Property developers have been launching a slew of apartment and residential land projects targeting both middle- and high-income earners, sparking off a new race in the market.

HungThinh Real Estate Company recently began to sell its 12 View project in District 12, which is around 80 percent finished.

Sai Gon Tiep Thi newspaper quoted the company's general director, Nguyen Nam Hien, as saying the 400 apartments there cost over 11 million VND (518 USD) per square metre. Buyers have to put 20 percent down and pay the remaining amount based on construction progress at the rate of 8 percent per instalment.

Tanimex plans to start selling its Tanibuilding apartments in Tan Phu district on September 7 at 11.9 million VND per square metre.

Kim Oanh Real estate Company will begin selling 400 land lots for street houses in Di An district in the neighbouring province of Binh Duong next week at 170 million VND and above for a piece.

In the higher segment, Phu Long Co began selling its Dragon Parc villas at a starting price of 5.5 billion VND (260,000 USD). Phung Chu Cuong, its general director, said 10 customers had registered to buy before sales opened.

CapitaLand Thien Duc has sold 100 out of almost 1,200 units at its Vista Verde apartment project in District 2, which will be completed in 2017. Prices begin at around 1.5 billion VND for a unit of less than 50sq.m.

Him Lam JSC said that its Him Lam Cho Lon project in District 6 with 1,400 apartments would enter the market in mid-September at prices starting at 18 million VND per square metre.

Phu My Hung is making final preparations to sell its Scenic Valley targeted at young buyers and newlyweds. Model houses will be open for viewing on September 7.

According to statistics from the Vietnam Real Estate Association, in the second quarter 11 residential projects went on sale in Ho Chi Minh City with more than 3,200 units, 70 percent higher than in the first quarter and 140 percent up from the same period in 2013.-VNA