Apartment sales in Vietnam may fall after a recent fatal apartment block fire in HCM City which left 13 dead and dozens injured, according to Commercial Real Estate Services (CBRE).

There is more concern over the safety of apartment projects, including fire prevention features after the fire at Carina Plaza in HCM City’s District 8. This may lead to the drop in apartment sales.

The fire at Carina Plaza Building in Ho Chi Minh City on March 23

Investors in apartment projects need to ensure fire safety to attract customers.

Pham Duc Toan, general director of EZ Vietnam Real Estate Development Company, said his company has seen the fall of apartment sales following the Carina Plaza fire. Many customers have chosen apartment projects more carefully, considering the prestige of investors.

At the government meeting on April 2, Minister and Chairman of the Government Office Mai Tien Dung also forecasted lower apartment prices.

Dung added that in the first three months of 2018, more than 1,000 fires were reported nationwide, killing 33, injuring 66 and causing heavy losses of property.

This is an issue of public concern, he said, adding that the rate of apartment buildings meeting fire safety standards was very low, so it is a must to address this issue. The remit for this fell between investors, ministries, sectors and localities granting investment licences to investors.