HCM City (Saigon) sees sharp increase in condo projects
Viet Nam News
Update: March, 11/2017

Many developers in HCM City have launched condo projects with various offers since the beginning of the year. – Photo cafef.vn

HCM CITY – Many developers in HCM City have launched condo projects with various offers since the beginning of the year.

Most of them are located in the western and southern areas of the city. Earlier this month, many new projects were brought to the market in these areas.

For instance, the Dream House Investment Joint-Stock Company began construction of the 20-storey D-Vela project with 168 condos in District 7.

Also in District 7, the Ph Mỹ Hưng Development Corporation held its first sales event for a new project called Ph Mỹ Hưng Midtown.

A new selling phase for Saigon South Residences in Nh B District is also expected to begin soon.

Đất Xanh Company, meanwhile, launched a new project called Luxgarden on Nguyễn Văn Quỳ Street in District 7, with two 26-storey buildings containing a total of 500 apartments.

In addition, Hưng Lộc Pht will kick off sales for its luxury project, The Golden Star, on Nguyễn Thị Thập Street in District 7.

Kiến Company has announced that it will begin construction on the second phase of its Lvaila project with 257 villas in southern HCM City.

In the western area of the city, MoonLight Boulevard in Bnh Tn District, developed by Hưng Thịnh Real Estate Company, will be brought to the market this year.

Meanwhile, Gotec Land continues to sell units in its Summer Square on Tn Ho Đng Street, and with 1,000 condos, Ph Sơn Thuận Company will sell its Orient Plaza project in Tn Ph District.

Prices vary depending on the area of the city.

In District 2, developers are focusing on projects with the price range of VNĐ30 million (US$1,300) to VNĐ80 million ($3,500) square metre ($120-$324 square foot).

In Thủ Đức District and District 9, however, the price is VNĐ18-30 million ($790-1,300) per square metre.

Phạm Văn Lm, general director of Danh Khi Chu Real Estate Company, said that developers were becoming more professional by focusing on commitment and prestige.

They have developed projects with many facilities and amenities, he said.

L Ch Hng Việt, deputy director of the Dream House Investment Joint-Stock Company, attributed the market’s liquidity to demand from investors who buy condos for leasing purposes.

This is a new choice for investors, he said, adding that condos with a good location, flexible installment plans, and modern decor will attract more investors.

In coming months, developers will continue to bring to the market many new products.

Hưng Thịnh Company plans to open 5,500 apartments and 1,000 land slots this year, while Him Lam Land is set to develop 3,000 units this year.

Ng Quang Phc, the company’s deputy director, said that 80 per cent of these units will have prices ranging from VNĐ1.5 billion  to VNĐ2 billion ($66,000 to $88,000 USD). The remaining 20 per cent will have prices of more than VNĐ2 billion.

The company also targets developing a luxury project in District 1 this year.

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