Renovation of canals helps to change positive real estate market in Ho Chi Minh City.
Binh Dong Wharf (District 8) is located along the banks of the Double Canal, an important waterway connecting Ho Chi Minh City with the western provinces. However, many years ago, pollution caused the “view river” does not attract real estate investment. By the time Ho Chi Minh City developed its infrastructure, deploying the canal embankment program, Wharf Binh Dong gradually became an emerging real estate market attracting many investors.
From Van Don Wharf to Binh Dong Wharf
Wharf Van Don previously considered as “front” of the whole district 4, Ho Chi Minh City. By 2015, the face of this road is still rather sloppy with riverine slums. At that time, District 4 was still separated by the canals, like a neighboring island of District 1, District 5, District 8 and on the other side of Nha Be District 7.
In just a short time, when the river view apartment became a hot segment in the property market, a series of big names of the real estate market began to set up projects along the canal. There are a series of projects: River Gate, Icon 56, Galaxy 9 … A series of high rise projects not only change the face of Wharf Van Don road but also stimulate the wave of real estate, turn the district 4 into a true capital. The value of housing increased dramatically.
In that trend, Wharf Binh Dong is the “hot spot” of District 8 market with advantages of prime location and bustling trade. Most recently, DRH Holding has launched the Aurora Resident project which owns two riverfronts.
Le Chi Hung Viet, Deputy General Director of DRH Holdings, said that the company has cooperated with leading Japanese design company – DKO to ensure 100% of the project’s apartments are overlooking the river.
Explaining why riverside urban areas attract real estate investors, experts said that in addition to increasing natural value, District 8 is also in the focus area of the urban refurbishment program is being TP HCM accelerates. From now to 2020, District 8 will relocate and resettle around 10,600 houses along the canals and 16,000 houses in the district. Specifically, the displaced people live on the south bank of the canal, the Huu canal, moving more than 26,000 people along the Pham The Hien route.
District 8 is also the key investment city to turn into the “nuclear” of the Southwest. A series of large infrastructure projects have been launched, such as the construction of Binh Tien bridge, Phu Dinh bridge, the 60m extension of Trinh Quang Nghi road to close the Ring Road 2 and relocate the Western Bus Station to the South. Saigon … are the top priority.
According to Le Hoang Chau, Chairman of HCMC Real Estate Association (HoREA), the canal rehabilitation program, reducing environmental pollution that will be fiercely from HCM City 2018 after the specific mechanism will promote the real estate market. Especially the river view area, the project owns the status of “the closest to the suburb “.
Mr. Chau said that the relocation of households along the canal, the construction of Binh Tien bridge connecting District 6, District 8 and Binh Chanh will have a strong impact on the urban “face” in this area.
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