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In the period before 2017, the South is considered as the focal point of the real estate market in Ho Chi Minh City with projects such as Phu My Hung, Riviera Point … However, in any field even real estate. Nothing is possible forever. Real estate is a fluctuating economic sector and influenced by many good.
For example, the land fund is exhausted, the economy is difficult, the traffic is underdeveloped, in which, the South is suffering a lot of congestion causing the market to fall back.
Ho Chi Minh City has built roads and bridges such as Nguyen Van Cu bridge connecting District 4 to District 5, Y bridge connecting District 4 to District 1, Nguyen Tat Thanh bridge connecting District 4 to District 1 and Tan Thuan bridge connecting District 7 to District 2. To be able to connect more easily the central district to the south of the city.
With such a transportation system, so many cassava enterprises take it as the fulcrum to carry out projects and advertise their projects. However, looking at such infrastructure system, Nguyen Van Duc, deputy director of Dat Lanh Real Estate Company, said that this place is getting stuck.
“These routes are becoming increasingly overloaded, unable to meet the pace of development of this area. For example, Nguyen Tat Thanh street, Hoang Dieu street, Nguyen Huu Tho street … are among the list of the most serious traffic jams in Ho Chi Minh City.
The reason is because, while the South is attracting people to live quite large. And the infrastructure is not synchronously developed. Besides traffic jam, the real estate market in Ho Chi Minh City is also affected by environmental factors. Da Phuoc garbage dump is considered the largest landfill in the city also in this area.
Mr. Nguyen Nam Hien – General Director of Hung Thinh Land Real Estate Company said: According to the plan, his company has deployed his project in 2017. But because of environmental pollution like that, the deployment the project in the South stopped and moved to the West.
Not only Hung Thinh Land, but also many other enterprises have quietly withdraw from the South market. Because of this area, there are too many bottlenecks to be able to implement the project. In addition, tidal floods are also frequent. So many investors no longer consider the area is a piece of cake as before.
Another disadvantage of the South real estate market is that this market is still considered to have many “premature” projects have not been revived. In addition to the high-end apartment projects, the adjacent housing projects, villas, … are many. This leads to the cautiousness and trust of customers for this area now no longer.
With the disadvantages mentioned above, the market in the South has fallen into a quiet situation recently. However, there are quite a few large-scale real estate projects that have benefited small projects. The competition will be less and small projects will have the opportunity to roll up.
A number of projects have received attention in this area such as Phat Dat’s River City, Him Lam Riverside, Luxgarden of Dat Xanh or projects of Phu My Hung, Novaland, Ecogreen in District 7 of Xuan Mai.
In particular, the River City project previously planned to launch more than 8,000 apartments. But now, the investor is Phat Dat Real Estate Development Joint Stock Company. The unit has changed the planning and reduced the number of apartments to 4,600 apartments. Reducing the number of flats is said to be more appropriate to the number of residents and to increase the quality of the project. In order to meet the utilities and bring the highest quality land for their products.
Many real estate experts in District 7 said that. If you want to develop South again. Ho Chi Minh City will have to unbuckle a knot for this area and in the immediate future is the transport infrastructure system connected due to the current crowded and growing population of the South
The next major ones are Huynh Tan Phat Street, Nguyen Van Linh Street (District 7), Phu Thuan Road … In order to solve traffic jams, invest and develop a series of transport infrastructure projects for the South. The most typical example is the project of building 6 bridges linking the South with neighboring areas.
Besides, the People’s Committee of Ho Chi Minh City also has a project to raise Binh Chanh district (not successful). It shows that the city has made calculations for the South to develop again.
” Saigon South real estate market will not be able to breakthrough. But expectation in 2018 to develop back in the South is possible, “said Le Hoang Chau, Chairman HoREA.
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