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Over the past 12 months, Vietnam has suffered from depreciating currency, rampant inflation, prohibitive interest rates and sluggish demand – the recipe for a property developer’s nightmare, Indochina Land stressed.
“The effects can be seen as construction projects throughout Vietnam continue to stall while buyers continue to watch from the sidelines and developers clamor for their attention with the offering of promotions and price reductions,” a company statement said.
Despite the on-going challenges of the economy, Indochina Plaza Hanoi sold 36 units in the first quarter, with only 18 per cent of total 386 units currently left for sale, outpacing any other high-end condominium project in Hanoi.
“This shows that the market still continues to respond well to high quality product and respective to buyers,” the company said.
Michael Piro, director of sales and marketing for Indochina Land, said the company has been adapting its strategies as the market trended towards end-users who are more prudent and demanding, which presents an excellent opportunity for Indochina Plaza Hanoi.
Also last week, the Ho Guom Garment company also introduced model units on the under-construction Ho Guom Plaza in Ha Dong district of Hanoi.
According to Guy Major, national business director of Savills Vietnam, the sole sales agent for this project, with the stable financial source, Ho Guom Plaza is building at fast speed. The project expected to top off in December this year. It may be ready for occupation by the end of 2013.
Major said Ho Guom Plaza could reach its potential customers regardless the current downturn market.
Complementing the apartments, Indochina Plaza Hanoi and Ho Guom Plaza also are speeding up other facilities in their complexes.
In early November 2012, IPH Clubhouse officially opened its door to the residents. Located on the 5th floor on the bridge connecting East and West residential towers and in proximity to two rooftop pools and outdoor kids’ play area, IPH clubhouse offers residents a perfect gathering place with imported quality equipment and facilities, as well as areas for relaxation and diverse recreational amenities such as kids play room, a bar, table tennis boards, billiards tables, wi-fi, projector, and others.
Peter Ryder, managing director of Indochina Capital, parent company of Indochina Land, says: “We strive to offer more than a home; we offer a commitment to delivering quality residences and unmatched lifestyles. Indochina Plaza Hanoi embodies these guiding development principles as we will deliver a Grade A project at affordable price points, offering tremendous value to our homeowners. We encourage anyone interested to come view our finished condominiums and experience what sets us apart from our competition.”
Meanwhile, the investor of Ho Guom Plaza is also finishing the last work for its trading centre, to be opened in early 2013. Among its tenants will be Tran Anh Computer and the investor is also negotiating with many other potential tenants, such as Big C, Citimart, Megastar and Galaxy.