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HCM City sees sharp increase in condo projects

Many developers in HCM City have launched condo projects with various offers since the beginning of the year.
Many developers in HCM City have launched condo projects with various offers since the beginning of the year.

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Most of them are located in the western and southern areas of the city. Earlier this month, many new projects were brought to the market in these areas.

For instance, the Dream House Investment Joint-Stock Company began construction of the 20-storey D-Vela project with 168 condos in District 7.

Also in District 7, the Phu My Hung Development Corporation held its first sales event for a new project called Phú Mỹ Hưng Midtown.

A new selling phase for Saigon South Residences in Nhà Bè District is also expected to begin soon.

Dat Xanh Company, meanwhile, launched a new project called Luxgarden on Nguyen Van Quy Street in District 7, with two 26-storey buildings containing a total of 500 apartments.

In addition, Hung Loc Phat will kick off sales for its luxury project, The Golden Star, on Nguyen Thi Thap Street in District 7.

Kien A Company has announced that it will begin construction on the second phase of its Lvaila project with 257 villas in southern HCM City.

In the western area of the city, MoonLight Boulevard in Binh Tan District, developed by Hung Thinh Real Estate Company, will be brought to the market this year.

Meanwhile, Gotec Land continues to sell units in its Summer Square on Tan Hoa Dong Street, and with 1,000 condos, Phu Son Thuan Company will sell its Orient Plaza project in Tan Phu District.

Prices vary depending on the area of the city.

In District 2, developers are focusing on projects with the price range of VNĐ30 million (US$1,300) to VNĐ80 million ($3,500).

In Thu Duc District and District 9, however, the price is VNĐ18-30 million ($790-1,300) per square metre.

Pham Van Lam, general director of Danh Khoi A Chau Real Estate Company, said that developers were becoming more professional by focusing on commitment and prestige.

They have developed projects with many facilities and amenities, he said.

Le Chi Hung Viet, deputy director of the Dream House Investment Joint-Stock Company, attributed the market’s liquidity to demand from investors who buy condos for leasing purposes.

This is a new choice for investors, he said, adding that condos with a good location, flexible installment plans, and modern decor will attract more investors.

In coming months, developers will continue to bring to the market many new products.

Hung Thinh Company plans to open 5,500 apartments and 1,000 land slots this year, while Him Lam Land is set to develop 3,000 units this year.

Ngo Quang Phuc, the company’s deputy director, said that 80 per cent of these units will have prices ranging from VNĐ1.5 billion to VNĐ2 billion. The remaining 20 per cent will have prices of more than VNĐ2 billion.

The company also targets developing a luxury project in District 1 this year.


VNS

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