Booming Residential Projects in Southern Vietnam

The Bcons Solary residential project, situated in Binh Duong, a bustling industrial hub neighboring Ho Chi Minh City, has commenced accepting deposits for its apartments. This ambitious project, currently under construction, features four buildings encompassing a total of 2,650 apartments. Priced starting from VND33 million (US$1,300) per square meter, the project is slated for completion by 2027.

In Long An Province, the Saigon Riverpark project has been unveiled, offering 1,229 units priced from VND20 million per square meter. Meanwhile, in Ho Chi Minh City, the last units of the Citi Grand project are set to be sold from VND50 million per square meter. Another project, Fiato Uptown, will soon accept deposits with prices starting from VND55 million per square meter. Conic Boulevard, with 976 apartments, will begin accepting deposits this month at a minimum of VND40 million per square meter.

These projects are part of a wave that will add 10,000 apartments and 600 houses to southern localities in the final three months of this year, bringing the total new supply for 2024 to 30,000 units, the highest in the past five years, according to property consultancy DKRA Group. Nguyen Van Dinh, chairman of the Vietnam Association of Realtors, noted that the government's efforts to untangle legal issues have boosted property market recovery, giving developers the confidence to launch new projects in anticipation of rising demand, particularly in HCMC's neighboring localities.

Ha Van Thien, deputy CEO of property developer Tran Anh Group, indicated that the successful sales of some projects will lead to the launch of others this month and early next year. Despite this, a significant gap between supply and demand means that prices will continue to remain high. Some projects have already seen prices increase by 3-8% compared to the third quarter. New apartments are priced starting from VND65 million in HCMC and VND35 million in satellite localities. Economist Can Van Luc anticipates a further rise in property prices starting from 2026 when the government implements a new property price scale.