Southern developers break ground on new housing projects, eye 2024 completion

Malaysian company Gamuda Land this month began the construction of Eaton Park in Thu Duc City, a project spanning 3.5 hectares with apartment towers, shophouses and stores.

It plans to begin sales in the second quarter of next year at US$5,000-6,000 per square meter.

Masterise Homes, a developer of high-end projects, plans to soon begin construction of The Global City apartments, also in Thu Duc.

Customers can put down deposits in the second quarter of next year for handover in the last quarter.

Keppel Land is building a townhouse project in Thu Duc and sales are scheduled to begin at the end of 2024.

HCMC’s neighboring province of Binh Duong is also seeing new projects.

Phu Dong Group has just begun construction of the Phu Dong SkyOne apartments in Di An City. It will have 800 units at prices starting at VND32 million ($1,314) per square meter.

Danh Khoi Group will start selling 5,000 apartments at its Astral City in Thuan An City early next year from VND42 million per square meter.

The new projects are mostly in the high-end segment.

Duong Thuy Dung, managing director of property consultancy CBRE Vietnam, said 71% of the new apartment supply next year would be high-end, some even being in the luxury segment.

Property services firm Cushman & Wakefield said at least 60% of new apartments in HCMC would start at a price of VND60 million per square meter.

Savills Vietnam expects over 16,000 apartments and 2,000 houses to be built in HCMC next year, and 9,000 apartments and 6,000 houses in neighboring provinces such as Binh Duong and Dong Nai.

Deputy director of Savills HCMC, Giang Huynh, said the apartment segment would be the first to recover in the property market thanks to high demand for occupation and it would happen next year.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said weak property developers have been “filtered out” this year and those who remain next year would mostly have the financial strength to survive over the long run.