Business

Real estate boom tipped for next year

Following the announcement of real estate figures in October, the last quarter of this year is predicted to be the best time for property investors in HCM City to accelerate their investment.
Following the announcement of realestate figures in October, the last quarter of this year is predictedto be the best time for property investors in HCM City to acceleratetheir investment.

Since the beginning of the month, companies have raced to find counterparts to strengthen their position’s in the short term.

Early this week, Lilama SHB carried out a ground breaking ceremony ofits project entitled Sai Gon Lilama SHB Town in Tan Phu District of HCMCity.

This 18-storey building with 340 apartments is built to serve mid-income customers.

The previous day, Lilama SHB and the Construction and Investment JointStock Company 584 started the construction of 584 Lilama SHB Plaza inNguyen Van Dung Street in Go Vap District of HCM City.

The project includes three 15-storey blocks and would attract investorsto build trade centres, parks and entertainment areas. Upon completion,it is estimated to bring 1,218 apartments to the market.

Assessing HCM City ’s property market for the first nine months of theyear, researchers agree that it has been stable but with the influx ofnew property, there are changes to come.

According to the report of CB Richard Ellis, a property researcher, thebeginning of 2010 will see a number of new developments brought tomarket.

In HCM City , it said, about 44 projects would be announced at the endof 2009 and the beginning of 2010. These projects would supply about22,560 apartments in districts 1, 2, 9 and 7.

The bullish stock market and progress in infrastructural developmenthad encouraged investors to return to the market despite some concernsabout changes in tax policies, said CBRE executive director RichardLeech.

According to CBRE, HCM City ’s property market will fluctuate more thanin mid 2007. Investors are ready for a boom in 2010.

Although in agreement on most research, Pham Van Hai, director of ACBReal Estate Company (ACBR), does not believe that there will be thepredicted boom in the market.

"In the near future, we are unlikely to see a boom in the real estatemarket as most investors are suspicious about the recovery of themarket," he said.

The price of property was still beyond the income of most people inViet Nam so the investment would be less attractive due to the highprice, he added./.
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