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The realty developer informed the unnamed project is developed on a total area of about eight hectares which is some 200 meters from the city’s belt road.
The scheme consists of villas with three to four bedrooms covering 193 square meters to 1,000 square meters each.
Peter Ryder, general director of Indochina Land, noticed that the nascent period of the local real estate market is in the past and that the market has entered a new cycle of selection. Last year was said to be a challenging time for newcomers in the industry but larger firms still achieved positive sales with high-quality schemes.
Ryder predicted this year will see both opportunities and challenges. Indochina Land recorded strong growth in selling its apartment projects, with total sales of around $40 million last year.
Retail schemes, office projects and resorts and serviced apartment projects of Indochina Land all posted high occupancy rates, with many new contracts signed between the developer and its customers.
Meanwhile, the existing tenants have tended to expand their business and the occupancy rate of the firm’s operational resort schemes is increasingly high. For instance, the Indochina Plaza Hanoi project has already found tenants for half of its office area and about 80% of the total retail space.
Indochina Land expects the city’s belt roads along with Long Thanh Expressway project set for completion this year to create more added values for the villa project in District 9 which they predict will only be a 20-minute ride to downtown HCMC.
Indochina Land is currently investing in a number of projects in Vietnam, including the Indochina Plaza Hanoi, Hyatt Regency Danang, The Nam Hai, Montgomerie Links Vietnam and Six Senses Con Dao.