Even during the Ghost Month, Vietnam’s major property developers are launching flagship projects.
After a two-quarter break, some of Vietnam’s major real estate developers suddenly launched flagship projects between late August and early September, making the local housing market less bleak during this “Ghost Month”.
By Phuong Uyen
The seventh month in the lunar calendar, which this year began on 22 August, is known as the Ghost Month in Vietnam and some other Asian countries. It is believed to be a period when ghosts and spirits come out from the lower realm and visit the living.
People believe that the Ghost Month is usually associated with bad luck, so they avoid making important decisions like marriage or home purchases during this month. This is the reason why the housing market during the Ghost Month is usually more gloomy than other months of the year.
But something changed in Vietnam recently. Local developers are no longer afraid of the Ghost Month. For example, after a long hibernation, many property giants like Phu Long, Hung Thinh, Khang Dien and Nam Long launched new projects in Ho Chi Minh City at the beginning of Ghost Month.
SEE ALSO: Co-working office: A potential market in Vietnam
Specifically, Phu Long simultaneously launched two large-scale projects called Dragon Riverside City (District 5) and Dragon Village (District 9) during the third quarter. According to the developer, Dragon Riverside City is expected to be completed by the end of 2019.
In early July, Khang Dien also launched the Rosita Garden townhouse project in District 9. Construction work reportedly started in late 2016. These townhouses are set to be handed over by Q4 this year. Units offered in the first phase were sold out during the launch event, said the developer.
Meanwhile, Hung Thinh Corp has returned to the apartment market with the Lavita Charm project (Thu Duc District) after its foray into the resort segment. Apartments at Lavita Charm are available for reservation.
Nam Long, Keppel Land, Novaland, Dai Quang Minh, ThuDuc House and other major developers also plan to release new projects in September.
Tran Thanh Hoan, CEO at Phuc Thinh Real Estate JSC, said new launches from major developers have made the apartment market less gloomy during the Ghost Month. Last quarter, only smaller developers launched new projects while the major players kept selling existing projects. The lack of projects by big brand names is one of the reasons why the market in the first half of 2017 was bleak.
Along with the new supply, developers’ sales promotion policies have also brought positive effects to the real estate market during the Ghost Month.
This article originally appeared on property portal Batdongsan.
