The Long Thanh airport project is being expedited with the goal of being operational by 2026. Within a 5 km radius of the airport, multiple real estate projects are sprouting up along connecting roads such as Ho Chi Minh City – Long Thanh – Dau Giay expressway, and National Highway 51.
However, according to real estate brokers in Long Thanh, the real estate market here is reaching its bottom, with prices falling by 15-20% compared to when the airport construction started in 2021. The diagram shows 4 typical projects near Long Thanh airport, which will be mentioned in this article.
Gem Sky World is a commercial urban area project covering 92.2 hectares, developed by Dat Xanh Group. It is located in Long Duc commune, Long Thanh district, Dong Nai province. The project is only 5 km away from Long Thanh airport (equivalent to a 10-minute drive). In addition, the project is about 1.2 km from National Highway 51 and about 5 km from the Ho Chi Minh City – Long Thanh – Dau Giay expressway interchange.
Once a buzzing area due to its prime location and amenities such as schools and parks, many shops have now closed down and the area has become deserted. Many shops have returned their premises.
After more than 3 years of development, the Gem Sky World project’s developer has affirmed that the construction will be completed by the end of 2024 for handover to customers. However, many infrastructure works of the project are still unfinished, with many townhouses left incomplete.
According to information from real estate brokers, the project’s developer has currently stopped selling properties. However, the secondary market is booming for land plots with prices ranging from 1.8 – 3.5 billion VND/lot, while townhouses and shophouses are at least 5.4 – 5.5 billion VND/unit depending on the location, with some positions being offered for up to 20 billion VND.
Another project is D2D Loc An Residential Area, covering over 41 hectares, located on Route 769 – the only road connecting National Highway 51 to Long Thanh International Airport. This project consists of nearly 800 land lots, including 270 resettlement lots and 521 business lots.
This area is also deserted with few residents. There are many vacant plots of land. The D2D market was built for the residents of this urban area but has been abandoned for a long time.
According to brokers, the current price of townhouses is about 2.5 billion VND per lot, while garden houses start at a minimum of 3.2 billion VND. Compared to the end of 2021, prices have dropped by 20%. At that time, townhouses were around 2.8 billion VND or more, and garden houses were at least 4 billion VND.
The Century City project in Binh Son commune, Long Thanh district, developed by Kim Oanh Group, covers nearly 50 hectares and consists of over 2,100 products including shophouses, garden townhouses, linked townhouses, villas, and apartments. According to the developer, the project has completed over 95% of its construction and is currently in the process of issuing property titles.
Among the mentioned projects, Century City perhaps has the most prime location, only 1-2 km away from Long Thanh airport. The price range for land plots here is from 1.5 – 2 billion VND depending on the location. Townhouses and shophouses range from 3 to 4 billion VND depending on the location.
Additionally, there is the STC Long Thanh urban area project developed by STC Golden Land Real Estate Joint Stock Company, located on the frontage of Provincial Road 769 and adjacent to the Long Thanh airport resettlement area (Loc An – Binh Son residential area). The project covers an area of over 23 hectares and includes linked houses and villas. Currently, the price range for land plots is from 1.4 – 2 billion VND per lot.
To explain the phenomenon of the real estate market still being at its bottom, Manh, a long-time broker in Long Thanh, shared that currently all real estate is bottoming out due to the recent surge at the end of last year.
According to Manh, investors are now racing to bottom out, and with decreasing interest rates, the prices will not stay at the bottom for long and are heating up daily. Not only investors from Ho Chi Minh City are eyeing this area, but investors from northern provinces are also joining in.
