On April 16, 2022, Nam Long Group (Hose: NLG) officially launched to market Flora Panorama riverside apartments in Mizuki Park township (26ha, South Saigon) with expected sales revenue about VND 900 billion. So within just a month, apartment projects in HCMC have contributed over VND 2,300 billion to Nam Long’s 2022 plan.
More than 600 customers joined the Launching Ceremony for Flora Panorama Apartments
On the morning of April 16, 2022, Nam Long Group (NLG) and its two Japanese partners, Hankyu Hanshin Properties and Nishi Nippon Railroad held an introduction ceremony and organized registration for 300 Flora Panorama condos in the 26 ha Mizuki Park, a key township project in South Saigon. Sales reached VND 900 billion within just 3 hours and the absorption rate was 80% of the total apartments launched.
This is a great success to kick off Nam Long’s Flora+ apartment, which targets the international standards for the mid-end market with improvements in architectural design and finishing materials. Flora Panorama is one of the most beautiful pieces of Mizuki Park, which owns a rare riverside location and an expensive 360-degree panorama view of the river and the township. At the same time, Flora Panorama is located next to The Mizuki luxury villa compound, the marina, and the 3,800-m2 square which is a unique facility highlight for residents.
Perspective illustration of Flora Panorama apartments next to The Mizuki million-dollar villas in the Mizuki Park Township
Previously, on March 19, 2022, NLG also successfully held a launching ceremony for the Flora Akari AK7 and AK8 in Akari City phase 2 (8.5ha, Binh Tan) with recorded over VND 1,400 billion in sales. So within just 1 month, NLG has achieved an estimated sales revenue of more than VND 2,300 billion from the apartments in Ho Chi Minh City.
According to CBRE’s Q1/2022 report, there are 1,247 apartments sold in HCMC, 78% less than the previous quarter and 53% less than the same period in 2021. The shortage in new supply is the main factor causing the decline in the number of apartments sold. However, the absorption rate of new projects is at 80%-90%, meaning that the demand for housing remains high. Nam Long’s forecast for 2022 is quite optimistic as the company owns a large land fund ready to develop in well-known townships in the market. Amidst the extreme shortage, holding a large number of apartments in HCMC as well as launching new products in existing townships in line with new trends have given Nam Long great advantages. 2022 is the 30-year milestone for Nam Long to prove its firm position in the market as a sustainable real estate developer.
The absorption rate of 80%-90% in new projects shows some good signs in the real estate market this year.
In addition, under the pressure of rising costs, especially the cost of construction materials and location, the increase in housing prices is inevitable. At the same time, the temporary suspension of credits and loans for the real estate sector under the risk control policy worry people that they won’t be able to afford a house, especially working families with less saving. In reality, banks still provide loans to real estate developers with a good reputation and legitimacy in the market. Understanding the concerns of customers, NLG continues to coordinate with strategic banking partners to support 50% payment until handover with lower interest rates for house buyers.
Specifically, at the Flora Panorama project, at a price of VND 2.8 billion per unit, customers are still supported with a loan up to 70% of the contract value, and 12 months of interest-free. This is a great advantage, helping Flora Panorama attract a large number of customers, even though it has only been announced to the market since the beginning of April. Nam Long’s initial results show good signs in this year’s real estate market.
Source: Nam Long Group (Hose: NLG)