri, Hanoi) constructed by No 1 Lai Chau Construction JSC. In June when the project opened for sales with the price of 14 million dong/m2 for 35m2 – 50m2 apartments, customers had to pay more from tens to hundreds million dong for brokers and the previous owners to buy them. However due to gloomy market, some investors have recently cut loss from 5 percent to 10 percent of total apartment value.

 

Category: Business