Eastern HCMC meets real housing demand

The east of Ho Chi Minh City still has many new housing units with affordable prices for buyers, while other parts of the megacity have seen almost no new supplies.

Phu Dong Real Estate JSC is selling units at the Phu Dong Sky Garden apartment project in Di An town, Binh Duong province. Notably, the project location is Di An but it is adjacent to Pham Van Dong street, the route leading to Tan Son Nhat International Airport and inner-city areas in HCMC.

The project includes 640 apartments with either two bedrooms or three. The selling price from the developer is in the range of VND38-40 million ($1,600-1,690) per square meter.

Nguyen Thanh Thao, the company’s sales director, said that this is the third project in a series of housing products for young people her firm is developing in Di An town. The sales gallery for the project is open to customers.

The company is in the legal process for its Phu Dong SkyOne project in the same town, and product introduction will follow, she said. The project will include 780 apartments with one, two or three bedrooms, with affordable prices of under VND30 million ($1,270) per square meter.

Bcons, another property developer, is offering housing units in three mid-range apartment projects in the same town. They stand along Pham Van Dong street and 1K Road in Thu Duc city on the outskirts of HCMC.

The selling prices from Bcons are similar to those for Phu Dong SkyOne.

Van Phuc Group is selling about 100 townhouses and villas at the Van Phuc City project in Thu Duc. The company will start selling more than 400 apartments in this project in the second quarter of 2023.

Other developers like Hung Thinh Land, Vingroup, and Dat Xanh are also selling their apartments at more than VN40 million ($1,690) per square meter in eastern HCMC.

Rio Land is selling apartments in its MT Eastmark City project in Thu Duc. The project includes 1,578 apartments, with prices in the range of VND30-60 million ($1,270-2,530) per square meter.

Strong demand

Phu Dong’s Thao said she saw the transaction volume in her company’s sales is high but did not give details. She added her company offers flexible and long payment terms to help buyers ease bank loan burdens.

Nguyen Huong, CEO of Dai Phuc Land, a distributor for the Van Phuc City project, said it also sees good sales because the developer, Van Phuc Group, helps buyers in getting bank loans and offers long payment periods.

Rio Land CEO Truong Thi Ngoc Trinh told The Investor that the number of transactions at her MT Eastmark City project was low in the last three months of 2022, but has recovered, with a strong rebound from the beginning of February. The developer also offers longer payment periods.

In HCMC, there is strong demand for affordable housing, said HCMC Real Estate Association chairman Le Hoang Chau. “Lots of budget housing units or mid-range products are now available in the east of the city or Di An town nearby. That’s why customers come here.”