Real estate businesses seek ways to get rid of long-standing unsold goods

Changing project names and launching sales incentives such as discounts and installment payments are the methods that many real estate businesses in the South are implementing to release unsold goods at many projects.

Changing project names and launching sales incentives such as discounts and installment payments are the methods that many real estate businesses in the South are implementing to release unsold goods at many projects.

The Infinity project has just appeared on the market previously named Charm Diamond.

Change name to change luck

Recently, the real estate market of Di An City (Binh Duong Province) has seen the appearance of an apartment project called The Infinity, with a 35-storey tower, including 564 apartments. However, in reality, this project was opened for sale to customers by the investor, Charm Group Joint Stock Company, since 2019 under the name Charm Diamond. After being sold to hundreds of customers, this project was not built. It was not until 2024 that Charm Group applied for a construction permit and fulfilled its obligation to pay land use fees.

However, in April 2024, before construction, the project developer continued to advertise and offer the remaining products to customers. Immediately after that, the People's Committee of Di An Ward (Di An City) posted a notice on this project, warning buyers of apartments at the project, with the content "Charm Dimond project is not eligible for transfer and capital mobilization because it has not completed the legal procedures as prescribed".

Statistics from VietstockFinance with 103 listed enterprises that have published their Q4/2024 Financial Reports in the real estate group including housing and industrial parks show that the total value of inventories by the end of 2024 is more than 491,000 billion VND.

For the commercial housing real estate group, Novaland continues to lead the inventory with more than 146,000 billion VND, up 6% compared to the beginning of 2024. Of which, the majority is real estate inventory for sale under construction of more than 138,000 billion VND, while real estate for sale completed construction is nearly 8,500 billion VND.

Some other enterprises have large inventories of over 10,000 billion VND such as Nha Khang Dien with over 22,000 billion VND, up 18%; Nam Long with inventories of nearly 18,000 billion VND, up 4%; Dat Xanh Group with over 13,400 billion VND...

By the end of 2024, The Infinity Project completed the basement, but then stopped construction. In early March 2025, Dat Xanh Service Company participated in the exclusive sale of the remaining products of this project.

Recently, Dat Xanh Group also announced a project name change. Accordingly, the Gem Riverside Project in Thu Duc City (HCMC) was announced by Dat Xanh Group to the market and sold to hundreds of customers since 2018, although it was not yet legally complete and had not yet been built. This project was advertised as having a scale of 12 blocks, 32 - 34 floors high with 3,175 apartments. At the end of 2024, when this project was legally approved, the investor Dat Xanh Group announced the cancellation of the deposit contract to buy apartments here with more than 300 customers.

After that, Dat Xanh Group officially updated the new name of this project to Datxanhhome Riverside. The investor said that this project will be opened for sale in the second quarter of 2025.

Another project that has just been renamed by the investor with the desire to change fortunes to sell inventory is the Alana City Urban Area Project (Phu Giao District, Binh Duong Province). This project has been open for sale since 2020, with an area of more than 41 hectares, including more than 2,700 plots of land. When it was first opened for sale, it was called Orianna, however, after a long time of opening for sale, the consumption was low, so at the end of 2024, the investor, Phuong Truong An Company, decided to change the project name to Alana and continue to open for sale land products here.

Organize music parties… to sell inventory

Since February 2025, every weekend at Sunrise Riverside Project (Nha Be District, Ho Chi Minh City), there have been tea and music parties with many guests who are not residents attending.

According to the investor Novaland, these tea and music parties were organized by the company to invite customers to visit and buy the remaining housing products in this project. It is known that the Sunrise Riverside project with 8 apartment blocks, including 2,200 apartments, was handed over to customers since 2018, but to date there are still a large number of unsold products.

In Thu Duc City, at the end of 2024, the apartment project named Citi Grand, invested by Kien A Group, was handed over to customers. The project has a scale of 666 apartments, which is not a large number, but up to now, there are still hundreds of unsold apartments, the investor still has to continue the sales program to liquidate the remaining products of the project.

To sell this inventory, the investor has introduced many policies such as a price of just over 2 billion VND/apartment, paying in advance about 30% of the apartment value to be able to move in...

In addition, a series of projects in Dong Nai, Binh Duong, Long An are also being opened for sale by investors with inventory such as Nam Sao Group with the Nam Sao International Urban Area Project in Long An, Tran Anh Group with the Phuc An Citi 2 Project...

Mr. Nguyen Hoang, a real estate expert, said that currently, the inventory of real estate businesses is very large, these products are considered the "profit" of business owners in each project. To be able to gain this profit, investors will find every way to sell the products. However, it will be very difficult because these products are mostly bad, the location is not favorable so customers do not buy. Therefore, to sell the products, investors will have to find every way such as reducing prices, discounts...

“However, for customers, this is a good opportunity to buy a house, because the price is low and the project can be lived in immediately,” said Mr. Hoang.

Similarly, Mr. Nguyen Van Hau, General Director of Asian Holdings Real Estate Joint Stock Company, said that projects that change their names after a long time of opening for sale are usually projects with "black marks" so the investor decides to change the name.

“These projects are often associated with many scandals related to delays, land use debt, or past customer complaints, so after acquiring the project, businesses often change the project name to facilitate future sales,” Mr. Hau said and advised customers to carefully check the project’s legality and product quality. If all factors are okay, they can pay, because these projects are often “softer” in price than elsewhere.

Changing project names and launching sales incentives such as discounts and installment payments are the methods that many real estate businesses in the South are implementing to release unsold goods at many projects.

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