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Home / Economy / Real estate
Western Ho Chi Minh City becoming new housing hotspot
Phuong Thao 07:49, 2018/01/29
The housing market in Ho Chi Minh City`s western region has recently become attractive, especially apartments in the affordable segment costing around VND2 billion (US$87,000), according to analysts.
Expert opinion says the segment is popular because it meets the demand of people who buy housing for living or leasing out.
 
The city’s western region is in the crosshairs of working age people looking for a place to live
Economist Dinh The Hien said that 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 around VND2 billion remain the prime segment in the market.
Such condos are in high demand in Ho Chi Minh City since people can buy them through a combination of their income and bank loans. Furthermore, these kinds of condos attract many foreign investors, Khuong said.
Analysts said the west is now attractive thanks to convenient transportation.
Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said that many investors and buyers have moved to the west to take the advantage of the improving infrastructure.
Metro Lines 2 and 6 are under construction, while the other ongoing works to connect the city with neighboring provinces like Binh Duong, Dong Nai, and Long An will also improve the local infrastructure.
Many roads and bridges in the area are set to be widened to alleviate traffic jams.
Additionally, 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 (formerly Sacomreal), and Melody Residence by Hung Thinh, have been developed here as a result.
The director of a transaction centre said the western region is becoming increasingly targeted by working age people to live.
This means 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 said 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 to six weeks.
Late last week the company launched Carillon 7 in the presence of prospective customers who were lured in by the project’s good location on Luong Minh Nguyet Street in Tan Phu District.
The location is in the proximity of the five districts of Tan Phu, Binh Tan, Tan Binh, as well as Districts 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.
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