With many amenities such as gyms, swimming pools, parks, etc., high-end apartments always hire reputable companies to manage and operate. For that reason, the management fees for these apartments are always high. Even when calculating the total service fee, it can be up to more than ten million VND/month, a significant expense that many people have not calculated when deciding to buy a high-end apartment.
According to research on some real estate markets, forums and brokerage companies, the current management fee alone at some luxury apartments in Ho Chi Minh City ranges from 18,000 - 35,000 VND/m2/month. There are even a few apartments with "super luxury" services, the fee can be up to over 50,000 VND/m2/month.
Mr. Nguyen Ngoc Thanh - a high-end apartment rental broker said that the apartment management price depends a lot on the available facilities in the building as well as the quality of service and operation of the management board. However, sometimes this price cannot be relied on to reflect the quality of management and service of this building.
For example, at LeIman Luxury apartment (Ward 6, District 3), the management fee here is 18,000 VND/m2 with amenities such as Spa, gym, playground... but this is a quite "soft" management fee among luxury apartments in Ho Chi Minh City. If you calculate costs such as car parking of 2,700,000 VND/month, the total service fee for a 2-bedroom apartment of about 80m2 is more than 4 million VND/month.
The price of 18,000 VND/m2/month of Leman Luxury is quite "soft" compared to many other luxury apartment complexes.
Higher than this level, we can mention the Diamond Island project (Thu Thiem Urban Area, District 2) with a management fee of 1 USD - about 23,500 VND/m2/month. Thus, for a large apartment here, a sky villa of 650m2, the management fee has reached more than 15 million VND/month, not to mention other service fees such as parking fee of nearly 1.9 million VND/month. From there, it can be easily calculated that the owner of this super luxury apartment is having to spend about 200 million/year on service fees.
At another high-end apartment project also in Thu Thiem, The River, this is an apartment complex with a selling price of 12 - 40 billion VND/unit depending on the area and location. With a management fee of about 25,000 VND/m2/month, the largest apartment in this project is 200m2 and has to pay nearly 8 million VND/month for apartment management fee and parking fee if only using 1 car.
Another project in the center of District 1 is The Marq apartment complex, which has a selling price of up to 34 billion VND for a 145m2 apartment. According to research, the management fee of this luxury apartment complex is 28,000 VND/m2/month. The strengths of this area are that it is close to the center and has many accompanying amenities like many other luxury projects, including: swimming pool, gym, reading room, sauna, BBQ area... To operate these services, the buyer of the 145m2 apartment mentioned above must spend about 4 million VND/month just for the building management fee.
In addition, in the Thu Thiem area, the highest service fee can be mentioned in the Cove subdivision of the Empire City project with the price found to be 35,000 VND/m2/month. With a Penthouse apartment in this tower with an area of about 400m2, the owner is paying 14 million VND/month for management fees alone. If other service fees are added, the owner of this apartment is also spending nearly 200 million/year to maintain the apartment's services.
Advertised as resort-quality, the management fee at Empire City's Cove tower is higher than some other luxury apartments.
“The above is just the common management fee in high-end apartments. However, there are still many apartments with management fees that are unusually high compared to the general level, up to nearly ten million VND/month. Partly due to the management unit's operation and partly due to the number of apartments in the project as well as the accompanying utilities,” Mr. Thanh shared.
From the above sharing, it can be seen that the high cost of luxury apartments is not only due to the selling price but also the management and service fees. While residents of many projects are still protesting and fighting with the operating unit just because the management fee exceeds 10,000 VND/m2/month or bargaining to reduce the service price by every penny, in luxury apartments, this price is 3-5 times higher.
Even when looking at the management fee, many people may be shocked because this fee is equal to the living expenses of an average household. And certainly not everyone is willing to pay a large amount of money for this fee when deciding to buy an apartment.
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