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| Latest real estate: The land market in Ho Chi Minh City is currently still maintaining a tense tug-of-war between sellers and buyers. (Source: CafeF) |
Land consumption in Ho Chi Minh City and surrounding areas decreased
DKRA has just released a report on the real estate market in Ho Chi Minh City (HCMC) and its surrounding areas, including Binh Duong, Dong Nai, Ba Ria - Vung Tau, Long An and Tay Ninh. Accordingly, the number of apartments sold in August was still 41% lower than the same period in 2022, however, this is still a positive sign for the recovery of the townhouse and villa segment.
According to DKRA, the consumption volume in August has improved compared to the previous month but is still quite low compared to the same period, at about 59%. In particular, transactions are concentrated in projects in Dong Nai province that were opened for sale during the month.
Notably, new supply increased more than 16 times, equal to about 33% compared to the same period in 2022. In which, Dong Nai province leads the new supply in the whole market, accounting for 68%.
In addition, the new supply of the apartment segment in August decreased by only 19% compared to the same period last year. Ho Chi Minh City and Dong Nai took the lead, accounting for 55% of the total new supply in the month.
Specifically, the Class A apartment segment accounts for 25% of the total new supply, concentrated in the East of the City. Meanwhile, the Class B and Class C apartment segments hold the dominant position in neighboring provinces.
Regarding the selling price level in the primary market, according to DKRA, there has not been much fluctuation. For the secondary market, some transactions still recorded a decrease of 50 - 150 million VND/unit.
For the land segment, new supply and consumption in August decreased significantly compared to the same period in 2022 with a decrease of 58% and 94% respectively. In particular, Long An province is the main locality in terms of new supply for sale in the month with a rate of 89% of the total new supply in the whole market.
Regarding primary and secondary prices, DKRA assessed that there were not many fluctuations compared to last month, and market liquidity has not improved much in the past month.
Assessing the current land market, Director of Batdongsan.com.vn in the South Dinh Minh Tuan said that the current land market is still maintaining a tense tug-of-war between sellers and buyers. Buyers want land prices to continue to decrease further, while sellers are trying to maintain prices and recover their invested capital.
Mr. Minh acknowledged that the tug-of-war between land investors is expected to end soon in the first half of 2024 when the difficulties in the real estate sector ease and the market enters a recovery phase. Therefore, this type of investment will still receive much attention.
Thanh Hoa: Approval of residential project project worth over 334 billion VND
Thanh Hoa Provincial People's Committee has just issued Decision No. 3235/QD-UBND approving the investment policy of the Vinh Thinh Commune Residential Area project, Vinh Loc District.
Accordingly, the objective is to concretize the detailed planning project at a scale of 1/500 of Vinh Thinh Commune Residential Area, Vinh Loc District approved by Vinh Loc District People's Committee in Decision No. 1833/QD-UBND dated June 16, 2023; create land fund for housing development, form a residential area with synchronous technical infrastructure and social infrastructure; connect regional traffic, contribute to promoting the socio-economic development of Vinh Loc district, increase revenue for the State budget.
Vinh Thinh Commune Residential Area Project has a land use scale of about 83,300.2m2 (8.33ha); investment scale: Synchronous investment in construction of technical infrastructure works, social infrastructure and housing works of Vinh Thinh Commune Residential Area, Vinh Loc District according to the approved detailed planning.
Preliminary housing product structure: Townhouses 315 plots of land for housing construction, of which: 105 plots of land are built in rough condition, with the front completed (land use rights cannot be transferred in the form of subdivision and sale of land plots at the project). The remaining 210 plots of land are transferred in the form of subdivision and sale of land plots at the project. The estimated population size is about 1,280 people.
Project investment capital is about 334,762 million; project implementation location is in Vinh Thinh commune, Vinh Loc district, Thanh Hoa province; project implementation progress is not more than 4 years (from the date of approval of investor selection results or investor approval); expected: From the first quarter of 2024 to the first quarter of 2028.
