The housing market in HCM City’s western part has recently become attractive, especially apartments in the affordable segment costing around VND2 billion (US$87,000), analysts said.
They said this segment is popular because it meets the demand of people who buy housing for living or leasing out.
Economist Dinh The Hien said in 2018 mid-priced condos in good locations would remain a good choice for buyers.
Su Ngoc Khuong, director of investment at Savills Vietnam, concurred, saying apartments costing around VND2 billion remain the prime segment in the market.
“Such condos are in high demand in HCM City since people can buy it using their income and loans from banks. Furthermore, this kind of condo attracts many foreign investors.”
Furthermore, the analysts said, the west is now attractive thanks to convenient transportation.
Le Hoang Chau, chairman of the HCM City Real Estate Association, said that many investors and buyers have moved to the west to take the advantage of its infrastructure.
Metro routes 2 and 6 are under construction while the other ongoing works to connect the city with neighbouring provinces like Binh Duong, Dong Nai and Long An also will also make the local infrastructure better.
Many roads and bridges there are set to be widened to address the problem of traffic jams.
There are many amenities in the west like Galaxy cinema, AOEN Mall, Big C, Co-op.Mart, parks, schools, and hospitals.
Many projects like Him Lam Cho Lon by Him Lam Land, RichStar by Novaland, Carillon by TTC Land (formely Sacomreal) and Melody Residence by Hung Thinh have been developed here as a result.
Property prices are flying
A city resident, who asked not to be named, said she had bought an apartment on Hoang Hoa Tham Street for VND24 million ($1,052) per square metre. The price has risen to VND40 million ($1,750).
The director of a transaction centre said the western region is a place where many people of working age live.
So there is very high demand for both buying and renting, and high liquidity in the affordable apartment segment in the area, he said.
A TTC Land executive told Việt Nam News that his company has been developing a chain of projects called Carillon in the west to meet the demand in the mid-price segment.
So far it has constructed and launched five Carillon projects and sold all units within two weeks to one and a half months.
Late last week the company launched a new project called Carillon 7.
The launch event attracted many prospective customers because of its good location on Luong Minh Nguyet Street in Tan Phu District.
It is in the place near to five districts of Tan Phu, Binh Tan, Tan Binh, 6 and 7.
“The project has 625 condos and 14 shop-houses with a construction density of 27 per cent,” the executive said.
He added that the company plans to develop more projects in the area because of the huge potential.