Apartment sales of some high-end housing projects in Thu Thiem urban area have increased sharply in just two years, including two prominent names such as Sala Dai Quang Minh and Empire City.
Selling prices of luxury apartments increased by 30-35%
According to the latest report from JLL Vietnam, the purchasing power of the projects in Thu Thiem new urban area has always reached the ideal level.
Specifically, the sales rate of the project Dai Quang Minh (the first urban construction and sales in Thu Thiem) is estimated at 95 – 100%, the selling price recorded a 30-35% increase compared to the period The first sale opened 2-3 years ago.
Meanwhile, the Empire City project began to open trials in December 2016 and July 1977 with two towers respectively, Linden Residence and Tilia Residence. Both buildings provide a total of approximately 1,000 apartments and almost all of them have been sold in the first few weeks of sale.
The average selling price of Tilia Residence has increased by 20-25% over Linden Residence in 6 months. This increase is not only due to the location of Tilia closer to the Saigon River as well as better construction design quality but also reflects the high demand for high-quality development projects in Thu Thiem.
With the boom in the high-end apartment market and the high demand for office and retail developments, District 2 has been the focus of large-scale projects for the past three years. In particular, Thu Thiem is an attractive destination thanks to good overall planning and location just a short distance from the center of economic administration.
Although the number of transactions and transaction prices have increased recently, the current growth cycle of apartment market in Thu Thiem is forecast to have not reached the peak. Apartment supply in Thu Thiem area is expected to increase in coming years as the market is expected to launch luxury branded apartments from large investors.
This new supply is not expected to put downward pressure on prices. Instead, this new basket of goods could shape a new price level in Thu Thiem as urban areas are formed and become more complete with increased utility values such as schools, hospitals, secondary The price of apartments is expected to continue to increase and can push the price of luxury apartments in Ho Chi Minh City to escalate in the coming time.
The survey of this unit adds that Thu Thiem land prices have increased by 30-40% on average in the last three years. This is a modest increase in the condition of Thu Thiem’s infrastructure is gradually formed. Most of the open housing projects in Thu Thiem are well absorbed, reflecting the high demand of the market and Thu Thiem is the last remaining land fund of the city with good overall planning, extremely location located on the Saigon River and adjacent to District 1.
Thu Thiem land price is approximately 1/3 of District 1 land price
JJL estimates that the price of land in Thu Thiem is currently one-third higher than that of the existing downtown area of HCMC (District 1), which is still relatively lower than the price in neighboring districts such as District 1. 3 and 4 districts. Apart from the increase in land prices in Thu Thiem, the areas adjacent to this new urban area such as Dong Van Cong, An Phu, Thao Dien also have a spectacular increase.
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With the rapid urbanization, the pace of change in the meat market of Thu Thiem urban area and most importantly the completion of legal projects, land prices in this area is forecasted. will continue to increase in the coming years. This will be a benefit to investors pioneering Thu Thiem from the early stages of accepting the higher risk.
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