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

Far away with District 1 by the Saigon River, Thu Thiem – District 2 is expected to launch many high-end projects in the next 3-12 months.

CBRE Vietnam CEO, 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 the lowest price is $ 3,000/ sqm or more, falling into the segment from luxury 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.

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.

In the third quarter of 2017, the average selling price of apartments. HCM in the primary market recorded at $ 1,500/sqm. In the high-end segment, apartment prices rose 5% QoQ and 10% y / y thanks to the modest, 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.

Located strategically on the east bank of the Saigon River, opposite District 1 (center of HCMC), Thu Thiem peninsula is located in district 2, 657 hectares with traffic to the District 1, 9, Thu Duc increasingly favorable. In a report released in 2015, CBRE has announced that the average price of land in Thu Thiem is over $ 3,000/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. Therefore, the ambition of HCMC will become a world-class metropolis aimed at the development of Thu Thiem, they are positive factors that create the potential and attractiveness of the new center.

New City Thu Thiem project in Mai Chi Tho street, District 2

Ms. 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 the classification of apartment segments are announced by this unit quite specific. Accordingly, the luxury project is the average primary price over $ 3,500/sqm. Luxury prices range from $ 1,500 to $ 3,500/sqm. The mid-end segment is apartment projects with an average price of $ 800 to $ 1,500/sqm. Meanwhile, apartments are classified as affordable (mid-priced) with average asking price less than $ 800/sqm.

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