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Along with the bright picture of the economy, Ho Chi Minh City has decided drastic and strong. Accordingly, in the project submitted to the City People’s Committee to apply for specific mechanisms for the city, the renovation of canals, relocation of residents in District 8 placed on the top.
According to the latest report, District 8 has plans to relocate 2,910 houses along the canal with a total cost of VND3,837 billion, while implementing seven resettlement housing projects in the area with a scale of 6100 apartment.
Another decision that strongly influenced the infrastructure of the Western zone is that the People’s Committee approves the construction of Binh Tien Bridge linking districts 6, 8 and Binh Chanh with a total investment of up to VND3.507 trillion. This is a decision that will change the face of the West in particular and District 8 in general.
While refurbishment projects are underway, many large real estate businesses have been preparing large “cards” in the area. Mel’s Residence (Hung Thinh), Aurora Residences (DRH Holdings), Dream Home Riverside, Pegasuit (Phuong Viet) and Topaz Elite (Van Thai Land) ,
Vingroup is also proposing the HCM City government to implement the urban renewal project on the south bank of the canal.
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“The urban renewal and canal rehabilitation in the West and District 8 is a blow to the infrastructure here, with the result that real estate prices will increase as utility comes from the infrastructure. You have witnessed this change from Ben Van Don, this story may happen in Ben Binh Dong, “said Ngoc Tran, a real estate research analyst.
Few people know 5 years ago, Ben Van Don and District 4 are not in the map of real estate in HCMC. District 4 is a “black spot”, which rare investors are interested in. But when the Ben Van Don expansion project is officially put into operation in 2013, things have changed drastically.
Rather than being dubbed the “black spot”, Ben Van Don was the real estate investor dubbed the “yellow line”. A series of high-end apartments boom here, typically the project chain of the Novaland Group.
These include Saigon Royal Residence, The Tresor, RiverGate Residences (NovaLand), The Gold View (TNR Holdings) … These projects are expected to provide 5,000 products. Land prices in this area also increased significantly, the lowest also about 50 million/sqm.
Ben Binh Dong (District 8) is expected to move itself, with the estimated cost of VND20 trillion to renovate canals and build infrastructure, the West City will certainly melt in the near future.
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According to Le Chi Hung Viet, deputy general director of DRH Holdings, if before the infrastructure of Ben Van Don before the renovation is worse than Ben Binh Dong today. However, since the renovation until now, the price of Ben Van Don real estate in expensive series in the city.
Newly developed areas such as the West are predicted to create a fierce competition in the Saigon apartment market in 2018. Mr. Phan Cong Chanh, an independent real estate expert, said that the market is now Come back closer to the needs of the buyer to stay rather than chasing the investor as before.
This requires companies to research and find out what tastes best to offer the product that best fits the new needs that exist in the increasingly competitive market.
You are reading the article The “war” on the apartment market along the Southwest Saigon in the Real Estate category at https://realestatevietnam.com.vn/.
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