In 2023, luxury apartments will continue to "occupy" the real estate market in Ho Chi Minh City

With the pressure of the inner city's land fund gradually depleted as well as the high cost of input materials, interest rates, etc., high-class apartments are forecasted to continue to maintain their dominant position, leading the new supply in the whole market. market, accounting for 70-80% of the total new supply in HCMC.

According to The Global City, in Ho Chi Minh City,

Although the supply of new apartments has continuously declined in recent years, from more than 41,000 units in 2017, a decrease of approximately 58% to just over 17,000 units in 2022, the proportion of high-end apartments still remains the same. sustained impressive growth in recent years.

Specifically, from only about 15% in 2017, after more than 6 years, this segment has reached approximately 3/4 of the total open-sale supply in Ho Chi Minh City recorded in 2022.

This can be explained by the fact that new supply is increasingly scarce, and investors who have projects open to sell to the market choose to upgrade and refine their products by increasing the application of green standards LEED, EDGE, Green Mark,…; investing in a portfolio of high-quality handover materials as well as extending the payment schedule, supporting grace periods for principal, interest, etc., are crystallized into the selling price.

Lumiere Boulevard - progress in May_2022

Lumiere Boulevard is being opened for sale with a price of around 65 million located in the old District 9, Ho Chi Minh City. Thu Duc

In general, under the pressure of the inner city's land fund gradually depleting as well as the high cost of input materials, loan interest... the whole market, accounting for 70-80% of the total new supply in HCMC in the coming years.

Data from the HCM City Department of Construction shows that, since 2017, the high-end segment has increasingly dominated.

Specifically, in 2017, the market had 10,987 units, accounting for 25.5%; in 2018 there were 8,502 apartments, accounting for 30%; in 2019 there were 15,479 apartments, accounting for 67.1%; in 2020, there are 7,114 apartments, accounting for 42.1%; In 2021, there will be 10,404 apartments, accounting for 72%. In 2022, Ho Chi Minh City has 9,510 apartments, accounting for 78.3% of the total supply.

Looking at the overwhelming supply of high-end apartments, Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA) said that from 2019 until now, HCMC has appeared projects and apartments. Real estate "super luxury" with prices up to 500 million VND/m2, especially with prices up to 1 billion VND/m2. These are indicators that the market is out of phase with supply and demand, and out of phase with segmentation.

For example, at the end of 2022, a series of products are offered to the market such as: Lumiere Boulevard Project located in Vinhomes Grand Park Urban Area (Thu Duc City) developed by Masterise Homes, Vinhomes exclusive business. expected to open for sale phase 2. The project is built on a land area of ​​3.3ha, with 2,422 apartments (1,2,3 bedrooms and duplex, penthouse), area from 50-370m2, price from 50-77 million VND /m2.

The 9 Stellars (Thu Duc City) of Son Kim Land opened for sale in phase 2 with the expected price of VND 68 million/m2. De La Sol project (District 4) of CapitaLand, total area of ​​1.45ha, investment capital of 4,000 billion VND, including 3 blocks, 34 floors with 880 luxury apartments, selling price is about 96 million VND/m2.

Zeit River Thu Thiem (Thu Duc City) of the owner GS E&C opened for sale phase 1 with the selling price from 170-190 million VND/m2. Lancaster Legacy project (District 1) of Trung Thuy Group is open for sale in phase 2 with the reference price of 199 million/m2.

Also in the city. Thu Duc, Lotte Eco Smart City Thu Thiem of Lotte Group have an expected selling price ranging from 6,500-8,500 USD/m2 (154-201 million dong/m2).

In fact, in Ho Chi Minh City, there is no shortage of projects with prices exceeding the threshold of 100 million VND/m2.

The survey shows that the apartment market in Ho Chi Minh City is recording about 30 projects with an average selling price of over 100 million/m2, most of which are concentrated in District 1 and Ho Chi Minh City. Thu Duc (Thao Dien, Thu Thiem, An Phu areas) such as: Zenity, D1 Mension, Soho Residence, The Grand Manhattan, Lancaster Legacy, IFC One Saigon, Pearl, Vinhomes Dong Khoi, Grand Marina Saigon, The Global City, Vinhomes Golden River, The Marq…

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