"We are excited about the project but we pulled the breaks as there is uncertainty in the market place, affecting buying sentiments.
"If you want to go to a place like Vietnam, you have to be prepared and the market has to be ready," group chief executive officer Lee Liam Chye said.
The 78ha housing project, dubbed ParkCity Hanoi, is valued at more than RM6 billion and was scheduled for July launch.
"We are ready to launch but we will wait and see how the market reacts over the next few months," Lee said in an interview in Kuala Lumpur recently.
ParkCity Hanoi comprises townvillas, townhouses, semi-detached homes, bungalows, condominiums as well as apartments. It is a replica of the company's ongoing Desa ParkCity township project in Bukit Menjalara, Kuala Lumpur.
The township will be developed in 15 phases and include a commercial belt, a community clubhouse, a central park and international schools.
It will be developed by The Vietnam International Township Development JSC, in which Perdana ParkCity has a 59 per cent stake.
Vietnam's Vinaconex-Hoang Thanh Urban Development and Investment JSC holds another 40 per cent in the joint venture, while the remaining 1 per cent is owned by a local Vietnamese businessman.
Lee said Perdana ParkCity expects to launch phase one and two of the project by December, comprising 1,200 units of three-storey terraced houses and apartments.
The 2,200 sq ft terraced houses are priced from RM1.4 million each and the apartments at around RM750 per sq ft, with sizes ranging from 950 sq ft to RM1,600 sq ft.
"We expect brisk sales when we launch as the Vietnam market is underserved in areas including offices, houses, retail, hotel and industrial. We will be targeting affluent Vietnamese," he said.
Lee said the company has taken possession of the land and completed earthworks.
By Business Times
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