Infrastructure projects promise to "push up" real estate prices in Ho Chi Minh City. Thu Duc

March 19, 2022 | NEWS

The Global City District 2 – The effect from the land auction in Thu Thiem is "contributing to the wind" blowing up housing prices in Ho Chi Minh City. Thu Duc has increased in recent times. According to many investors, this upward price trend will continue and be supported by a series of important transport infrastructure projects that are about to be completed or are about to start construction this year.

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Housing prices in the city. Thu Duc increased continuously

Ms. Minh, a real estate broker in Ho Chi Minh City. Thu Duc said, many real estate projects in this area have just been launched and have been stunned by the sky-high prices. Specifically, a fairly large townhouse project located along the Ho Chi Minh City - Long Thanh highway (old district 2) is being offered for sale at a price that can reach nearly 400 million VND/m2. Meanwhile, each villa with an area of 350 - 1,000m2 located in an urban complex on Nguyen Xien Street (District 9), bordering the Dong Nai River, is being offered for up to 300 billion VND.

Meanwhile, Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA) also said that housing prices in many areas in the city. Thu Duc has been pushed to a very high level. For example, a housing project here is offering a townhouse with an area of about 95m2 including ground floor and 4 floors with a selling price of up to about 38.1 billion VND, of which the land unit price can be up to about 350 million VND. VND/m2.

According to Mr. Chau, house prices in Thu Duc were pushed up, which had a significant impact after the historic land auction in Thu Thiem recently. In particular, right after the land auctions, there were acts of taking advantage of the virtual auction winning price to "drop water in the rain", blowing up prices and pushing up land prices.

Mr. Hung, a real estate investor, said that the influence from the Thu Thiem land auction is undeniable, but the increase in house prices in Thu Duc is also due to many other important factors.

Specifically, the land fund and the supply of new projects in Ho Chi Minh City. Thu Duc is increasingly scarce. In the context of the unpredictable economy, the demand for real estate, especially townhouses, is becoming more and more popular. Besides, is the potential of a young city, infrastructure, housing projects are increasingly high-class and modern....

Many other investors also believe that housing prices in Thu Duc in the near future may increase even more. Especially when a series of important infrastructure projects in this area are about to finish or are about to start construction.

For example, the Thu Thiem Bridge 2 project connecting the city center with Thu Thiem peninsula is expected to be completed on the occasion of April 30 this year. After being put into use, the bridge worth nearly 3,100 billion VND not only has the meaning of connecting traffic but also creating more value for the real estate market. Currently, a series of luxury to super luxury apartment projects have been springing up along the foot of the bridge on Thu Thiem side.

Another project, metro line No. 1 Ben Thanh - Suoi Tien, is also completing the final items to be able to put into operation. According to the plan, in mid-2022, the project will start testing the first section from Long Binh depot to Binh Thai station (Thu Duc city). After that, the whole route will be tested before December 31, so that it can be put into commercial operation from 2023.

Ring Road 2 section through the city. Thu Duc will restart

Also this year, Ho Chi Minh City is aiming to close the Ring Road 2 project with a length of 64km, including many sections passing through the city. Thu Duc. For example, a 2.7 km long section from Pham Van Dong street to Go Dua intersection with a total investment of VND 2,700 billion will be restarted after many years of stagnation.

Another great project, An Phu intersection with a total investment of nearly 4,000 billion VND, is also about to be started. This is an important traffic project as it is the intersection of arterial roads including Mai Chi Tho Boulevard, Luong Dinh Cua Avenue and the Ho Chi Minh City - Long Thanh - Dau Giay Expressway.

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According to the design, An Phu intersection is a 3-storey construction, in which a two-way underground tunnel connecting the Ho Chi Minh City - Long Thanh - Dau Giay expressway through Mai Chi Tho (the side of the Thu Thiem tunnel), extending through the Mai intersection. Chi Tho - Dong Van Cong. On the ground will build islands, islets and above will make two overpasses.