After many years of stagnation, many projects have been "untied", investors have begun to re-implement with a more favorable mindset.
Ho Chi Minh City is becoming the center of the real estate market as many projects are being restarted, completing the sale of the last basket of goods, and at the same time accelerating the pace of implementing new projects after a long period of silence.
Hotter every day
It has been a long time since Ho Chi Minh City has witnessed many new and old real estate projects being continuously launched on the market by investors like today.
Many other projects are also being rushed by investors to complete legal procedures, including projects that have been granted construction permits and are waiting for implementation; projects that have been approved for investment policies and approved for 1/500 scale planning... Investors are excited when the project is "untied" after a long period of stagnation.
The representative of the investor of an apartment project in the old District 9 area (now Thu Duc City) said that his company's project has just completed the approval of the 1/500 scale planning and is waiting for a construction permit. The project has now completed the design with about 400 luxury apartments. "We have waited 5-7 years to have all the obstacles removed. However, with the current progress of legal obstacles and the support of Ho Chi Minh City leaders, we are really confident that the project will start construction in the third or fourth quarter of this year," the leader of this company expressed.
A real estate project is under construction again after a long suspension.
On Nguyen Huu Tho Street (Nha Be District), the investor, Kien A Joint Stock Company, is preparing to implement phase 3 of the Lavila urban area project, with a scale of 800 apartments. The project has been approved for investment and is preparing to implement the next stages.
In addition, on Dong Van Cong Street (near Cat Lai Port, Thu Duc City), this investor has just opened the last sale of more than 200 apartments of the Citi project. This project is under construction up to the 12th floor, with the selling price of a 2-bedroom apartment at about 2.8 billion VND. According to the investor, the selling price of the next phase has increased by about 15% - 20% compared to the previous sale.
Recently, Nova Real Estate Investment Group Corporation (Novaland) also announced that it will open for sale two new projects in Ho Chi Minh City in March and June 2025, including Park Avenue (District 11) and Palm City (Thu Duc City). In addition, the group also plans to hand over thousands of houses in projects such as NovaWorld Phan Thiet, Aqua City, NovaWorld Ho Tram... Novaland is confident with its goal of achieving net revenue from real estate handover of about VND 21,000 billion in 2025, an increase of 153% compared to the previous year, with after-tax profit of VND 1,400 billion.
More motivation
Along with a series of old projects being restarted and opened for sale, Thu Duc City leaders recently announced a list of a series of real estate projects approved for investment in the area. Of these, at least 6 projects are ready to be implemented, along with dozens of other projects calling for investment, attracting strong interest from investors. Compared to other districts, Thu Duc City is considered to have more favorable procedures for project implementation.
In addition, experts believe that Ho Chi Minh City is preparing to auction three land lots in the new urban area of Thu Thiem in the second quarter of 2025, with a starting price of over VND5,000 billion, which will make the eastern part of Ho Chi Minh City more bustling.
According to data from Savills Vietnam Research Department, from now until 2027, the future apartment supply in Ho Chi Minh City is expected to reach more than 40,000 units, of which Thu Duc City accounts for half. In the townhouse/villa segment, the expected supply is about 4,000 units from 19 projects, of which Thu Duc City accounts for 30%. "In recent times, infrastructure investment in Ho Chi Minh City has focused heavily on the East. Therefore, interest in the Thu Duc City market has not only occurred since the new planning but has existed for a long time" - Ms. Cao Thi Thanh Huong, senior manager of Savills Ho Chi Minh City Research Department, commented.
According to Ms. Huong, there are many factors that make the East of Ho Chi Minh City always in the sights of investors and buyers. In addition to the strategic location and clean land fund, the public and transparent auction processes have helped attract many domestic and foreign investors. "The important thing is that the long-standing legal problems are gradually being resolved, creating favorable conditions for the development of this area," Ms. Huong commented.
Chairman of the Ho Chi Minh City Real Estate Association (HoREA), Mr. Le Hoang Chau, said he was very happy to see many projects being implemented smoothly despite the fact that there are still many difficulties. He sees 2025 as a pivotal year for the real estate market to transition to a healthier and more sustainable development phase from 2026 onwards. "Currently, there are still hundreds of projects stuck in legal problems or due to incompetent investors. If these problems are not resolved soon, land resources will be wasted, the state budget will lose revenue, businesses will face difficulties and housing supply will continue to be scarce, making it difficult for housing prices to decrease in the short term," Mr. Chau emphasized.
Land prices reflect reality
According to MSc.-Lawyer Nguyen Phuong Lien (SENLAW Law Firm), the implementation of new laws such as the 2024 Land Law, the 2023 Real Estate Business Law and the 2023 Housing Law from mid-2024 to present has created important changes, helping the real estate market operate more transparently and minimizing legal risks. One of the notable innovations is the abolition of the land price framework, replacing it with an annually updated land price list, helping land prices reflect the actual value, limiting the difference between transaction prices and state-regulated prices.
In addition, the new regulations tighten the conditions for capital mobilization of investors, require the completion of financial obligations before opening the project for sale, protect the rights of home buyers and minimize risks to the market. At the same time, administrative procedures are simplified, shortening the licensing time, speeding up the project implementation progress.
Source: https://nld.com.vn/doanh-nghiep-bat-dong-san-tung-hang-196250310210727556.htm
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