Thu Thiem Will Be The Focal Point Of The Saigon Luxury Apartment Market

Thu Thiem District 2, being far from district 1 by the Saigon River, is expected to launch many high-end projects in the next 3-12 months.

CEO of CBRE Vietnam, Duong Thuy Dung, said that Thu Thiem will be the place to launch many high-end apartment projects in the remaining months of 2017 and 2018. The apartments in this area will have the lowest price at $ 3,000 per sqm or more, falling into the segment from high-level to luxury. In the coming time, the supply of projects in Thu Thiem will bring the average price of apartments in Ho Chi Minh City higher than today.

You can view more listings of projects being sold in District 2, Ho Chi Minh City: Apartments for sale in district 2

In the third quarter of 2017, the average selling price of HCMC apartments in the primary market was $ 1,500 per sqm. In the high-end segment, apartment prices rose 5% compared to the last quarter and 10% same period last year thanks to the modest, most impressive, and modest projects. These projects recorded nearly 100% transaction rate. Offers in the secondary market in high-end condominium projects have a tendency to escalate in the last quarter.

Thu Thiem is forecasted to be the focal point of the high-end apartment market in HCMC in the final months of 2017 and 2018

Strategically located on the East bank of the Saigon River, opposite District 1 (center of HCMC), Thu Thiem peninsula is located in district 26570 sqm with more favorable traffic to the district 1, 9, Thu Duc. In a report released in 2015, CBRE has announced that the average price of land in Thu Thiem is over $ 3,000 per sqm and the company has to pay land costs immediately, not to renew it.

The land area is 99% land area has been cleared compensation. The master plan has been approved. In addition, the existing center is lacking land for development. As a result, Ho Chi Minh City’s aspirations will become a world-class metropolis aimed at developing Thu Thiem, which is a positive factor in creating the potential and attractiveness of this new center.

You can read more information at Vietnam Real Estate Market

Luxury apartment market in District 2

Mrs. Dung added that, besides Thu Thiem, it is expected that An Phu and Thao Dien wards in District 2 will also have high-grade products opened since the fourth quarter of 2017. This basket of goods has received great attention since its launch in the third quarter with a booking rate of over 50%. Primary price is expected to continue going up in the last months of the year.

In the latest report on HCMC apartment market, the criteria for classifying apartment segments are announced by the unit. Accordingly, the luxury project is the average primary price over $ 3,500 per sqm. Luxury prices range from $ 1,500 to $ 3,500 per sqm. The mid-end segment is apartment projects with an average price of $ 800 to $ 1,500 per sqm. Meanwhile, apartments are classified as affordable (affordable) with average asking price less than $ 800 per sqm.

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