This article is contributed by Dustin Nguyen, Country Head of IQI Vietnam
CENTRAL MARKET
The Global City – The Expected Market Hotspot
- One of the rare brand-new primary projects to launch in Q4/2024.
- Added value from infrastructure – Liên Phường Road construction has started.
From now until 17/11, the Ben Thanh – Suoi Tien Metro railway line will be officially put into trial operation, including both the elevated section and the tunnel.
It is expected to begin official commercial operation by the end of December 2024. When the Metro line is officially operational, it will significantly boost the prices of nearby projects.
On 2/10/2024, Nam Ly Bridge was opened to traffic after 8 years of waiting. Nam Ly Bridge, located on Do Xuan Hop Street near The Global City, directly connects to the MK intersection of Hanoi Highway.
The Nam Ly Bridge, connecting District 2 and the old District 9 (now Thu Duc City), had a total investment of nearly 732 billion VND (a reduction of more than 188 billion VND compared to the original plan). It replaces the Rach Chiec dam bridge to improve connectivity between Hanoi Highway and the Ho Chi Minh City – Dau Giay Expressway, reducing traffic congestion on Do Xuan Hop Street during rush hours.
On 10/10/2024, construction began on the remaining 600m section of Liên Phường Street, connecting The Global City to Hanoi Highway – Thao Dien Ward, District 2. This will reduce travel time to only 5-7 minutes. Residents in District 9 and District 2 will be able to reach central districts more conveniently and quickly.
On 20/10/2024, Masterise Homes signed agreements with 30 agencies to prepare for the sale of 27 apartment buildings, corresponding to 8,000 units, at The Global City project. This move is expected to boost the real estate market and make it more vibrant toward the end of the year.
The announcement by Masterise Homes about the upcoming opening of a connecting road from the expressway to The Global City has generated significant interest among real estate agencies involved in the project.
Foreign investment has been the main driving force behind large mergers and acquisitions this year. Last week, U.S. investment firm Nebula Energy’s liquefied natural gas subsidiary, AG&P LNG, acquired a 49% stake in the Cai Mep LNG Terminal in Ba Ria-Vung Tau.
Province, according to its owner, energy firm Hai Linh Company. The terminal is valued at US$500 million and is expected to become operational in the third quarter of this year
In late February, Siam Commercial Bank, Thailand’s fourth-largest bank by assets, acquired consumer finance company Home Credit Vietnam for $865 million.
Like in 2023, when the top five M&A deals all involved foreign investors, this year’s market is similarly dominated by them.
- Tourism & Resort Real Estate Growth: Tourism, particularly from Korean and Chinese visitors, is driving an increase in the sale rates of hotel rooms and Airbnb rentals. As a result, this is the best time in two years to sell resort projects.
- Focus on Projects Near HCM: Large, reputable developers are focusing on projects near Ho Chi Minh City to leverage the Sbay infrastructure and belt road developments.
*Sungroup: 99h to Vung Tau
*Lodgis: Promoting the development of resort villas in Q4 2024 and Q1 2025 - Suburban Investment Trend: Investment in suburban areas is increasing due to the connection of Belt Road 3, with depopulating areas becoming attractive. This trend includes residential real estate combined with industrial real estate in areas such as Binh Duong (Capital, Gamuda, Becamex) and Long An (Lahome, Ecopark, Nam Long).
Discover the latest real estate opportunities in Thu Duc City. Contact us today or read more here to find your ideal investment or home!
Data extracted in September 2024
