VietNamNet Bridge – Around two-thirds of new real estate projects in HCMC went up in the eastern and southern parts in the third quarter and, according to experts, there will be more residential developments in these areas in the coming time.

Figures of property service firms show that in the year to date, there have been more housing products offered for sale, especially high-end units, in the east of the city comprising districts 2, 9 and Thu Duc, and the south including districts 4, 7, 8 and Nha Be.

The major Sala development in District 2 of Dai Quang Minh Real Estate Investment Company is clear evidence for the bustling real estate market in the east. After selling luxury apartments of the Sarimi project in May, Dai Quang Minh has launched products in the Sarica Condominium and Sadora Apartment projects.

In early October, Empire City Limited Liability Company broke ground for the Empire City project worth some US$1.2 billion in the core part of Thu Thiem New Urban Area in District 2.

The Empire City complex consists of an 86-storey observatory building, a five-star hotel, a residential area, a shopping mall and an office building on nearly 15 hectares.

According to the investor, the four-phase complex will have total floor space of 730,000 square meters and will be developed until 2022.

In addition to Phu My Hung Town in District 7, the southern part has recently attracted many more realty developers including Dat Xanh Group and Nova Real Estate Investment Corporation (Novaland), to name just a few.  

Dat Xanh Group said it would unveil 20 projects at Dat Xanh Expo slated to take place later this month. Around half of the total number will be carried out in the eastern and southern parts such as Opal Riverside in Thu Duc District, the Palm City in District 9, Polaris Riverview and Luxcity in District 7 and Square Plaza in District 8.

In September, Novaland announced seven projects including Sunrise Cityview in District 7 and Sunrise Riverside in Nha Be District.

The southern part has also lured other investors like An Gia Real Estate Investment and Development JSC with the An Gia Skyline in District 7.

Preliminary statistics showed the housing projects announced in the past three months in the city’s south would supply thousands of apartments for the market.

Experts said many real estate developers have come to the southern part in recent years to make the most of new opportunities arising from fast infrastructure development there like Tan Cang-Hiep Phuoc Port, industrial parks, export processing zones, the Soai Rap River and Nguyen Van Linh and Vo Van Kiet boulevards.

Duong Thuy Dung, head of research and consulting at CBRE Vietnam, said the city’s south accounts for 36% and the east makes up 29% of some 10,000 new apartments of 26 projects offered for sale in the third quarter.

Data of Savills Vietnam indicated that of 30,500 apartments put up for sale in HCMC in the year to the third quarter, there were around 6,500 apartments in the south and some 7,000 apartments in the east.

“It is interesting to know that the southern part takes the lead again but there will be a race between the south and the east in terms of new housing projects in the coming time,” Dung said.

SGT