Apartment price just over 1 billion VND

According to statistics from Batdongsan.com.vn, by the end of the third quarter of 2024, Binh Duong has 14 apartment projects for sale, such as: Phu Dong Skyone, Bcons City Di An, Bcons Avenue; The Felix Thuan An; Uni Complex Becamex... with an average price of 1.2-1.5 billion VND/1-bedroom apartment; from 1.8 - 2.2 billion VND/2-bedroom apartment.

There are many advantages

Mr. Truong Anh Tu, Deputy General Director of Danh Khoi Real Estate Services Joint Stock Company (DKRS, specializing in real estate brokerage), commented that the apartment market in Binh Duong is more vibrant than neighboring localities because the housing demand of young people, experts, workers and local people is very high. In addition, the demand for buying for investment and renting is also increasing because the selling price is quite reasonable.

"Apartments at the two projects The Felix and TT Avio that we are selling are only from 31-32 million VND/m2, which is only 1.2 - 1.9 billion VND/apartment, which is very reasonable compared to Ho Chi Minh City or Dong Nai, but the quality of the apartments is not inferior.

The reason is that the investment cost to build apartments in Binh Duong is only 50% of the price in other localities, even in the same segment. Therefore, young people really like to choose to buy apartments priced at 1-2 billion VND in Binh Duong" - Mr. Tu explained.

A housing project in Binh Duong attracts buyers right from the introduction

In addition, the increasingly developed transport infrastructure is gradually narrowing the gap between Binh Duong and Ho Chi Minh City and other localities. Typically, the Ho Chi Minh City - Thu Dau Mot - Binh Phuoc expressway connects Ring Road 2 (Go Dua bridge) and connects to Pham Van Dong, Vo Nguyen Giap streets... of Ho Chi Minh City, so recently Binh Duong has attracted a lot of investors and home buyers.

Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn, cited statistics showing that consumer interest in Binh Duong real estate in the third quarter of 2024 increased by 32% over the same period. Meanwhile, other localities such as Long An, Ba Ria - Vung Tau, Dong Nai only increased by 17% - 22%.

"Industrial economy has long been a pillar in the development of Binh Duong real estate market. In particular, apartments in Binh Duong are a segment that attracts great attention, concentrated in areas near Ho Chi Minh City such as Di An, Thu Dau Mot, Bau Bang with results in the third quarter of 2024 expected to increase by 20%, 11% and 10% respectively compared to the second quarter of 2024" - Mr. Tuan informed.

According to the largest real estate trading website in Vietnam, the real estate supply in Binh Duong is dominating the southern region. With the advantage of settling down, the level of interest in real estate in the province mainly comes from the needs of local and neighboring people. As a province with great advantages in infrastructure, urbanization rate and positive planning prospects, in the coming time, Binh Duong is expected to receive many policies to support the market, so it can be the locality that attracts the shortage of supply in other provinces.

Large land fund, quick procedures

According to records, a few years ago, many investors moved from Ho Chi Minh City to Binh Duong to implement projects. And currently, this trend continues and is getting stronger in both commercial and social housing segments. While Kim Oanh Group Corporation is implementing a series of social housing projects with prices of just under 1 billion VND, other investors are bustling to build commercial housing projects with prices of 1-2 billion VND.

Specifically, after Phu Dong Group successfully implemented the Phu Dong Skyone project (Di An City, bordering Ho Chi Minh City) with a selling price of 1.3-1.5 billion VND/apartment, it attracted many other corporations to boldly implement projects in Binh Duong.

Typically, Mr. Nguyen Quoc Cuong, before replacing his mother to run Quoc Cuong Gia Lai Company in July, led C- Holdings Joint Stock Company as Chairman of the Board of Directors, implementing 12 projects in Binh Duong, of which 3 projects have been defined: C-SlyView, The Felix, Maison.

Mr. Cuong said the reason why C- Holdings "flocked" to Binh Duong was because recently, many projects in Ho Chi Minh City were "stuck" legally, while the land fund in Binh Duong is still very abundant, next to Ho Chi Minh City but the project investment cost is still quite low, the project implementation procedures are processed quite quickly, so many investors have actively implemented projects in Binh Duong, including C-Holdings.

"A 1-2 bedroom apartment in Binh Duong is priced at only 1.2-2 billion VND/apartment, which is very suitable for experts and workers with a stable income of 15-20 million VND/month, so those who do not have a house and are working in Binh Duong and Ho Chi Minh City are interested. Because they can borrow to buy an apartment and pay with their own salary," said Mr. Cuong.

Meanwhile, Dong Nai also has advantages in terms of location and large land fund, but the connecting infrastructure is not as complete as Binh Duong, and the legal procedures for the project are not yet favorable, so it is somewhat less attractive to investors.

Explaining why Binh Duong can pursue the 1.2 - 1.5 billion VND housing segment while in Ho Chi Minh City this type of house is almost "extinct" and other localities are also quite scarce, Mr. Vo Hong Thang, Investment Director of DKRA Group Company, pointed out a number of reasons. Firstly, the land price level in Binh Duong is still quite low compared to Ho Chi Minh City, thereby contributing to creating conditions for investors to be able to develop apartment product lines with equivalent area and quality at more affordable prices.

In addition, known as the "industrial capital" of the country, Binh Duong attracts a large number of migrant workers from other places to work in industrial parks/industrial clusters in the province. This group of young workers has a great demand for housing but limited financial capacity. Housing project investors in Binh Duong realize this and make efforts to "tailor" their products to meet the needs of this group.

"Small apartments of 40 - 50 m2, arranged with 1 or 2 bedrooms, priced below 1.5 billion VND, in my opinion, will still be a potential product line, attracting the most attention in the market because it meets the housing needs of young families. However, the new supply of this type in the near future will be difficult to expand in many localities but will only be concentrated in Thuan An, Di An and Thu Dau Mot cities in Binh Duong or a few suburban districts bordering Ho Chi Minh City such as Ben Luc (Long An), Nhon Trach (Dong Nai)..." - Mr. Thang said.

Real demand is the biggest advantage

According to Mr. Dinh Minh Tuan, the real estate market in Binh Duong has many development drivers. In which, the real housing demand is the biggest advantage. "The housing price level in Binh Duong is good compared to Ho Chi Minh City, and it is also the gateway to trade and the leading industrial center in Vietnam... so the housing demand of local people and neighboring areas is very high" - Mr. Tuan explained.

Source: https://nld.com.vn/can-ho-gia-chi-hon-1-ti-dong-196240930212844805.htm