VietNamNet Bridge - A French-style villa that was built in the early 1900s near downtown HCM City is on sale for US$35 million.

The owners (a couple born in 1938 and 1934) of the villa, which fronts Vo Van Tan, Ba Huyen Thanh Quan, and Nguyen Thi Dieu streets in District 3, had originally asked for $47 million for the 2,800-sqm, three-faceted building.

The villa was built during the French colonial period with construction materials reportedly brought from France and other European countries. It took dozens of highly skilled builders nearly a year to finish the structure. The property is thus called the “French house” by local residents. After more than a hundred years, the house retains its French architecture and is in quite good condition.

The building is furnished with many antiques, some worth billions of dong. The owners say they are most concerned that the new owner of the villa will demolish the building to replace it with a modern one. Saigon would thus lose an example of architecture with profound history, they say.

Ho Ngoc Lam, a realty expert, said the villa deserves the $35 million selling price, given its “prime location.” “Investors can quickly recoup investment if they replace the villa with a trade center or an office building,” he said.

Some people who live near the villa said when the real estate market was still hot, many rich people visited it but the house has not attracted many visitors in the last two years.

Real estate brokers said the villa has yet to find a new owner in more than half a decade -  not because of its hefty value but the customer’s concern over its long-term value.   

The Chairman of Khai Hoan Land Company, Nguyen Khai Hoan, said that under current regulations, investors cannot build a building over 25m high on this piece of land. Moreover, old villas are subject to a conservation policy, so it would be hard to get a construction licence.

VNE/NLD