BANKS SAY LOANS AVAILABLE FOR SAIGON SOUTH HOUSING PROJECTS

By Quoc Hung

(SGT - HCMC) Phu My Hung Corp. is spending US$4.5 million on developing apartments for sale to locals in Saigon South, HCMC’s new urban area, in District 7, said deputy general director Pham Xuan Binh.
Construction is underway on 8,357 square meters, where three four-story blocks with some 350 apartments are going up. The blocks are located in Hung Vuong Quarter and close to Saigon Wonderland entertainment park, and are expected to be in place later this year.
Binh said the project was licensed by the HCMC People’s Committee in late August. Buyers of these apartments will be granted land-use rights and house ownership certificates. Land-use fees will be cut by 60%.
Prices of apartments range from US$18,000 to US$30,000. About 70 people have registered to buy apartments there.
Funding for the project comes from proceeds of apartment sales of projects to develop My Hung, Nam Thien and My Canh quarters, and money advanced by buyers and the contractor.
Besides the Hung Vuong Quarter project, so far the JV has developed about 300 apartments in Saigon South for sale.

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