After nearly three years of stagnation, Vietnam’s southern real estate market is witnessing a wave of mergers and acquisitions (M&A), with several major projects in Ho Chi Minh City, Dong Nai, and beyond being quietly transferred - some in deals worth trillions of dong. These movements signal a phase of intense market consolidation.

High-value transfers quietly underway

The southern property market has recently become more active with a noticeable increase in M&A activity. Many domestic developers are restructuring their portfolios, selling off projects to ease financial pressure. Meanwhile, investors with strong capital are seizing the opportunity to acquire clean land with clear legal status.

Among the most notable deals is the recent approval by DIC Group to transfer four subdivisions within its 464.6-hectare Dai Phuoc eco-tourism urban area, located on Ong Con islet in Dong Nai Province. The combined area being sold totals 45 hectares. The buyers - TNT Phu Hoa JSC and EverLand An Giang JSC - are both domestic firms. The deal is expected to bring in nearly VND 3 trillion (around USD 123 million) for DIC Group.

In another case, LDG Group has agreed to transfer its LDG Sky project, a residential complex consisting of five towers and nearly 1,700 apartments located in Binh Nguyen New Urban Area, Thu Duc City. While the buyer and sale price have not been disclosed, LDG confirmed the sale is needed to fund ongoing operations.

Late 2025 also saw a surprising move when Ngan Hiep Real Estate, a subsidiary of Novaland, became a major shareholder in Seaprodex (SEA) by quickly acquiring more than 30 million SEA shares. This acquisition - estimated to be worth over VND 1 trillion (around USD 41 million) - gives the buyer access to a prime 1,600m² “golden land” plot at 2-4-6 Dong Khoi Street in District 1. The site is zoned for a 20-story complex combining hotel, retail, and office spaces.

Another quiet takeover involved the Saigon Broadway project, a large-scale development of 3,200 apartments on Mai Chi Tho Boulevard. Originally owned by Novaland through a subsidiary, shares were gradually sold off starting in 2020. By August 2025, Sun City - the project’s registered owner - saw a shift in its shareholder structure. GWC Real Estate, a company linked to Son Kim Land, acquired 25% of the firm.

The remaining shares belong to Nippon Co., Ltd., whose shareholders also changed. GWC now owns 20% of Nippon, while other entities linked to Son Kim Land hold the rest. Through these direct and cross-ownership arrangements, Son Kim Land effectively took control of Sun City and, with it, the Saigon Broadway project.

Foreign players lose ground to domestic investors

The biggest southern M&A deal in 2025 came when CapitaLand Tower, a subsidiary of Singapore’s CapitaLand, acquired over 150 hectares in the Vinhomes Green Paradise project in Can Gio. This includes plots designated for high-rise housing, hotels, and commercial services. The deal was reportedly worth nearly VND 17.5 trillion (approximately USD 717 million).

According to real estate research firm Avison Young, compared to the 2021–2022 boom, the number and value of M&A transactions across sectors declined in 2025. Not only did the overall volume shrink, but the average deal value also dropped in the first 10 months of the year.

Nevertheless, real estate remained the most active M&A sector. Negotiations have become lengthier, reflecting a tug-of-war between optimistic expectations and more grounded assessments. The location of assets being acquired points to an investment shift driven by regional infrastructure.

Avison Young noted that local firms have overtaken foreign entities as the main buyers in major real estate deals exceeding USD 100 million.

Commenting on the trend, David Jackson, CEO of Avison Young, said the market now favors buyers, who are exercising greater caution - particularly in legal due diligence and risk assessment. Successful deals are those that help buyers realign their portfolios and reposition assets for the next growth cycle.

Avison Young reported that most announced M&A transactions took place in Ho Chi Minh City (15 deals in the former urban core and one in Binh Duong). Eleven deals were recorded in satellite cities around Hanoi, and one in central Vietnam.

“This reflects a shift of long-term capital flows toward satellite cities. These areas offer ample room for growth, driven by strong housing demand, decentralization trends, and rapid infrastructure development,” the firm concluded.

Anh Phuong