Skyscraper enthusiasts used to discuss the future of a changing skyline in Ho Chi Minh City, formerly known as Saigon in Vietnam. The launch of apartment buildings in 2007 was a sought after property business. Construction boom concentrated along the along the Saigon River of Ho Chi Minh City were in such a demand that before construction could start the apartments were sold.
Now the scenario has completely changed with the thousands of apartment left without being purchased, due to the high interest rates charged by the banks for buyers. Though selling price is lowered; customers don’t really want to buy. Due to heavy loss, the land developers are switching over to building villas and houses to make quick bucks.
The problem also lies with the Vietnamese attitude of having a land and house and roof of their own. The idea of living in skyscrapers does not sell well with people from Eastern countries. These villas offer a luxurious living to those who are tired of living in cramped apartments which are nothing less than communist and socialist concrete blocks. The customers bought all the 100 houses built quickly, registering soon after the villa project, where as the owners have realized the demand in apartment market gradually in downward tendency. Though they could not make sizable profit by selling houses and villas, they could recover their investment without taking pain.
The department of architecture and planning has announced that some investors had approached them for the approval of building villas and houses in Thu Duc and Binh Chanh districts. Investors should develop their project in rural areas or close to the water body. They must focus on building houses and villas away from the city centre, with clean, ecological waste free environment, and environmental friendly construction. They must use the wisdom gained from their previous projects, innovatively with the awareness of property market.