Supply of luxury real estate soars in Ho Chi Minh City

Ho Chi Minh real estate market has recently recorded a significant rise in supply of high-end segment. Only in July, many luxury projects were launched onto the market. For example, VinGroup, which is the pioneer enterprise in developing premium products,  has just launched 1,000 apartments of Aqua block and nearly 1,000 ones of Luxury 6 block of project Vinhomes Golden River (a.k.a Vinhomes Ba Son, District 1). Reportedly, these apartments are priced at $2,500- 6,000 per sqm, equivalent to VND5 - 10 billion/unit, depending on size and position.  

HaDo Centrosa Garden (No.200, Ba Thang Hai, Ward12, District 10) is also one of super projects impressing the market in the early of Q3. Covering an area of 6.8ha, the project is located right in the center of District 10. HaDo Centrosa Garden is developed with multiple zones: townhouses, functional areas and greenery. Price of townhouses is expected at from $6,000 – 8,000 per sqm. Besides, the project also offers dự 8 apartment block, 30 floors each, providing more than 2,187 luxury apartments with expected price at $ 2,000 – 4,000 per sqm.

Favorable location and amenities are advantages of high-end property projects in finding buyers
(Photo: HaDo Centrosa Garden project)

Recently, Kusto Home Corp. 2 Home has officially launched Hawaii tower of project Diamond Island (Dao Kim Cuong) phase 2. At the sale phase, the developer offers 177 luxury apartments with area ranging from 55 m2 to 450 m2 and price starting at around $2,500 per sqm. According to Kusto Home, over 60 apartments found their new owners right at the launching ceremony. 

Another high-end project named Millennium is going to be introduced to the market. The project has more than 1,000 luxury apartments with price ranging from $2,500-4,000 per sqm. Besides, Novaland also recently released a number of luxury projects such as Madison Thi Sach, Saigon Royal and Me Linh Tower Hai Ba Trung (District 1), with the average selling price expected at nearly $3,000-8,000 per sqm.

Meanwhile, a series of products in the high-class segment have hit the market so far, such as: Carillon 5, Golden Silk Jamona by Sacomreal; Cityland Garden Hills, Cityland Center Hills (Go Vap District), Cityland Riverside (District 7), Cityland Park Hills, Cityland Luxury Villas by City Group; Diamond Lotus Riverside by Phuc Khang; RichStar, Sunrise City, The Sun Avanue, Lakeview City by Novaland; Dragon Hill by Phu Long, etc. 

Sizes and sales policies of some luxury projects are adjusted to match
the current market demand (Photo: Phuong Uyen)

Particularly, supply of the premium segment in HCM market is estimated at around 10,000 products. According to CBRE Vietnam, from the beginning of the year until now,  HCM market has got at least 2,000 more luxury apartments, accounting for over 22% of new supply. In the second half of the year, the supply is expected to continue to rise to at least 3,000 luxury apartments.

According to Marc Townsend - Director of CBRE Vietnam, the reappearance of the luxury segment also demonstrated that the recovery of the housing market is going well and the need of customers is getting higher. These products benefit unique position, outstanding amenities, therefore, they are still sought after by the home buyers and investors. Moreover, developers are now more flexible. They not only develop various types of new amenities, design apartment with reasonable sizes, but also focus on flexible sales policies with incentives to help buyers easily access products than before.

Source: Tuoi tre online