The property market would see increased competition in the post-pandemic period, experts said. (Photo: novaland.com.vn) HCM City (VNS/VNA) - After a brief hiatus, property companies havebeen resuming sales of developments and revealing their post-COVID-19 businessplans since the beginning of May.
Ministry of Construction data shows that some 80 percent of developers stoppedsales or even temporarily halted operations during the first quarter while therest had modest operations going.
Transactions slumped to 40 percent of the level seen in the same period of2019. Only 14 percent of products entering the market during the quarter weresold, the lowest level in four years.
But the industry is now gearing to tap opportunities during the post-pandemicrecovery, which is expected soon.
In early May, Vinhomes Company, a subsidiary of VinGroup, Vietnam's largest privatefirm by market value, opened sales of S1.08 apartment tower at Vinhomes OceanPark in Hanoi’s Gia Lam district.
For the first time a real estate sales event included livestreaming and onlinetransactions.
In just over an hour nearly 250 apartments, or 50 percent of the total numberof units on offer, were sold.
The Novaland Group began the sale of Aqua City in Dong Nai province’s Bien Hoacity. The 1,800ha project, mainly comprised of villas, is thought to be thelargest property project in the province.
The Hung Thinh Corp plans to begin sale of its 96ha project in Binh Duong province’sDi An city in the third quarter.
It will have 3,000 housing, 12 officetel and 53 shophouse units.
According to experts, the real estate market is set to undergo a rejuvenationprocess as a result of the Covid-19 pandemic and awaits a new growth cycle.
It would be a difficult time for weak companies, but for those with deeppockets and professionalism, the pandemic would only pose short-term problemsbut could end up creating new opportunities, they said.
Tran Le Thanh Hien, chairman of the Danh Viet Group, said the difficulties ofthe real estate market are temporary and in the long term has significantpotential for development.
It is time for property companies to expand their land ownership, especiallythose with strong finances.
Novaland Group now has 5,000ha of land with a portfolio of more than 40 realestate projects in HCM City and neighbouring provinces over the next few years.
Nguyen Van Hau, general director of Asian Holding, said property firms mustimprove their resilience and flexibility to cope with market shocks.
Although there are difficulties, the market shows positive signs, he said.
Experts said if the disease situation remains under control, the market wouldbecome active again in the last two quarters with the introduction of large newprojects and diverse products that meet customers’ needs./.
VNA
