Most projects near the Ben Thanh - Suoi Tien electric train station are experiencing dizzying price increases, with some projects increasing by 30-50% since their launch.
Since its groundbreaking in 2012, the metro line 1 has been like a "magnet" attracting a multitude of real estate projects.
According to Rever's statistics, there are about 45 projects that have emerged in close proximity to each other along the Ben Thanh - Suoi Tien metro axis. What is noteworthy is that most of these projects have recorded a price increase of 20-50% compared to the time of initial sales.
A typical example is Masteri Thao Dien, which was handed over in 2017, however, the secondary price is still quite high compared to some projects in the same segment located in different positions. Currently, the transfer selling price of the project's products ranges from 60-100 million VND/m2, more than twice as high as the opening sale in 2014.
Masteri Thao Dien has a total area of 8 hectares, consisting of 4 twin towers ranging from 41-45 stories and 1 single tower with 44 stories. The project, which includes more than 3,000 apartments, is invested by Masterise Group and directly connected to An Phu Station (Station 7) of the Ben Thanh - Suoi Tien metro line.
Similarly, another project, Estella Heights, which was handed over in 2019, has also been noted to have doubled in value. At the time of its launch, the selling price for apartments here ranged from 40-45 million dong per square meter. However, the price for second-hand apartments in the market has now exceeded 80 million dong per square meter.
Estella Heights is a project by the developers Keppel Land and Tien Phuoc Group. The project is situated on a land area of nearly 48,000 square meters and consists of four high-rise towers of 33-34 floors, comprising a total of 872 apartments.
Across from Estella Heights is another project by the developer Masterise Group called Masteri Lumière Riverside. During the recent sales launch, the selling price of the project was around 90-115 million Vietnamese dong per square meter.
Next to it is the Gateway Thao Dien project by SonKim Land, with a total investment capital of 100 million USD and adjacent to the An Phu metro station.
Gateway Thao Dien is built on a land plot of over 10 hectares, featuring two luxury residential towers with 36-42 floors, one 20-story tower, and an 8-story ultra-luxury apartment tower.
While the initial sale price was only 35 million VND, after 4 years of handover, the transfer price on the market has increased significantly, with some units even increasing by more than 50%. The transfer prices of Gateway project's products in the market are currently ranging from 70-185 million VND/m2.
The most luxurious branded apartment complex in Vietnam - Grand Marina, Saigon.
Grand Marina Saigon has always impressed in the real estate market with its high selling price. record, up to 20,000 USD/m2 (450 million VND/m2). This price increases about 10-20% compared to 2021. This is a complex developed and invested by Masterise Homes and is still under construction with about 4,000 super luxury apartments.
Meanwhile, there are still some projects that have shown a trend of decreasing prices recently. According to Zing's records, from late last year until now, the prices of products at Vinhomes Golden River project have remained almost unchanged, and some units even have a price reduction of around 5%. In the secondary market, the prices of 1-4 bedroom apartments here are fluctuating around 100-250 million VND per square meter.
This project is also known as Vinhomes Ba Son. The developer, Vingroup, plans to build around 63 low-rise houses and 10 apartment buildings here. Currently, the developer has handed over 5 apartment buildings and The Victoria villa area.
The King Crown Infinity project was rumored to have a price of 90 million dong per square meter. In reality, the secondary market price for the project is currently recorded at 80-95 million dong per square meter.
King Crown Infinity is located at the frontage of Vo Van Ngan Street (Binh Tho Ward, Thu Duc City) which is approximately 800 meters away from the metro station of Line 1 Ben Thanh - Suoi Tien.
This project of two 30-storey apartment towers is developed by Bamboo Capital Group and is expected to be handed over in 2023. However, according to Zing's report, up to now, the project has only completed the land leveling and foundation construction.
It is known that the metro line 1 Ben Thanh - Suoi Tien is 19.7 km long with 3 underground stations and 11 elevated stations, with a total investment of over 43,700 billion Vietnamese dong.
After initial trials at the end of last year, in recent days, the Ho Chi Minh City Urban Railway Management Board (MAUR) has organized for the families of workers to test the route of metro line 1. Currently, the project has completed more than 93% of the workload and is expected to operate from the end of Q4/2023.
In an exchange with Zing, the Business Director at a real estate brokerage company based in Ho Chi Minh City stated that real estate projects located near subway stations in many other countries have higher rental and purchase prices compared to projects in the same segment but located in different areas. Therefore, the Vietnamese market is no exception. "However, due to the general fluctuations in the Vietnamese real estate market, the prices of projects along the Metro Line 1 may only increase slightly by about 10% until the line is operational, rather than increasing rapidly," the person said.
According to Zing.
