Ho Chi Minh City: 'Super expensive' projects appear more and more in the city center

More and more luxury and high-end apartment projects appear in Ho Chi Minh City with prices of more than 100 million VND, even more than 200 million VND/m2. Such projects are often concentrated in District 1 and Ho Chi Minh City. Thu Duc such as: Vinhomes Dong Khoi, Grand Marina Saigon, The Marq, Empire City, The Metropole Thu Thiem...

Location Grand Marina Saigon

In early September, Lotte Group officially broke ground on Lotte Eco Smart City project at functional area 2a located in Thu Thiem New Urban Area. This is a large-scale project, marking Lotte's comprehensive expansion of business in Vietnam since 1996.

Lotte Eco Smart City Thu Thiem project is a large-scale intelligent ecological complex located on a campus of 50,000 m2, a total floor area of ​​680,000 m2. Buildings with 5 basements and 60 floating floors provide utilities, including commercial centers, offices, hotels, serviced apartments and residential areas.

Lotte plans to "pour" $900 million to build this project. According to Nhadautu.vn's reference on some market research sites, the estimated selling price of Lotte Eco Smart City ranges from 6,500-8,500 USD/m2 (equivalent to about 154-201 million VND/m2).

Progress of Grand Marina Saigon 09.2022 1

Grand Marina Saigon project is a brand name project of Masterise Group

In fact, in Ho Chi Minh City, it is not uncommon for projects with prices exceeding the threshold of 100 million VND/m2. Rever's survey shows that the Ho Chi Minh City apartment market is recording about 30 projects with an average selling price of over 100 million/m2, of which most are concentrated in District 1 and Ho Chi Minh City. Thu Duc (Thao Dien, Thu Thiem, An Phu).

Apartment projects with an average selling price of over VND 100 million/m2 are concentrated in the luxury apartment segment, some of which are in the high-end segment.

In District 1, projects with an average price of more than 100 million VND/m2 can be mentioned such as Zenity, D1 Mension, Soho Residence, The Grand Manhattan, Lancaster Legacy, IFC One Saigon, Pearl, Vinhomes Dong Khoi, a href="https://masterisesaigon.com/" target="_blank" rel="noopener">Grand Marina Saigon, Vinhomes Golden River, The Marq…

In particular, the Zenity project is located right in front of Vo Van Kiet Boulevard. This project is invested by Capitalland, built on a land area of 2,948.2 m2. Scale includes 1 floating 21-storey tower, 198 luxury apartments, the estimated selling price is from 154 million VND/m2.

Novaland's The Grand Manhattan has a total construction area of 14,000 m2 that has been under construction. The scale of the project includes 3 apartment towers, 38 floors high with 7 apartments/floor. Apartments in the super-luxury segment in the first round of sales in 2019 have a selling price of from VND 150 million/m2. Currently, this selling price has increased to 220 million VND/m2.

Vinhomes Dong Khoi has been handed over and has a market price ranging from 155 million VND/m2 to more than 250 million VND/m2. The Marq of Hongkong Land costs from 6,500-8,000 USD/m2 (150-180 million VND/ m2); CapitaLand's D1 Mension is priced at 5,000-6,000 USD/m2, (115-137 million VND/m2); Vinhomes Golden River price from 6,500-10,000 USD/m2 (150-232 million VND/m2)…

The area of District 5 currently records the project with an average price of over 100 million VND/m2, Stella Residence. District 7 has The Horizon project. Nha Be district area recorded The Grand Sentosa project.

And in the city. Thu Duc,

Projects with an average price of over 100 million VND/m2 include Empire City, The Metropole Thu Thiem, The River Thu Thiem, Eco Smart City, Zeit River Thu Thiem, Sarimi Sala, Sarica Sala, Sarina Sala, Define , Datsinhhomes Riverside, The Global City, Saigon Sports City, Lumiere Riverside, The Albany, The Nassim, D'edge, Thao Dien Green.

The Global City - Progress September 2022

Assessing the real estate market in Ho Chi Minh City, Director of the HCMC Department of Construction Tran Hoang Quan acknowledged that the situation of the real estate market in Ho Chi Minh City is still active and developing, but not stable, there is a need for adjustment. adjusted to solve the supply-demand mismatch, due to the current trend of skewing towards the high-end real estate segment.

“In order for the real estate market to continue to develop sustainably and in balance, the affordable and affordable apartment segment of the majority of customers needs to be kept at the highest rate; followed by the mid-end apartment segment; while the high-end segment accounts for the smallest proportion," said Quan.

Meanwhile, Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA) said that in 2021, the market will have up to 74% of luxury apartments. In the first half of this year, the market recorded 7,577 apartments in the high-end segment, accounting for 80.13% of the total supply. Comparing the results with the same period in 2021, the luxury apartment segment increased by 111.29%.

It can be seen that the high-end and luxury segments are still "dominating" in the real estate market in Ho Chi Minh City.

Experts see that the land fund is limited and the legal process is long, so investors must also calculate a reasonable profit margin. An investment project with large investment capital always has a higher profit than the low segment.


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