CONDOMINIUM - A NEW FORM OF HOUSING IN HO CHI MINH CITY, VIETNAM

Abstract

It has been three years since the first several medium-priced condominiums in Saigon South New Urban Area were introduced in Ho Chi Minh City (HCMC). Since the end of 2004, condominium living lifestyle has become increasingly popular with those from middle income groups in a stagnant land market for self-built houses. In view of 59,000 apartments being ready within three years' time, developers will have to begin competing more aggressive for potential buyers. To remain, competitive, it is important for them to understand the various factors that influence purchasers when choosing a condominium, particularly in the formulation of a viable and successful marketing strategy. The study examined the opportunities and challenges in the distinctive condominium market in HCMC, the economic, cultural, financial and technological of Vietnam. It also studied the micro-behavioral process of housing decision-making at the household level, and significantly, assessed any mismatch between the varying degree of emphasis on condominium selection criteria placed by potential buyers and developers. The study revealed that buyers' age was the most important factor in selecting a condominium dwelling in terms of the cost, physical characteristics, facilities provided, surrounding environment and location. Representative developers, to some extent, fell short of guessing the buyers' preferences and tastes. It is hoped that the findings of the study would illuminate factors that influence the condominium choice of HCMC residents and be useful to the future planning, design and marketing of condominiums.