Phu Long Real Estate Joint Stock Company has just announced the Essensia Sky Project in Nha Be District (HCMC). According to Phu Long, the project is built on an area of 10,000 m2, with 2 blocks of 26-storey luxury apartments, including 424 apartments, with a starting price of 60 million VND/m2. The project will be completed and handed over to customers in 2027.
Khang Dien House Investment and Trading Joint Stock Company has just announced the opening of phase I - Foresta Project in Thu Duc City (HCMC), covering an area of 12 hectares. Accordingly, Khang Dien will launch 200 products including townhouses and villas, with prices starting from 18 billion VND/unit.
Masteri Group also announced that it has started selling a luxury apartment project called The Global City in Thu Duc City (HCMC). According to the investor, the project consists of 2 apartment towers. The number of apartments for sale is 616, with prices starting at VND100 million/m2, and will be handed over to customers by the end of 2026.
Another project that was also launched for sale in November 2024 is Artican Park, invested by Gamuda Group. The project has an area of 5.6 hectares in Thu Dau Mot City (Binh Duong). The project has 349 townhouses, including 174 3-storey houses and 175 4-storey houses, which will be handed over to customers in the second quarter of 2025, with prices starting from 70 million VND/m2.
In the vicinity of Ho Chi Minh City, DKRA Group announced the opening of the Saigon Riverpark Project in Can Giuoc District (Long An). The project covers an area of 32 hectares, including 1,229 plots, with a selling price of 20 - 25 million VND/m2.
In Di An City (Binh Duong), TT Capital Company and Japanese joint venture Cosmos Initia and Koterasu officially launched the TT Avio Apartment Project. The project is built on an area of nearly 16,000 m2, with 2 apartment blocks of 30 and 37 floors, including 2,000 apartments. The selling price offered by the company is from 29 million VND/m2.
With the information released for sale, it can be seen that the affordable segment can only be found in the surrounding areas of Ho Chi Minh City. Meanwhile, low-cost housing is no longer mentioned.
According to a report recently released by the Ho Chi Minh City Real Estate Association, from the beginning of 2024 to now, Ho Chi Minh City has only 31 commercial housing projects under implementation with 31,167 apartments, only about 1/3 of the number of projects implemented annually before.
There are 4 commercial housing projects eligible to mobilize capital to bring products to the market, a 75% reduction in the number of projects with a total of only 1,611 houses. All are high-end houses (a 90% reduction in the number of houses compared to the same period in 2023, when there were 19 commercial housing projects with 17,753 houses brought to the market).
Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association (HoREA) said that this is the first time the high-end housing segment has dominated the entire Ho Chi Minh City real estate market and at present, the market no longer has a supply of mid-range and affordable housing (new) at affordable prices in commercial housing projects, making the housing product structure in the city's real estate market even more "distorted", not meeting the real housing needs of the majority of middle-income earners, low-income urban people and the market is developing unsustainably, unsafely and unhealthy.
According to Mr. Chau, the data shows that the average house price of 1,611 houses in 4 high-end housing projects launched on the market in the first 11 months of 2024 has reached 9.39 billion VND/house, and this is only the "primary house price" because the investor registered the house price with the Department of Construction when establishing the investment project, so the actual house selling price on the market will certainly be higher.
