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Booming Luxurious Real Estate Project

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Apartments priced at over VND100 million / sqm or tens of billions/unit are appearing more and more in Ho Chi Minh City.

Sprout much in the center

The project has a prime location and unique in District 1, in addition to the price of apartments 3,500 – $4,500 / sqm, Vinhomes Golden River also has 64 luxurious villas on the Saigon River. These villas cost VND400-500 million / sqm with the standards of design, construction, furniture leading the world.

Located on Thi Sach Street in District 1, Madison’s Novaland project also quickly joins the supermarket share with the price of about $7,000 /sqm

This project is in the “gold core” of the administrative and economic center of Ho Chi Minh City. Surrounded by iconic works of Ho Chi Minh City such as the Opera House, Nguyen Hue Walking Street and other commercial centers, offices, hotels and high-class services.

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The land 6, Thi Sach, District 1 will be where Him Lam Land deployed super apartment project

Although located in the heart of Ho Chi Minh City, Thi Sach is a quiet road and many green trees, so the project perfectly meets the needs of the upstream group. The project has more than 100 apartments and 70 office-tel. Novaland made a commitment to customers will be leased for $88 million per month.

Striking by Madison is a project of Him Lam Land with the price of each apartment ranges from 12-43 billion. This project has only 100 luxury apartments with three basements and 22 floors. By the third quarter of this year, the project will be Him Lam Land to sell to the market.

The Lavenue Crown apartment project was built and developed into the largest complex on Le Duan Street, District 1, with three functional zones: luxury apartments, five-star hotels and High-end business center.

The total area of the land is 4,921sqm. The project has 36 floors. There are six floors of the commercial center, 220-250 five-star hotel rooms and 200 luxury apartments. At the top of the Lavenue Crown, apartment tower will be arranged for luxury restaurants.

At the end of 2016, Sai Gon Kim Cuong Joint Stock Company held the groundbreaking ceremony of the SJC Tower Project in the quadrangle, limited by the four Le Loi – Nam Ky Khoi Nghia – Le Thanh Ton – Nguyen Trung Truc streets, District 1.

SJC tower project with the function of a complex of a high-rise luxury modern multi-purpose building is designed with six basements and 54 floors, height over 200 m. There will be commercial centers, offices, apartments, restaurants and facilities.

The project has the total investment of more than VND5,300 billion. It is expected to be developed and put into use after four years of implementation.

A real estate company based in District 1 also launched dozens of villas in District 9 with the price of VND30-40 billion / unit. However, not everyone has the money to own the apartment here. To buy this apartment, customers will be checked the background, education, workplace …

In addition, the luxurious apartment in Ho Chi Minh City has Sabeco Tower project with the estimated selling price of $9,000 / sqm, Waterfront of MIK & Anpha Corp sells $8,000-9,000  /sqm, Leman sells $4,200-4,800 / sqm …

Few dare to do it

According to CBRE Vietnam, despite the record highs since 2004, the price of luxurious apartments in HCMC is still very competitive compared to other major cities in the region.

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Novaland also started to take part in the Madison property market

Specifically, the price of this luxury segment in HCM City is VND60-150 million/sqm. This price is still much lower than Singapore (VND400-500 million/sqm) or Bangkok (VND140-200 million/sqm).

In addition, the rate of return of real estate in the central area of Ho Chi Minh City is high. In the segment of luxurious apartments, the value of rental from the rental of 3 to 6% per year.

Meanwhile, Nguyen Van Hau, General Director of JSC Real Estate Holding Company said that from 2014 to now the apartment market boom, investors have owned a large number of goods. With the projects have handed over the house, they want to concentrate capital to reinvest, it is difficult because of the goods.

“The current abundant supply of flats offers customers too many choices. As a result, sales are showing signs of slowing down. Most of the new projects consumed about 40% of the cart. However, the apartment is not affected by the customers of this segment is very special, “- said Hau.

Tran Khanh Quang, General Director of Viet An Hoa Company, said that 2017 was a boom year for luxury apartments, located in the center of Ho Chi Minh City, Phu My Hung, Thu Thiem and occupying 3 % market share. Do not be surprised if this year there will be apartments priced at $7,000- $10,000 /sqm.

To make the real estate super need to have the prime location, the number of apartments offering less than 200 units, unique design and apartment area over 80sqm.

Quang said that the luxury apartments are priced at VND100 million / sqm or tens of billions/unit does not affect the general market. Because not all investors dare to do luxurious real estate.

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