Eastern Region: Hot spot for infrastructure and real estate development in Ho Chi Minh City
In recent years, the East of Ho Chi Minh City, especially Thu Duc City, has emerged as a bright spot in the real estate market in Vietnam. Synchronous infrastructure, economic development potential, and the emergence of large-scale urban projects have pushed the real estate value of this area to continuously increase, creating attractiveness for investors and customers.
According to a report from the Center for Market Research and Customer Insight of a real estate unit, the East is currently the area with the best real estate supply in Ho Chi Minh City. In the first half of 2024, 69% of new supply in the whole of Ho Chi Minh City is concentrated in high-end and luxury projects. Of which, 77% comes from the East. The main development driving force of this area is modern transport infrastructure such as Metro Line 1 (Ben Thanh - Suoi Tien), expressways, and inter-regional bridges connecting to key provinces in the South such as Ba Ria - Vung Tau, Dong Nai, Binh Duong, Binh Phuoc, Tay Ninh, Long An and Tien Giang.
Market demand is still very large, but land funds for developing large projects in Ho Chi Minh City are increasingly scarce, and apartment supply is gradually "hitting rock bottom". The "thirst" for housing in Ho Chi Minh City is likely to continue in 2025 when only 10,000 new apartments will be opened for sale, a number that is only one-third of market demand.
Batdongsan.com.vn's report also shows that compared to the period 2013 - 2016, the selling price of apartments in the period 2023 - 2026 has doubled. Specifically, the average price in 2013 was about 23 million VND/m2, while the average price in the first 6 months of 2024 was about 45 million VND/m2.
The formation of large satellite cities such as Thu Duc City and the addition of quality apartment supply to the market not only attracts residents, helps disperse the inner-city population, and reshapes the planning, but is also a strong driving force for domestic and foreign investors.
Revealing the first images of the upcoming high-rise duo in the East
Since its launch, The Global City has quickly emerged as an iconic urban area of Ho Chi Minh City. The project owns a prime location connecting the central artery of Ho Chi Minh City and Long Thanh - Dau Giay Expressway, providing diverse real estate products, while bringing an international standard "Live - Work - Play" utility system with a variety of experiences for all ages and interests. In particular, the SOHO commercial townhouses were completed and handed over at the end of 2023, welcoming residents and hundreds of brands to join; continuously opening to serve residents in the area and surrounding areas.
The Global City is considered a project with outstanding progress, and recently, the big push from the first high-rise project of this urban area has created a strong wave of interest. On October 20, Masterise Homes officially revealed the first image of the pioneering pair of high-rise towers at The Global City. With a strategic location at the intersection of Do Xuan Hop and Lien Phuong streets, the project inherits the entire system of high-class utilities of the urban area, while conveniently connecting to the regional traffic infrastructure.
This project not only marks the expansion of The Global City into the high-rise segment but also contributes to heating up the real estate market, taking advantage of the great advantage from the completion of key transport infrastructure in the coming time. Projects such as Metro Line 1, Lien Phuong Road, An Phu intersection, etc. will be completed at the same time as the project is built or handed over, bringing maximum convenience to residents. This further increases the attractiveness of the project, when the demand for a modern, well-connected living space with complete amenities is ready to explode.
With a high urbanization rate, synchronous infrastructure, and the participation of major investors, real estate in the East of Ho Chi Minh City will maintain a special attraction for both home buyers and investors in the coming time. The convergence of existing high-end utilities and upgraded traffic infrastructure will make the high-rise project at The Global City become the focus of the real estate market in the East of Ho Chi Minh City in the final period of this year, creating many attractive investment opportunities in the future.
