"Putting down the money" to buy an apartment because of the low price and service fees.

Despite the numerous controversies surrounding the HH Linh Dam project, many people still want to buy apartments there because of the affordable prices and reasonable service fees.

Despite the numerous controversies surrounding the HH Linh Dam project, many people still want to buy apartments there because of the affordable prices and reasonable service fees.

With over 40,000 residents living on a land area of ​​just over 4.2 hectares, HH Linh Dam (Hoang Mai district) is currently the most densely populated apartment complex in Hanoi . Despite legal issues, many people still choose to buy apartments here because of the attractive price. At the time of its launch (in 2015), many customers were captivated by the low apartment prices of only 13-15 million VND/m2.

Currently, the selling price remains a strong point of the HH Linh Dam project. According to on-site surveys, apartments here are priced between 39 and 41 million VND/m2. Specifically, a one-bedroom apartment (46 m2) is being offered for sale at 1.89 billion VND; a two-bedroom apartment (56 m2) is priced at 2.35 billion VND; and a three-bedroom apartment (76 m2) is priced at approximately 3.1 billion VND.

“For lower floors, from the 25th floor downwards, the selling price is about 30 million VND higher per unit compared to higher floors of the same size. In addition, apartments located in buildings facing the street will be about 50 million VND cheaper than those in buildings further inside. Apartments that have been repainted and furnished with new interiors are usually about 200 million VND more expensive than those handed over bare,” the real estate agent added.

Even the best-located apartments at HH Linh Dam are priced lower than other projects in the same area. For comparison, a nearby apartment complex, Tay Nam Linh Dam, has apartment prices reaching 55-58 million VND/m2, a difference of 35-40%. According to Savills, the average price of secondary apartments in Hanoi is currently 51 million VND/m2 – a figure 25% higher than HH Linh Dam.

Not only are the selling prices reasonable, but the rental prices for apartments at HH Linh Dam are also affordable. Currently, a 46 m2 apartment rents for approximately 5.5 million VND/month. A 2-bedroom apartment with an area of ​​56 m2 rents for around 8.5 million VND/month. For commercial space on the ground floor, the rental price would be around 30 million VND/month.

Speaking with some residents at HH Linh Dam, we learned that the service fees here are relatively low, only about 160,000 VND/month. In addition, the parking fee is 80,000 VND/motorbike/month. These costs are even lower than those of other mini-apartment projects in the area.

Because of the reasonable prices and low service fees, many people have come here to buy apartments. As a result, the buying and selling of apartments is quite active. At the project of "cigarette tycoon" Le Thanh Than in the Linh Dam area, there is a group of investors specializing in buying apartments from residents, then renovating them and reselling them. According to residents, in mid-2024, an investor spent 1.8 billion VND to buy a one-bedroom apartment, and after installing additional furniture worth 150 million VND, the apartment was resold for 2.2 billion VND.

The reason the price of HH Linh Dam apartments is "affordable" is because residents here have not received their ownership certificates, even though they received their apartments nearly 10 years ago. The Hanoi People's Committee stated that the issuance of certificates to residents has not yet been resolved because the investor has not completed the project's legal documents and submitted them to the Department of Natural Resources and Environment.

According to the conclusions of the Hanoi City Inspectorate, the HH Linh Dam project was only permitted to build 27 floors, but the investor built 36 floors for buildings HH4 and 41 floors for buildings HH1, HH2, and HH3, exceeding the approved plan by 9-14 floors. This violation has caused the investor to face difficulties in completing the legal documentation.

The lack of a land ownership certificate puts buyers at a significant disadvantage, especially in the event of legal disputes or when seeking to mortgage the property for bank loans. Currently, transactions here mainly take place through the transfer of sales contracts, which carries the risk of not being protected by law.

Besides legal issues, buyers here also suffer disadvantages due to the relatively limited number of amenities in the project. This is evident in the fact that residents of the 12 apartment buildings have to share a very small green space in the center of the project. The children's playground and the adult exercise area also only have a few basic amenities.

In addition, the elevator system is something that prospective apartment buyers should pay attention to. During peak hours, waiting in line is a common occurrence.

With over 40,000 residents living in HH Linh Dam, the project's infrastructure, and that of the surrounding area, is severely overloaded. Underground parking is frequently insufficient, forcing many people to park on sidewalks or nearby areas. Amenities such as schools, kindergartens, and transportation are negatively impacted due to the population density exceeding the area's capacity.

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