Interview with the new general director of SetiaBecamex JSC
1. The Binh Duong real estate market seems to be quiet. Would you please give some insight into your business strategy in light of present market conditions in Binh Duong?
We believe the current market condition is temporary. It is an opportunity for those who are really in search of a house and for long-term investors! Prices are getting to levels that are affordable for first-time house buyers.
It is important to remember that Binh Duong is one of the key economic hubs in the southern provinces. The Binh Duong government has taken a long-term view of development, expediting essential infrastructure developments and facilities – Hanh Phuc Hospital, Vietnam-Germany University, Eastern International University, My Phuoc-Tan Van Highway etc.
The province is still attracting investors and workers, both international and local. There is rising demand for accommodation in Binh Duong Province due to thousands of foreign direct investment projects in the newly built industrial parks.
The government is also committed to ensuring that despite rapid development. For example, in May last year, Binh Duong issued a new policy to curb polluting factory emissions that have adversely affected living standards in residential areas. This policy will improve the environmental quality which is an important factor when choosing a place to live or to invest in.
Taking into account all these factors, we are confident that Binh Duong will continue to be a strong real estate market in Vietnam.
Of course, we believe in being proactive about increasing our market share and not just relying on the government. First, we will continue to launch innovative, new products that have strong market appeal. We will be launching ECOWALK Business Park, a 25 ha commercial precinct in EcoLakes, not just to serve the residents of EcoLakes but also the surrounding communities as well as the two universities that are coming up next to our project.
We are always exploring strategies to assist buyers in obtaining their dream homes. Our first ownership scheme called INVEST: EcoLakes 30/70 Plan was an overwhelming success so much so we had to extend it by popular demand. The plan is simple: the buyer only pays 30% of the house price and the rest will be financed by a groundbreaking financial assistance package according to which no interests are charged until completion of construction.
Another scheme that has proven to be very popular is our leasing program. We help owners who have collected their keys to find suitable tenants for their EcoLakes house.
2. What makes EcoLakes different from other real estate projects?
First of all, EcoLakes My Phuoc is an eco sanctuary, the first of its kind in Vietnam. This is an international award-winning concept that SetiaBecamex introduced to the country in 2007. And it has been very successful. In 2010, EcoLakes was named a Five-Star Property Development at the Asia-Pacific Property Awards as well as first runner up at the FIABCI Prix d’Excellence. Most importantly, good sales are a sign that this concept has been welcomed by the market.
EcoLakes is located in the economically vibrant Binh Duong province. Our aim here is to provide a standard of living that is commensurate with the province’s economic advancement, including creating a commercial hub that caters to their higher expectations. Of course, as an eco sanctuary, we have to make all this happen without compromising on environmental standards.
The master plan is based on LiveLearnWorkPlay, our total development philosophy. EcoLakes is being realised as a fully integrated township that ensures our residents’ quality of life from every aspect.
3. Apart from Binh Duong, Hanoi, HCMC, where else in Vietnam are you hoping to venture?
In May, S P Setia Berhad, the Malaysian partner in SetiaBecamex, will be launching EcoXuan, a signature development in Lai Thieu. EcoXuan is located on a 10.8 ha piece of land just 16 km from Ho Chi Minh City. It will be a gated and guarded enclave comprising condominiums, apartments, row houses and villas, with an exciting commercial component.
We are also exploring the possibility of venturing into Da Nang in Central Vietnam as well as moving further south in the near future.
4. Please tell us more about your home ownership/investment assistance package?
In a recent survey, more than 86% of respondents indicated that they wanted to own their home. However, the current high interest rate is deterring many of them from getting a loan to fulfill their dream of homeownership.
At SetiaBecamex, we understand and sympathise with their plight. That is why we provided a solution – INVEST: EcoLakes 30/70 Homes Plan. This revolutionary home ownership/investment package will allow both homebuyers and investors to purchase a suitable property in EcoLakes easily and with significant savings.
Under this simple but effective home ownership or property investment plan, the buyer/investor only pays 30% of the purchase price in installments for the EcoLakes property and gets a loan for the remaining 70%. Best of all, the buyer/investor will not be charged interest during construction so they pay nothing more until the property is completed and handed over.
We especially want to help the first-time homebuyers. Take, for instance, a pair of young newlyweds. They can use a portion of their joint income to pay their loan installments only when their house is completed, say, 2 years from now. Best of all, with INVEST: EcoLakes 30/70 Homes Plan, we are confident that they will be saving between VND70mil and VND200mil when they buy properties in EcoLakes.
Reporter Quang Bửu
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