There is a famous before and after photo of Shanghai’s dominating Pudong district skyline. It demonstrates the speed of development that Shanghai experienced in under 20 years.
And it’s about to meet its counterpart in Vietnam.
Ho Chi Minh City’s newest district, Thu Thiem, is expected to rival Shanghai’s Pudong area for magnitude of vision and iconism in Asia. It is currently an undeveloped 657 hectare peninsula across from District 1, separated by the Saigon River. Tomorrow’s vision of Ho Chi Minh City will be constructed here. The modernization of the city is rapidly beginning to materialize.
So how does the average Vietnamese local or foreigner get a piece of this action?
The team at Vietcetera asked a few real estate development friends about what their favorite pieces of the pie are up for grabs.
1. Empire City (under construction – District 2)
Developers: Gaw Capital, Keppel Land, Tien Phuoc and Tran Thai.
This project will officially launch in Q4 of 2016. Condo prices are around $2,500-$2,800 per sqm. The developers are expected to hand over keys in Q1 of 2019. There are plans to construct 3000 units with over a 14.5 hectare area. It’s waterfront and will boast a 86-story tall building, five-star hotel, shopping mall, apartments and shop houses.
Empire City is located in one of the most sought-after positions in District 2, which has plans to become “the new district 1.2” of Ho Chi Minh City.
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2. Sala (under construction – District 2)
Developer: Dai Quang Minh Corp.
Sala is the biggest project in the Thu Thiem peninsula. The featured products available for sale include villas, condos and townhouses. Phase 1 is expected to be complete by the end of 2017.
Condo prices range from $1,800-$3,600 per sqm.
3. The Sun Avenue: (under construction – District 2)
NovaLand is the second real estate developer in Vietnam after VinGroup. Spread over eight towers, The Sun Avenue will feature 1400 units and easy access to the future Ben Thanh – Suoi tien metro line.
Prices are expected to hit the market at $1,400-$1,600 per sqm.
4. Lexington Residence (completed – District 2)
The Lexington Residence is a bit deeper inside District 2 and the prices are reflected in that location – it’s nearly 50% cheaper than the first couple of options.
The price range before completion was 1,100-1,400 per sqm. It’s expected to return a price of >$1,600 per sqm for existing owners.
5. The Flora (completed – District 9)
Developer: Nam Long, Hankyu Realty and Nishitetsu
This project belongs to the middle-end segment. The Flora’s District 9 location makes it a no for some house hunters, but for others it’s a lower price point while offering similar amenities as the other options. It is directly next to District 2 and is also growing rapidly.
Price are around $900-$1,100 per sqm.