Many land projects in the South are uninhabited.

Many projects of dividing land into plots and selling them have been developed by businesses, building infrastructure, and sold to people for many years, but buyers still do not build houses.

Absent residents

In early 2022, Huy FC Truong An Real Estate Company opened for sale the FC Truong An Urban Area Project in Phu Giao District (Binh Duong). This project is built on an area of 6 hectares, with 389 plots, priced from 800 million VND to more than 1 billion VND/plot. In 2023, the project was sold out to customers by the investor, and the kindergarten at the project was also built by the investor.

Present at this project in late October 2024, we witnessed the project being deserted, the school under construction not operating, and only overgrown grass everywhere.

Similarly, in early 2021, Toan Thang Real Estate Trading Joint Stock Company opened for sale the Toan Thang - Vinh Tan Residential Area Project (Tan Uyen District, Binh Duong Province). The project was built on an area of 2.2 hectares, with 141 plots of land divided into plots, selling price of around 1 billion VND/plot and has been sold out to customers. However, this project is also uninhabited.

In Nhon Trach District (Dong Nai), most of the land subdivision projects are deserted. For example, the Mega City 2 project developed by Kim Oanh Group was sold in 2019, but to date, no one has moved in.

Or like the Long Tan City Project, invested by Licogi16 Joint Stock Company, with a total area of 77 hectares, sold in 2018. Up to now, customers who bought this project have not returned to build.

The market in Long An is also full of abandoned projects, many projects are divided into plots for sale with prices up to several billion VND/plot, customers buy and sell many times but no one has moved in. For example, Tan Lan Residence Project in Can Duoc District, invested by Phuc Land Group with an area of 95,274 m2, including 700 plots and sold since 2019, until now there is only grass growing.

In Duc Hoa district, the project named Quoc Linh Residential Area with an area of 35 hectares, opened for sale since 2021, although it has sold many subdivided land products to customers, it is still deserted.

Many old projects continue to open for sale

Recently, Phuong Truong An Group Joint Stock Company announced the re-sale of a project called Phuong Truong An 6 Residential Area in Phu Giao District (Binh Duong). This project was first opened for sale by the enterprise in 2022, with an area of 41.9 hectares, including 2,760 land products.

In Long An, the Quoc Linh Residential Area Project was also reopened for sale by the investor under the name The Diamond City, the number of products offered by the enterprise is more than 400 products, the selling price is up to 2 billion VND/plot.

Or the project named King Hill Residences in Ben Luc district, with an area of 20 hectares, was first sold in 2021, with nearly 350 products, mostly subdivided land. However, due to the large amount of previously sold products, the investor is now starting to re-open for sale...

According to Mr. Nguyen Van Tuan, Director of Thanh Do Land Real Estate Joint Stock Company, in fact, land is a product line that has been chosen by many investors in previous years. However, since 2021, this segment has fallen into a gloomy situation because transactions have begun to decrease. Since 2022, this segment has "stalled", causing investors to struggle, falling into a spiral of price reduction, cutting losses, and struggling to find buyers.

“Currently, in many land projects, investors have had to cut losses from 30 to 40% of the initial purchase value, but there are still no buyers,” said Mr. Tuan.

According to Mr. Tuan, the main buyers of land are investors, so the projects have been sold for many years without anyone coming back to build houses because the main purpose is to buy for investment. And the market only targets investors, not real customers, leading to desolation and waste.

Mr. Vo Huynh Tuan Kiet, Director of CBRE Vietnam's Housing Marketing Department, said that currently, more than 50% of individual investors are "stuck" in the land market in the provinces of Binh Phuoc, Long An, Lam Dong, Binh Duong... which is the consequence of land fever that appeared when the market went up too quickly, happening abnormally. These markets did not increase as expected by investors, not only that, this segment is currently "turned away", many projects were opened for sale, but for many months there were still no transactions.

Commenting on the land market segment in the fourth quarter of 2024, Mr. Vo Hong Thang, Director of the real estate market research department of DKRA Group, said that the land segment will remain at a low level compared to the period from 2019 and earlier. Although product sales are slow, prices are still increasing due to high project investment costs.

Source: https://baodautu.vn/batdongsan/nhieu-du-an-dat-nen-phia-nam-khong-nguoi-o-d229041.html