Real estate business activities are booming
Recently, Gamuda Land kicked off the Eaton Park project, located at Mai Chi Tho Street, Thu Duc City (Ho Chi Minh City), along with 24 official distribution agents. Covering a total land area of 3.77 hectares, the project will bring 2,052 products to the market, marking the entry of this foreign real estate giant into the Vietnamese market in 2024.
Similarly, in mid-March 2024, the signing ceremony for the development of a luxury apartment project located at 04 – 06 Bac Son, Vinh Hai Ward, Nha Trang City took place between NPL Co., Ltd. (investor) and An Phu Gia Holdings (project development unit), EximRS Real Estate Joint Stock Company (exclusive distributor) and An Phu Gia Construction Joint Stock Company. It is known that this is a rare project, a 40-storey scale development project that is allowed to be built in the coastal city of Nha Trang in the context of the real estate market in many places showing signs of “melting ice”.
Within the framework of the signing ceremony, an event was also held to sign a cooperation agreement for the lease of Cash – Home apartments (located at the entrance to the Van Quan urban area, Ha Dong district, Hanoi) between EximRS Real Estate Joint Stock Company – the exclusive distribution and lease exploitation unit of Cash – Home project and Taisei VN Asset Management Co., Ltd. – a brand under the Taisei Japan Group with over 63 years of experience in asset management in Asia.
Also in Nha Trang, at the end of March 2024, the signing ceremony for the strategic partnership of the Libera Nha Trang project of Vega City Joint Stock Company (under KDI Holdings Group) will take place.
In Binh Duong, Long An, Dong Nai provinces recently, business activities have also been booming.
Specifically, on March 20, 2024, Phu Dong Group officially kicked off the SkyOne Phu Dong apartment project with the participation of a series of distribution floors. This is an affordable apartment project that is attracting attention as it is expected to be launched on the market in the second quarter of 2024 with prices from 1.4 billion VND/unit – a rare price in the real estate market in the South at present.
In Thu Dau Mot, Capitaland grandly introduced the Sycamore project located in the new city of Binh Duong. With an estimated total development value of over 1 billion Singapore dollars (equivalent to 18 thousand billion VND), this project will bring about 3,500 apartments to the market this year.
In Thuan An, the investor A&T Group officially started the construction of 2 40-storey high-rise apartment buildings in the A&T Sky Garden project.
In the same area, Phat Dat is also planning to start the construction of the high-rise complex Thuận An 1 project on an area of 4.4 hectares, including Thuận An 1 and Thuận An 2 buildings, with a total expected investment of about 9,374 billion VND.
Or like Pi Group, after waiting for legal procedures, they have now started construction of the Picity Sky Park project in Di An with an area of 1 hectare including 3 apartment blocks.
In Long An or Dong Nai, some new projects such as LA Home, Izumi City, Eco Village, FIATO City… are also emerging on the market, and are expected to be the “stirring” supply sources in the real estate market from 2024 onwards.
Therefore, the introduction, kick-off, strategic cooperation signings for the projects… have created a new atmosphere and new expectations for the real estate market. The recovery trend of the market from the second quarter of 2024 is increasingly affirmed.
Confidence is back
Many opinions suggest that although challenges still exist, improving supply and transactions are bringing back the confidence of homebuyers.
At the “Vietnam Real Estate Market Forum 2024 – Overcoming Challenges” recently organized, real estate experts led statistics showing that in the fourth quarter of 2023, about 7,000 products were launched to the market for the first time. The absorption rate improved with a number of transactions of about 5,700 products, equivalent to the third quarter of 2023, maintaining a strong growth momentum compared to the first two quarters of the year.
The Southern region with the key markets of Ho Chi Minh City and neighboring provinces: Long An, Dong Nai, Binh Duong, Ba Ria – Vung Tau… is evaluated to be the most vibrant as recent transactions have been significantly improved compared to previous quarters.
Confidence in the market has returned.
The market developments show that a series of government clearance policies implemented in 2023 have had an effect, restoring investor confidence.
Customer confidence is also reinforced by the sales policies of developers. In addition to the fact that the products increasingly meet the practical needs of buyers, most of the projects for sale have been carefully prepared in terms of legal aspects and have attractive stimulus policies.
Accordingly, the real estate market is showing clear signs of warming up. In many real estate trading floors, the activities of finding and buying real estate have significantly improved compared to before. The townhouse and apartment product lines that meet real needs are not only not decreasing in price but also tend to increase.
According to Mr. Dinh Minh Tuan – Director of Batdongsan.com.vn for Southern region, a positive point is that the attention to real estate at the end of 2023 – early 2024 increased by about 66% compared to the same period, showing that the real estate market psychology is gradually turning better. noteworthy, the number of real estate brokers returning to the market is increasing rapidly.
