Residents of the HH Linh Dam apartment complex live with unease and anxiety as the building has faced several elevator-related incidents. Adding to their woes, each building, towering over 35-41 stories high, only has six elevators, leading to long wait times and subsequent lateness for work or school.
Compounding the issue is the high population density in the area. Inspections revealed that the HH Linh Dam project, consisting of 12 apartment buildings on a land area of just 42,260 square meters, has a population equivalent to that of the entire Hoang Liet ward. This has resulted in overloaded infrastructure, including transportation, social amenities, and educational institutions such as schools and daycare centers.
The parking lot of the HH Linh Dam apartment complex is often congested, prompting many residents to opt for parking on the opposite sidewalk for easier access during peak hours.
Another concern for the residents of HH Linh Dam is the long-overdue delivery of land-use rights certificates (red book/pink book). This delay is attributed to numerous violations by the investor, which remain unrectified, leaving residents in limbo for years.
In a surprising turn of events, apartment prices in HH Linh Dam have skyrocketed over time.
In 2015, thousands of apartments in the 12-building HH complex in the Linh Dam urban area were sold at prices ranging from VND 13.5-15.5 million/m2. Fast forward to nearly a decade later, and these apartments have witnessed a significant surge in value.
A survey of real estate buying and selling websites reveals a thriving market for properties in the HH Linh Dam area, with prices continuing to climb.
Soaring prices at HH Linh Dam apartments. Photo: Hoang Ha |
As of August 2022, selling prices in the HH Linh Dam apartment complex fluctuated between VND 19-21 million/m2, with some units in more desirable locations commanding prices of up to VND 22-23 million/m2.
Currently, selling prices in the area hover around VND 30-37 million/m2, while units in prime locations fetch prices ranging from VND 38-41 million/m2, rivaling those of former high-end apartment complexes.
Compared to the initial selling price, the current selling price in the HH Linh Dam apartment complex has increased by approximately VND 16.5-25.5 million/m2, depending on the unit. Moreover, compared to just two years ago, the selling prices have risen by about VND 11-18 million/m2.
According to real estate agents, in the HH Linh Dam complex, apartments with areas ranging from 53-57m2 are priced between VND 2-2.2 billion. Units with sizes of 65-67m2 are listed for VND 2.3-2.5 billion, while those spanning 70-72m2 carry a price tag of VND 2.6-2.7 billion. These apartments all feature two bedrooms, two bathrooms, and a full suite of furniture.
For three-bedroom apartments with areas ranging from 76-77m2, selling prices start from VND 2.5-3 billion.
For instance, a three-bedroom apartment spanning over 77m2, complete with new furnishings, is on the market for VND 2.85 billion, translating to approximately VND 37.01 million/m2.
Alternatively, a 67m2 apartment with two bedrooms and a full set of furniture is listed at VND 2.26 billion, inclusive of name transfer fees. This equates to a selling price of nearly VND 34 million/m2.
Similarly, a 57m2 apartment with two bedrooms, fully furnished and in a move-in ready condition, is being offered for VND 2.2 billion, working out to over VND 38.6 million/m2.
However, it’s important to note that selling prices are influenced not only by the area but also by the condition of the furnishings. Apartments with newer, more modern furniture tend to command higher prices compared to those with older, more dated fittings.
The selling price is also contingent on the floor the apartment is located on. Units on floors 35-41 tend to be priced slightly lower, approximately VND 50-100 million less, compared to apartments on other floors.
In the past, apartments on the second and third floors were slightly more affordable due to their proximity to the ground, but now, prices have evened out as many people prefer to avoid relying solely on elevators.
Interestingly, these apartments are transacted without the presence of red books, relying solely on the transfer of purchase contracts. This practice exposes buyers to potential risks, as disputes arising from such transactions may not be protected by the law. Moreover, during the period without a red book, buyers cannot mortgage the apartment to borrow money from banks.
Nevertheless, transactions for these bookless apartments continue unabated, with buyers willing to take on the risk to fulfill their dream of homeownership. These apartments without red books are typically priced lower than comparable apartments with red books in the same area, making them an attractive option for those seeking affordable housing solutions.
According to apartment owners, the vibrant and densely populated community facilitates quick and easy rentals and sales within the complex.
Hanh Nguyen
The Untapped Potential: Over 2,400 Residential Service Land Plots Await in Bac Ninh City
The city of Bac Ninh has a wealth of residential land available for development. Of its 19 wards, 11 still have land suitable for allocation as service residential land and for auctioning land-use rights. This includes 2,406 unallocated service residential land lots (comprising 1,952 service residential land lots, 442 land-use rights auction lots, and 12 resettlement land lots), as well as 22 interspersed land lots across the wards and 123 land-use rights auction lots in various projects.
