Property developers have been launching a slew of apartment andresidential land projects targeting both middle- and high-incomeearners, sparking off a new race in the market.

HungThinh Real Estate Company recently began to sell its 12 View project in District 12, which is around 80 percent finished.

SaiGon Tiep Thi newspaper quoted the company's general director, NguyenNam Hien, as saying the 400 apartments there cost over 11 million VND(518 USD) per square metre. Buyers have to put 20 percent down and paythe remaining amount based on construction progress at the rate of 8percent per instalment.

Tanimex plans to start selling itsTanibuilding apartments in Tan Phu district on September 7 at 11.9million VND per square metre.

Kim Oanh Real estate Company willbegin selling 400 land lots for street houses in Di An district in theneighbouring province of Binh Duong next week at 170 million VND andabove for a piece.

In the higher segment, Phu Long Co beganselling its Dragon Parc villas at a starting price of 5.5 billion VND(260,000 USD). Phung Chu Cuong, its general director, said 10 customershad registered to buy before sales opened.

CapitaLand Thien Duchas sold 100 out of almost 1,200 units at its Vista Verde apartmentproject in District 2, which will be completed in 2017. Prices begin ataround 1.5 billion VND for a unit of less than 50sq.m.

Him LamJSC said that its Him Lam Cho Lon project in District 6 with 1,400apartments would enter the market in mid-September at prices starting at18 million VND per square metre.

Phu My Hung is making finalpreparations to sell its Scenic Valley targeted at young buyers andnewlyweds. Model houses will be open for viewing on September 7.

Accordingto statistics from the Vietnam Real Estate Association, in the secondquarter 11 residential projects went on sale in Ho Chi Minh City withmore than 3,200 units, 70 percent higher than in the first quarter and140 percent up from the same period in 2013.-VNA