Southern Vietnam real estate firms plan new project launches despite market uncertainties

Several developers in Vietnam’s southern region are planning to launch new projects despite experts saying the real estate market outlook for the remainder of this year remains uncertain.

After experiencing a challenging period, Asian Holding, led by CEO Nguyen Van Hau, is set to unveil new offerings by the end of the year.

The company plans to offer approximately 100 land plots in Dong Nai province at VND12-13 million ($522) per square meter. Buyers will receive property ownership certificates upon their purchase.

Hau said that the remainder of this year will continue to be driven by the apartment segment. The real estate market was still in the early stage of stabilization, with participants facing difficulties in implementing their projects due to previous economic impacts and ongoing land-related legal issues.

“The new related laws are in effect, but we need to wait for guiding documents to bring them into life. The market will truly recover in 2025. More importantly, customer sentiment needs to be liberated and once it is, new investments will flow into real estate. For some time, customers have been cautious and reluctant to invest in this industry,” he explained.

Real estate expert Nguyen Hoang said he believed that while waiting for policy changes to take effect, the property market will gradually recover, with apartments leading the trend. Developers will likely launch their offerings with more vigorous marketing activities, he said.

“B-class apartments (around VND60 million or $2,412 per sqm) and C-class apartments (VND35-50 million or $1,400-2,010 per sqm) will continue to attract buyers and will be a focus for developers,” he said.

However, since supply remains limited in these segments, rapid project approval could remove major bottlenecks and make the market more active, he added.

“When there is ample supply of new properties, it will reduce pressure on increasing real estate prices and investors will need to adjust their sales strategies to remain competitive,” Hoang said.

Upcoming projects

Recently, in Ho Chi Minh City, Malaysia’s Gamuda Land began accepting reservations for its low-rise project The Meadow in Binh Chanh district. The 5-hectare project features 212 townhouses and villas with prices starting at VND6 billion ($241,230) per unit. The foreign developer is also constructing the Eaton Park project in Thu Duc city.

Meanwhile, Khai Hoan Land said that it will open for sale its Khai Hoan Prime project in HCMC’s Nha Be district. The project, with a land area of 19,730 sqm, has three apartment towers of 25 and 27 floors and a total of 1,257 apartments priced from VND54 million ($2,170) per sqm.

In Long An province, Thang Loi Group has said it will launch in October its Binh An Urban Area project in Duc Hoa district. This project, the group’s first, is being implemented in cooperation with An Cuong Wood Joint Stock Company.

Covering 131,750 square meters, the project has a total investment of nearly VND9.3 trillion ($373.9 million).

In the past, Thang Loi focused only on the land plot segment. It said it was adapting to “the new context” with a shift in focus to the apartment segment.

In Binh Duong province, Phu Dong Group will open for sale in October its Phu Dong SkyOne project, which spans 6,000 square meters in Di An town. The project comprises two apartment blocks and a total of 780 apartments priced from VND31 million ($1,246) per sqm.

C-Holdings of businessman Nguyen Quoc Cuong has launched The Felix project in Binh Duong province’s Thuan An town. The 9,000-sqm project includes two 40-floor apartment blocks with 1,382 apartments priced at about VND32 million per sqm.

Another developer, Phat Dat Real Estate Development Corporation, is expected to introduce this October the Thuan An 1 and 2 high-rise housing projects in Thuan Giao ward, also in Thuan An town. The project, built on an area of 4.46 hectares, has a total investment of over VND9.37 trillion ($376.8 million).

Thuan An 1 covers nearly 18,147 sqm with 39 floors, providing 3,133 apartments to the market. Thuan An 2, also having 39 floors on an area of 26,531 sqm, will have about 3,500 apartments and 17 shophouses.

Other developers like Bcons, Tran Anh and Danh Khoi have also announced plans to open for sale townhouses, villas and apartments in Long An, Binh Duong and Ho Chi Minh City.

Meanwhile, more prominent names like Novaland, Hung Thinh, Phu Long and Van Phuc Group have not announced new projects this year.