“Put money down” to buy an apartment because of the cheap price and service fees

Although the HH Linh Dam Project has been involved in many controversies, many people still want to buy apartments here because of the affordable prices and "affordable" service fees.

Although the HH Linh Dam Project has been involved in many controversies, many people still want to buy apartments here because of the affordable prices and "affordable" service fees.

With more than 40,000 residents living on an area of ​​just over 4.2 hectares, HH Linh Dam (Hoang Mai District) is the apartment complex with the highest population density in Hanoi. Despite legal issues, many people still choose to buy apartments here because of the attractive prices. At the time of opening for sale (2015), many customers were "captivated" when the apartment price was only 13 - 15 million VND/m2.

Currently, the selling price continues to be the strength of the HH Linh Dam project. Through actual surveys, the apartments here have prices ranging from 39 - 41 million VND/m2. Specifically, a 1-bedroom apartment (46 m2) is being offered for sale at 1.89 billion VND; a 2-bedroom apartment (56 m2) is priced at 2.35 billion VND; and a 3-bedroom apartment (76 m2) is priced at around 3.1 billion VND.

“For low floors, from the 25th floor down, the selling price is about 30 million VND/apartment more expensive than high floors with the same area. In addition, apartments located in buildings facing the street will have a price about 50 million VND lower than those in the inner buildings. Apartments that have been painted and have new furniture are usually about 200 million VND more expensive than empty apartments,” the broker added.

Even the most well-located apartments in HH Linh Dam are still lower than other projects in the same area. Compared to a nearby apartment complex, Tay Nam Linh Dam, which has apartment prices of up to 55 - 58 million VND/m2, 35 - 40% higher. Compared to the general selling price level, according to Savills, the average price of secondary apartments in Hanoi is currently 51 million VND/m2 - this figure is up to 25% higher than HH Linh Dam.

Not only the selling price, the rental price of apartments at HH Linh Dam is also affordable. Currently, a 46 m2 apartment has a rental price of about 5.5 million VND/month. A 2-bedroom apartment with an area of ​​56 m2 has a rental price of about 8.5 million VND/month. With a business space on the 1st floor, the rental price will be about 30 million VND/month.

Talking to some residents at HH Linh Dam, we learned that the service fee here is relatively low, only about 160,000 VND/month. In addition, the parking fee is 80,000 VND/motorbike/month. The above cost is even lower than mini apartment projects in the area.

Because of the reasonable price and low service fee, many people have come here to buy apartments. The apartments are therefore bought and sold quite actively. At the project of "plow tycoon" Le Thanh Than in Linh Dam area, there is a group of investors who specialize in buying apartments from residents, then renovating and reselling them. According to the residents here, in mid-2024, an investor spent 1.8 billion VND to buy a 1-bedroom apartment. After installing an additional set of furniture worth 150 million VND, this house was "transferred" for 2.2 billion VND.

The reason why the price of HH Linh Dam apartment is “affordable” is because residents here do not have the pink book in hand, even though they have received the house for nearly 10 years. Hanoi People's Committee said that the issuance of certificates to households here has not been resolved, because the investor has not completed the project's legal documents to send to the Department of Natural Resources and Environment.

According to the conclusion of the Hanoi City Inspectorate, the HH Linh Dam Project was only allowed to build 27 floors, but the investor built 36 floors for the HH4 buildings and 41 floors for the HH1, HH2, HH3 buildings, exceeding the approved planning by 9 - 14 floors. This violation caused the investor to fall into a deadlock in completing legal documents.

Not having a pink book will cause buyers to suffer many disadvantages, especially in the event of legal disputes or when wanting to mortgage to borrow money from banks. Transactions here currently mainly take place in the form of transferring sales contracts, which potentially poses a risk of not being protected by law.

In addition to the legal factor, buyers here are also disadvantaged by the relatively limited number of amenities in the project. This is clearly shown by the fact that residents of 12 apartment buildings have to share a very modest green space in the central area of ​​the project. The children's playground and the adult gym also have only a few rudimentary amenities.

In addition, the elevator system is also something that those who intend to buy an apartment here must pay attention to. During rush hour, waiting and queuing is a daily occurrence.

With the pressure from more than 40,000 residents living in HH Linh Dam, the infrastructure of the project in particular and the area in general is seriously overloaded. The underground parking lot is often not enough space, forcing many people to park on the sidewalk or in the surrounding area. Amenities such as schools, kindergartens and transportation are all negatively affected, because the population density far exceeds the area's capacity.

Source: https://baodautu.vn/batdongsan/xuong-tien-mua-can-ho-vi-gia-ca-va-phi-dich-vu-re-d235959.html