Tecco Elite City: A Unique Condominium Project with a Promise of Buyback Option After 2 Years
Introduction
In the booming real estate market, where condominium prices continue to soar, Tecco Elite City stands out with its groundbreaking buyback policy. Located in Thái Nguyên, this mixed-use development project by Tecco Group offers a rare opportunity for buyers to return their unit within 2 years for any reason.
The Project
Tecco Elite City comprises of a twin tower and four single towers, spanning 32 floors and a basement level. With an estimated investment of around 1,615 billion VND, the project occupies an 8,224 square meter area within a residential zone in Thái Nguyên. Tecco Group is the developer behind this venture.
Unprecedented Sales Policy
To promote sales, the exclusive distributor, Đất Xanh Miền Bắc, has recently announced an unparalleled buyback policy for the Tecco Elite City project. Under this policy, buyers are guaranteed a full purchase price refund after 2 years. This customer-friendly approach also includes an interest-free period of 24 months, alleviating financial burdens and allowing investors to focus on their returns.
Moreover, upon repurchasing, Đất Xanh Miền Bắc pledges to refund all taxes and maintenance fees at a rate of 2%, as well as exempt any transaction-related charges and fees. To further ease concerns, they also assure buyers that they will handle any outstanding loans, eliminating the need for borrowers to settle with the bank when “selling back” at the original purchase price. By safeguarding investment capital and enhancing customer trust, this 100% buyback guarantee after 24 months is attracting considerable attention.
Additional Income Opportunities
In addition to the buyback option, Tecco Elite City offers a rental program for its units. By granting Đất Xanh Miền Bắc the authority to manage and lease their apartment, investors can earn monthly incomes ranging from 9 to 11 million VND per unit. This arrangement ensures hassle-free property management and operation, with a three-month payment cycle for the investors.
The Market Trend
Tecco Elite City’s groundbreaking sales policy comes at a time when condominium prices in major cities like Hanoi are skyrocketing. According to the latest data from Batdongsan.com.vn, the average selling price for condominiums in Hanoi has increased by 17% in the first two months of this year compared to the same period in 2023. Many buyers, sellers, and real estate brokers have noticed this escalating trend. Numerous projects have experienced price hikes of over 20% in just one year.
While some argue that Hanoi’s condominium prices have not reached their peak, Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, believes that this price surge reflects the balance between supply and demand. According to Anh, the insufficient supply of housing in Hanoi cannot meet the increasing demand, causing prices to rise continuously.
Real estate experts share the same perspective. The rapid price increase in Hanoi is attributed to a prolonged shortage of supply in the market. Few new projects have been launched, despite the high demand for residential properties. Even the affordable housing segment, which was expected to alleviate the price pressure, has been slow to develop.
As a result, investors are now turning their attention to surrounding areas near the capital in search of better opportunities. After witnessing a surge in condominium prices in Hanoi, it is highly likely that neighboring industrial provinces will experience a similar upward trend, as stated by Nguyen Van Đính, Chairman of the Vietnam Real Estate Brokers Association.
Conclusion
With the soaring prices of condominiums in Hanoi, developers and investors are increasingly drawn to the bustling secondary markets surrounding the capital. Notably, rapidly industrializing provinces like Thái Nguyên and Phú Thọ are now in the spotlight as they offer high-quality housing options. Despite ongoing construction efforts, the supply of properties in these areas is still limited, making them attractive investment destinations.