Nearly $35 Thousand Per Sqm Of Land In “Milk Tea Street” In Sai Gon

The land front of Ngo Duc Ke Street has recently emerged as “Milk Tea Street” in the center of Sai Gon is $35 thousand per sqm.

Gachvang Company Limited has just published the report of the land prices of a famous street with milk tea shops in the center of Ho Chi Minh City. This study shows that the Saigon milk tea street is located in crowded, high commercial land and the price of land fluctuates in large amplitude, average increase 20-35%, highest up to 70-90% in the past 12 months.

The survey report includes 3 milk tea quarters: Ngo Duc Ke district near Nguyen Hue pedestrian street District 1, Phan Xich Long cuisine street in Phu Nhuan district and Su Van Hanh district 10.

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Ngo Duc Ke Street, Ben Nghe Ward, District 1, lead in the group of highest priced landmark milk tea in Saigon and fluctuates quite a lot (up 24%) in the past 8 months. In the same period last year, in August 2016, land prices in front of this road only at $26 thousand per sqm, but gradually progressed to $28 thousand/sqm in January 2017 and reached a threshold of $35 thousand in August/2017.

Many foreign milk tea brands have been present on this route. The evening guests lined up waiting to buy milk tea on Ngo Duc Ke has become a familiar image.

Customers queue in a milk tea shop on Ngo Duc Ke Street, District 1, HCMC

Located near Ngo Duc Ke Street is Huynh Thuc Khang, Ho Tung Mau milk tea, although land prices have increased only 1.5-7% from the beginning of the year the value of commercial premises here is not cheap, fluctuating $18 – $25 thousand per sqm.

Phan Xich Long Street, Phu Nhuan district is also out of the fever of milk tea is stirring around Saigon with many shops selling this drink. Phan Xich Long Street has the lowest increase in land prices by 31% and the highest rate of 90% in the past 12 months. On Phan Xich Long Street, the front of Ward 1 is recording $6 thousand/sqm, up 59%; Ward 7 cost $9 thousand/sqm, up 31% and Ward 2 up to $12 thousand per sqm, up 90%.

In addition, Su Van Hanh Street, District 10 is also home to many milk tea and mixed drinks. Milk tea fever contributed to the value of real estate increased by 25-71% over the same period last year. Specifically, Su Van Hanh street in ward 13 is priced at $7 thousand/sqm, up 25%; Su Van Hanh street, Ward 12, cost $10 thousand/sqm, up 71% while Su Van Hanh street in Ward 10 cost $13 thousand/sqm, up 30,7%.

Gachvang forecasts, due to the location of the milk tea streets are located on busy roads and this product line is increasingly popular, attracting young people should rent space, frontage land price on the road is still in the upward trend in the coming time.

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