Foreign firms snap up Phu My Hung homes

November 25, 2013 | 15:00

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Ho Chi Minh City has seen a clear trend in which foreign-invested enterprises have bought more apartments to accommodate staff in the Phu My Hung city centre in Saigon South.

FIEs are buying apartments for staff in Phu My Hung

A number of the buyers said they preferred buying property outright as they could avoid rental payments and could be more flexible in allocating homes to staff. In addition, the apartments would remain company assets.

In November alone, FIEs signed contracts to buy 12 Phu My Hung apartments.

Property developer Phu My Hung Corp. has apartments available in Canh Vien 3, Riverside Residence, Riverpark Residence and Top House Sky Garden. In addition, those who select an instalment payment plan can choose either Happy Valley or Star Hill apartment developments as they will be available for delivery over the next two years.

For those foreigners that are not eligible to buy residential houses under Vietnamese laws, Phu My Hung offers a long-term lease contract. If the tenants later qualify and want to buy a home, the company will help process the change in ownership form.

During the fourth quarter this year, Phu My Hung is selling block L, the final block with golf view in the Happy Valley development.

On offer are two apartment sizes measuring 99 and 134 square metres, with instalment payment options stretching over 2.5 years.

The apartment project is situated near a golf course, river, the city’s international commercial and financial district, and Crescent Quarter, which is home to the Star Light Bridge and Crescent Mall.

Phu My Hung has become an iconic Ho Chi Minh City landmark development, and is located just 15 minutes drive from District 1.

By By Tuong Thuy

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