Although the price for a condo is ranged from 6 – 10 billion VND (depending on the condo size), customers are willing to submit applications in order to be reviewed and selected by Phu My Hung. Then, they have to attend the right-to-purchase drawing process to identify the orders of choosing condos.

Thousands of billion transactions in only 1 session

Phu My Hung has performed a unique way to sell the Phu My Hung Midtown. This project is located in the heart of Phu My Hung City Center. The first two phases of this project are The Grande and The Symphony, which were launched at the beginning of 2017. In 2018, the 1^st launch of phase 3 – The Signature was happened in end of January.

Customers have to go through many stages in order to buy these condos. First of all, customers have to submit application forms with detailed information to Phu My Hung. Only those who meet Phu My Hung’s requirements receive an invitation to attend the launch event.

In the launch event, customers have to put the ballot into the drawing box, one ticket per customer only. The order resulted from the drawing is also the order of unit selection for customers whose names written on the ballots. Each customer can only buy one unit only on the event day. Before completing the deposit transaction, customers have to confirm that they have been consulted and review the deposit agreement. Once the condos are sold out, customers who have not successfully bought a condo have to wait for the next launch.

Phu My Hung applies this selling process even though the number of products is not the same in each launch event. The process of one successful transaction has gone through many steps, but the speed of purchasing products is extremely fast. In each launch event, Phu My Hung sells a hundred of units and each unit is approximately 6-10 billion VND. However, they are all sold out in just one session.

Specifically, phase 1 – The Grande (02/2017) sold 309 condos, which is equivalent to 98% of total units within 3 hours. Phase 2 – The Symphony (05/2017) sold out 100% of 319 condos and 50 shops only in the morning. The 1^st launch of phase 3 – The Signature (01/2018) sold out 270 condos in just 2 hours.

The 2^nd launch of The Signature which was happened on March 31^st, 245 condos were sold out in just 1 hour. In this phase, there are 1,800 registration letters, 1,200 approved forms. There are still 600 application forms are on waiting list for next event.

Building sustainable values for products

Regarding the “strange” selling process, Phu My Hung said that they follows this process in order to guarantee the benefits for customers.

Firstly, the organisation would like to have a high “living condos” rate once they are handed over to customers. It will create a value for buyer’s property because the project itself is extremely attractive. Therefore, the business strategy has to focus on target customers who want to buy the condos for living purpose. The fact is proved that many customers are striving to buy the condos even though they have to going through many stages. Secondly, based on the reviewing process, Phu My Hung is able to consider the customers’ solvency of having capability to follow the payment schedule till handover.

A representative of Phu My Hung states that: “There still exist some customers purchasing products that exceed their financial capacity. Therefore, the risk will be higher, which can lead them to sell their products at an unwanted price. This act will affect the value of the whole project and other customers”.

On the other hand, application review process also helps Phu My Hung select customers group who share the same culture. This is an extremely important value of community which is highly focused on by customers, especially who are upper class.

A representative of Phu My hung said that: “The tangible values of the high-class real estate are widely known by customers. However, at Phu My Hung, we add intangible values regarding community, which is hard to find elsewhere. Phu My Hung has well-established infrastructures and service system which are just hard values. Building civilized and humanised community is such a soft value. In order to have a sustainable living, we have to balance these two elements”.

“Although this selling process will be time-consuming, it will be an only and appropriate choice to make sustainable development for customer’s property. In terms of customers, it might take them several stages until they own a house. However, most of them support us because they believe we are doing the best for their lives”, a representative said.