Announcing "valley resort" in Vinh Phuc
The world's leading hotel management company IHG® Hotels & Resorts and BIM Real Estate Joint Stock Company (BIM Land), a member of BIM Group, have signed a cooperation agreement to develop the InterContinental Thanh Xuan Valley Resort project.
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| Tree Top Villa, a unique luxury hotel room on a tree, is introduced for the first time. (Source: BIM Land). |
The project belongs to Thanh Xuan Valley tourist urban area, the first valley resort model of the InterContinental brand in Vietnam. InterContinental Thanh Xuan Valley Resort is located in the center of Thanh Xuan Valley tourist urban area, which is known as the unique "pine city" with a total area of 170 hectares, surrounded by mountains and 50-year-old pine forests, 8 fresh water lakes and natural streams.
Located near Dai Lai Lake and Thanh Cao Lake, less than 60 minutes drive from the center of Hanoi, Thanh Xuan Valley is developed with the vision of becoming a destination for the elite community of residents and high-class resort guests, especially for those who love the famous service philosophy of the InterContinental brand - "Live the InterContinental Life".
Expected to be operational in 2027, InterContinental Thanh Xuan Valley Resort has a scale of 171 hotel rooms and 97 private villas, owning a 5-star utility system according to IHG's global standards including: high-class restaurant system, spa and wellness area, infinity pool, conference room. Including the "tree top villa" model - unique high-class hotel rooms "hanging" on trees, introduced for the first time.
InterContinental Thanh Xuan Valley Resort is expected to become a true destination resort. With sophistication in every detail and experience, the resort will be a valuable addition to the collection of luxury resorts of the InterContinental brand worldwide.
In Thanh Xuan Valley, the InterContinental brand not only participates in developing the resort hotel project but also directly manages and operates the Country Club by InterContinental Thanh Xuan Valley Resort, a unique Mediterranean-style clubhouse with a total usable area of up to 11,300m2 with many exclusive amenities for the upper-class residents living here.
Is it allowed to build houses on land for non-agricultural production and business services?
Currently, housing construction is a very necessary need of the people. However, many individuals are still wondering whether they can build houses on land for production, non-agricultural business services or what are the procedures for changing the land use purpose to residential land?
According to Construction Newspaper, in Section 2.1, Appendix No. 1 issued with Circular No. 28/2014/TT-BTNMT dated June 2, 2014 of the Ministry of Natural Resources and Environment regulating statistics, land inventory and mapping of current land use status, "Residential land is land for building houses, constructing works serving life; garden land, ponds attached to houses in the same plot of land in residential areas (including cases where gardens and ponds are attached to individual houses) have been recognized as residential land. Residential land includes rural residential land, urban residential land".
Point 2.2.5, Section 2.2, Appendix No. 1 issued with Circular No. 28/2014/TT-BTNMT stipulates: “Non-agricultural production and business land is land used for industrial, small-scale industrial, handicraft production and business and service purposes; including industrial park land; land for production and business establishments; land for mineral activities; land for production of construction materials and ceramics”.
Therefore, land for non-agricultural production and business services is not land for housing construction.
In case a land user wants to change the land use purpose from non-agricultural production and business land to residential land, he/she must be permitted by a competent State agency according to the provisions of Point e, Clause 1, Clause 2, Article 57 of the Land Law.
The procedures for permitting the change of land use purpose shall be implemented in accordance with the provisions of Article 69 of Decree No. 43/2014/ND-CP dated May 15, 2014 of the Government detailing the implementation of a number of articles of the Land Law. Accordingly:
"1. Land users submit an application for permission to change land use purpose along with the Certificate to the natural resources and environment agency.
2. The natural resources and environment agency is responsible for examining the dossier; verifying the field, assessing the need to change the land use purpose; guiding land users to fulfill financial obligations according to the provisions of law; submitting to the competent People's Committee for decision to allow the change of land use purpose; directing the updating and correction of the land database and cadastral records.
In case an investor receives a transfer of land use rights from a person currently using the land to implement an investment project, the procedure for transferring land use rights shall be carried out at the same time as the procedure for permitting a change of land use purpose.
3. Land users shall fulfill financial obligations as prescribed".
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