SOLD BEFORE BUILT

By Vu Tung – HCM City

For the Phu My Hung Corporation, the number of houses customers have registered to buy is much larger than that it is building. Customers, when signing contracts to buy Phu My Hung houses, will have to make a down payment equivalent to 20% of the house price. The remainder will be paid until construction work is completed.
The average price of a house with floor space of 70-80 square meters is US$25,000. Since late 1999, the corporation has sold 350 houses in HCM City’s Saigon South, including street-front houses, villas and apartments. Some 150 of them were sold before they were built.
Jerry Kuo, head of marketing of Phu My Hung, says a similar selling scheme has long been implemented in Taiwan and that to attract buyers, prices should be 10-15% lower than those of readily-built houses. The corporation has targeted to sell some 1,000 houses this year, he says. Such an ambitious plan is based on grounds that the infrastructure needed for a new residential area in Saigon South is now available.

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