Ultra-luxury apartments priced above $3.9 million

After nearly a decade of inactivity, the Lancaster Lincoln luxury apartment project on Nguyen Tat Thanh Street in former District 4, now Xom Chieu Ward, has shown signs of revival.

Developer Trung Thuy Group is set to resume construction of the project’s upper structure on May 16 after legal obstacles were resolved.

With this development, the central HCMC luxury apartment market is expected to gain nearly 1,000 new units.

In the ultra-luxury segment, Masterise Homes has also recently unveiled One Central Saigon, a project located on a prime four-frontage site opposite Ben Thanh Market.

Alongside 250 hotel rooms, One Central Saigon includes 350 branded residences operated by The Ritz-Carlton, Marriott International’s most prestigious luxury hotel and residence brand.

Although originally licensed in 2013 under Bitexco Group, construction on One Central Saigon only began in 2019.

After completing the structural framework, basement and podium sections, the project was suspended for several years.

Between 2021 and 2024, the troubled development changed ownership multiple times and was also used as collateral for 10 bond issuances worth a combined VND10 trillion ($390 million).

While Masterise Homes has yet to officially announce prices, many brokers expect units at One Central Saigon to cost no less than VND1 billion ($39,000) per square meter.

Large three-bedroom units are projected to be priced above VND100 billion ($3.9 million).

Lancaster Lincoln and One Central Saigon are among the few remaining apartment projects in HCMC’s urban core.

Recently, HCMC Party Secretary Tran Luu Quang said the city is restructuring its urban development strategy to reduce population pressure in the central area and expand growth toward suburban districts.

Under this orientation, future housing developments will increasingly concentrate in outlying areas, accompanied by synchronized investments in infrastructure and transport connectivity with the city center.

Tran Luu Quang emphasized that HCMC will limit the construction of additional high-rise apartment towers in the urban core.

Instead, large land reserves will be prioritized for parks and public community spaces.

The city is also studying a model of commercially developed housing with more reasonable pricing in areas farther from the center.

These projects would not fall under social housing or rent-to-own categories but would target genuine housing demand from middle-income residents.

New housing supply hub for HCMC

According to CBRE Vietnam, cumulative apartment supply in the former HCMC area exceeded 354,000 units by the end of the first quarter of 2026.

Notably, unsold inventory accounted for only 2.6%, highlighting the prolonged supply shortage in central and near-central districts and maintaining strong demand and competition for new projects.

Duong Thuy Dung, executive director of CBRE Vietnam, said the apartment market structure has changed significantly following administrative restructuring.

More than 42% of apartment supply launched in the first quarter of 2026 was priced below VND60 million ($2,340) per square meter, making the market more diversified.

CBRE Vietnam forecasts that newly launched apartment supply in greater HCMC will reach around 34,000 units this year, with the former Binh Duong Province expected to contribute more than 50%.

A VietNamNet survey found the apartment market in the Binh Duong area highly active, with numerous projects either underway or newly launched.

Alongside projects already introduced such as Sycamore by CapitaLand, La Pura by Phat Dat Corporation and Bcons Garden by Bcons Group, the market has also welcomed newcomers like The Harmonie by Phu My Hung.

Most recently, Le Phong Group launched The Emerald River Park, a high-end apartment project comprising nearly 2,500 units, including 1,800 apartments, 650 condotel units and 20 shophouses.

With such abundant supply, CBRE Vietnam believes the former Binh Duong Province will become a key area for addressing HCMC’s future housing supply challenges.

Anh Phuong