Recently, many brokers are continuously selling apartments at the Hanoi Melody Residences project (Hoang Mai district, Hanoi).
Sharing with reporters, a broker named Giang said that since the project reopened for sale (October 2024) to date, it has sold about 300 apartments at a price of 65 - 75 million VND/m2. The project is expected to be handed over in the third quarter of 2026.
Hanoi Melody Residences project was developed by Hung Thinh Corporation, launched in 2022 and expected to be completed in the fourth quarter of 2024. However, the project has been suspended since the beginning of 2023 until now.
At the time of launch, the project had an average selling price of about 40 million VND/m2, then attracted attention when launching a series of high discount policies of up to 38% of the apartment value if customers paid 95% early. According to this discount level, the apartment price at that time fluctuated between 25-28 million VND/m2.
Besides Hanoi Melody Residences, the Summit Building project (also known as The Summit 216) located at 216 Tran Duy Hung (Trung Hoa Ward, Cau Giay District, Hanoi) invested by Veracity Joint Stock Company is also being advertised by brokers. The expected price offered by real estate floors is from 70 million VND/m2.
This project was opened for sale in 2020, however, the handover was delayed for many years. Currently, the project has basically completed the rough construction with the exterior covered with glass.
From July 2021 to September 2024, Veracity Joint Stock Company has announced 6 times to delay the delivery time of apartments to customers.
The slow progress and delay in handing over the house have made many customers angry. Ms. Nguyen Kim (Cau Giay District, Hanoi) shared that she bought an apartment in the project in 2020 and had paid up to 70% of the apartment value. The investor continuously delayed the handover. Meanwhile, for Ms. Kim, part of the money paid to the investor, she had to borrow from the bank with an interest rate of up to 13-14%/year.
According to the Vietnam Real Estate Brokers Association, the fact that some investors are reviving abandoned projects is a positive sign for the market.
This reality shows that the market expects to unblock the situation after the implementation of three laws related to real estate (Land Law, Housing Law, Real Estate Business Law).
If successfully "revived", these projects will not only provide opportunities for investors to maintain business operations, but also contribute to quenching the thirst for housing.
However, successfully restarting projects that have been stalled for many years is not simple. The Vietnam Real Estate Brokers Association believes that high selling prices while quality is not upgraded, have caused many projects to quickly "go silent".
Some experts even say that when projects are often shelved and delayed in delivery, it has made customers wary. Buyers need to be extremely cautious, avoid being attracted by promotional tricks and high discounts, and then risk spending money on projects that are already behind schedule.
Regarding this issue, sharing with Lao Dong, Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association - said that the new laws are stricter than before.
Therefore, if any project has institutional problems, it should be reviewed and a mechanism should be created to allow the project to resume operations. As for projects that are done carelessly and do not comply with the law, they should be required to start over from the beginning according to the new law.
