Real estate giants reduce the selling price of luxury apartments by 50%. 2Real estate giants reduce the selling price of luxury apartments by 50%. 2

At the opening ceremony of phase 3 of the Sunrise City project in Ho Chi Minh City on September 8, Novaland Group suddenly announced a reduction in the selling price of the North Towers phase 3 apartment complex by nearly 50%.

Accordingly, the current price is about 27 million VND per m2 compared to the first phase selling price of 50 million VND per m2.

Sunrise City was built in 2009 on an area of nearly 500,000 square meters.

Mr. Phan Thanh Huy, General Director of Novanland Group, said that the price decrease is due to the group combining many measures, partly due to price reduction, but mainly restructuring products to suit affordability.

Novaland has restructured the team, switched to centralized management to cut costs, increase professionalism, maintain quality but lower product prices, re-adjust the apartment segment, and adjust a few

In addition to reducing selling prices, this group also cooperates with banks to support interest rates of up to 12% per year for 30% of the apartment value to create conditions for customers to access one of the projects considered high-end.

Real estate giants reduce the selling price of luxury apartments by 50%.

The EverRich 3 project is located in Tan Phu Ward, District 7, Ho Chi Minh City, adjacent to Phu My Hung International Commercial and Financial Center in the South Saigon new urban area.

Previously, on September 6, Mr. Nguyen Van Dat, General Director of Phat Dat Real Estate Company, also announced a 50% reduction in the selling price of high-end villas and commercial townhouses along the riverside of The EverRich project.

The company once expected to sell land at a price of 80-100 million VND per m2, but now it has reduced to an average of 40 million VND per m2.

This is a high-end housing project with a cool riverside landscape, designed by Archetype Company, the world’s leading design firm, has completed modern infrastructure and inherited all

Phat Dat Company’s 2013 business plan sets a planned revenue of VND 303 billion.

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