Is it worth the money?
Chi Thanh Nga, the leader of a real estate company in Ho Chi Minh City, through her connections and acquaintances, registered to buy a penthouse at the Aurora project of Phu My Hung (District 7, Ho Chi Minh City) but failed. This project has a total of 5 penthouse apartments with an area of 170 - 250 m2 depending on the apartment. Meanwhile, the average selling price per square meter of an apartment in this project is about 100 million VND, equivalent to 17 - 24 billion VND/apartment, not including the cost of interior decoration.
Living in penthouse apartments is considered a way for the rich to show their "class".
Mr. Doan NGOC, General Director of PropertyX Joint Stock Company
Responding to Thanh Nien , a leader of Phu My Hung Company said that recently the investor opened for sale apartments in the project and in just one day, they were almost sold out. The investor "locked" the penthouse basket and apartments on floors with gardens because they were rare. A year before that, the Antonia project of this investor also sold penthouses for more than 20 billion VND/unit, unfinished houses. To live in, the owner had to invest tens of billions of VND...
However, the price and scarcity of penthouses at the Aurora project are still quite "average" compared to the Serenity Sky Villas apartment project (District 3, Ho Chi Minh City). This project has only 3 penthouses, each about 450 m2 wide (excluding the garden and swimming pool area), with a private garden and swimming pool. Because of the prime location, scarcity and "full-service" services, each penthouse costs nearly 100 billion VND.
Similarly, at Capitaland's Define project in Thu Duc City (HCMC), the penthouses here are even "hotter", as the entire project has two units, each about 500 square meters wide with a swimming pool, garden, elevator and private entrance. Due to the scarcity, the price of each penthouse is also nearly 100 billion VND. According to Ms. Thuy Nguyen, a real estate broker in this area, as soon as they were opened for sale, two penthouses were booked by customers.
Mr. Minh Trong, a broker of Masterise Group, said that at the Grand Marina Saigon project (District 1, Ho Chi Minh City) invested by this group, he introduced us to a 300 m2 penthouse priced at about 18,000 USD/ m2 , or about 130 billion VND. Because this penthouse is located in District 1, it has a "million dollar" view of the Saigon River and the luxurious, classy marina. In particular, the upper floor of the penthouse is also directly connected to the amenities on the 46th floor of the building including: swimming pool, gym...
The leader of a real estate corporation in Ho Chi Minh City said: In a project that his corporation invests in, the top floors are always reserved for building penthouses or duplex apartments with an area large enough to accommodate many bedrooms with gardens, swimming pools, etc. Due to the large area, the price of these types of apartments is also very high. Therefore, investors must come up with unique and classy design ideas to target rich people, the upper class.
However, in some cases, people living in penthouses also suffer many inconveniences, even "laughing to tears". For example, Ms. Thu Phuong lives in the Masteri Thao Dien apartment building (Thu Duc City). The house she bought was worth about 23 billion VND in raw condition plus about 7 billion VND for interior finishing. However, after a while, the trouble started when the penthouse was at the top of the building, so it "received" all the sun and rain. Many times her house was "flooded", water flooded into the house and damaged all the furniture because the drainage pipes were small and clogged.
"Once my family was away, rainwater flooded deep into the house, even spilled out into the hallway and down the elevator. Not only did the furniture get damaged, I also had to pay for the elevator repair. I was so upset and felt so inconvenienced that I sold the penthouse to buy a more comfortable townhouse," said Ms. Phuong.
Meanwhile, residents living in a luxury apartment building in District 3 (HCMC) were "sweating profusely" because of the sky-high management fee of up to 69,500 VND/ m2 . For a penthouse with an area of 459 m2 , the management fee alone is up to nearly 32 million VND/month, not including the parking fee, which is also up to tens of millions of VND.
Or residents living in penthouse apartments worth tens of billions of dong at the Millennium apartment project (District 4, Ho Chi Minh City) are upset with the chaotic situation because most of these are serviced apartments, with people coming and going busily even late at night.
In many cases, owners of expensive penthouses share the same fate as renters, having to wait for elevators and encounter many other inconveniences.
Expensive for private amenities
Mr. Quang Tung, a real estate investor in Thu Duc City, calculated that with about 100 billion VND to buy a penthouse, he could easily buy a 500 m2 plot of land in Thanh My Loi (Thu Duc City) to build a "mansion". Meanwhile, many penthouses in apartment buildings do not meet the standards and class of many developed countries, but are just high-rise apartments with larger areas than normal apartments.
On the contrary, Mr. Doan Ngoc, General Director of PropertyX Joint Stock Company, said that the reason why penthouses are often more expensive than ground villas is because with the same location and area, sky villas often have beautiful views, are limited in quantity, and are "VIP" or "limited" goods. In big cities today, penthouses are being built more and more with luxurious interior systems and full amenities.
"Penthouses are apartments located on the highest floors of towers, with a modern and luxurious design that is much more luxurious than regular apartments. In addition, being located at the highest point of the building, penthouses will avoid the effects of traffic dust and noise pollution. What many investors like most about penthouses is the security system that ensures absolute safety. When living here, investors will be able to use elevators, private entrances and inherit the modern and intelligent management and operation system of the high-end apartment building. This makes penthouses expensive, even more expensive than villas on the ground floor," Mr. Ngoc explained.
DKRA Group Deputy General Director Tran Hieu also said that most penthouses are more expensive than villas on the ground, because they are built on high ground, so security and safety are much better than on the ground. In addition, expensive penthouses are developed by large investors with good ideas, creating added value for the project and apartments. In a project, the number of penthouses is often not much, scarce, and the "full-service" service shows the class and difference of the owner.
Nowadays, instead of living in villas on the ground, the rich move to "villas on high" because they are unique, rare, and classy. However, few people buy penthouses in affordable apartments. The price increase of apartments is not as fast as those on the ground, but the rich are now afraid of living on the ground for many reasons compared to the isolation of penthouses. Meanwhile, the rich and super rich consider consumption and convenience more than investment, so they do not calculate much about the increase in real estate prices.
Real Estate Expert Tran Khanh Quang
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