The Riverfront Residences: A Luxury Haven by the Saigon River. Where Do Young Professionals Turn to Home Ownership?

Saigon’s Rising Property Market: Are Young Professionals Missing Out?

A renowned British newspaper, The Economist, argues that Gen Z (aged 18-29) is earning more efficiently than previous generations. Within this cohort, a subset is breaking away remarkably due to their dynamism, creativity, and multitasking abilities, thus forming a group of “young elites” with exceptional income levels. Many of them quickly climb the corporate ladder to senior positions such as department heads, team leaders, or tech engineers. Others choose the path of freelancing, content creation on TikTok, YouTube, or streaming; some even juggle multiple jobs simultaneously.

Psychological surveys reveal that homebuyers with average to slightly above-average incomes, who usually take years to save for a property, primarily seek affordable options. In contrast, young elites confidently view their homes as a statement of their status. They have stringent requirements regarding design, living space, community, amenities, and property management services, expecting nothing less than high-end or luxury standards. Additionally, they prefer convenient access to the city center for work and meetings with clients and partners.

The Emerald 68 is located in close proximity to District 1, offering easier access than many other districts in Ho Chi Minh City (District 12, Tan Phu, Hoc Mon, and the outskirts of Thu Duc). Image source: Dung Tran

According to a report by Cushman & Wakefield, the average primary price of apartments in Ho Chi Minh City in the second quarter of 2024 increased by 9% quarterly and 8% annually, reaching approximately 87 million VND per square meter. However, the supply remains scarce. Some new developments in recent years are located 15-23km from the city center, yet their prices remain exorbitant. For instance, an apartment building in Long Thanh My Ward (former District 9) about 22km from District 1, now commands prices of 80-90 million VND per square meter. Last year, another project in the nearby Long Binh Ward, about 20km from District 1, was offered at 65-70 million VND per square meter.

Ironically, despite their high incomes and willingness to commute, young elites face challenges due to their limited savings at a young age. Moreover, their expectations for a higher quality of life are significantly higher than the average, making it difficult for them to find suitable housing options.

“It’s in Binh Duong, but it’s worth it…”

This was the candid admission of a young female client at a recent event sharing in-depth information about the project, The Emerald 68. Besides providing new supply to the market, the project is considered a tailor-made solution for young professionals.

Firstly, regarding location, the apartment complex boasts a prime location in the center of Thuân An City, Binh Duong, with three valuable frontages: the economic and financial artery of National Highway 13, Vinh Phu 16 Street, and Vinh Phu 21 Street (Vinh Phu Ward, Thuân An City).

Notably, this is a rare location in Binh Duong that satisfies two critical factors: proximity to Ho Chi Minh City (just 1km away) and nearness to the city center (only 11.5km from District 1, equivalent to the distance from the center to other inner-city districts like Thu Duc, District 2, District 7, and Go Vap). Compared to the entire province, this is the closest location to District 1 among all the projects currently on the market. In the future, it will be challenging to find another site that meets the criteria of being close to both Ho Chi Minh City and District 1 as thoroughly as The Emerald 68, as similar land resources have already been exhausted.

Secondly, while Ho Chi Minh City experiences relentless price hikes, with suburban areas reaching nearly 100 million VND per square meter and central areas ranging from 200-500 million VND per square meter, The Emerald 68, being even closer to the inner city, offers prices that are only 60% of what one would pay in the outlying districts. Thus, the project successfully addresses the concerns of young elites regarding location and affordability.

The Emerald 68’s proximity to the river, less than 400m away, and its convenient access to District 1, just 11.5km away, have made it a highly sought-after development.

Thirdly, The Emerald 68 caters to the elite lifestyle with its rare three-sided river view. Statistics show that the value of river-view properties is consistently 40-50% higher than the market average. Additionally, all apartments offer absolute privacy with no direct facing doors. The project also boasts over 25 trendy amenities, including a gym & spa, BBQ area, four-season Jacuzzi, children’s playground, relaxation garden, outdoor sports area, billiard room, and more. The Emerald 68 takes pride in being the first apartment project in Binh Duong and one of the few in Southern Vietnam to feature sky bridges (Anh Duong Bridge and Anh Sao Bridge) connecting the two towers on the 20th and 37th floors.

The project’s quality and sustainability are assured by the reputable Le Phong Group as the developer and Coteccons, Vietnam’s top construction contractor, known for building some of the country’s most iconic structures. Evidently, The Emerald 68 stands out from the crowd in terms of location, price, quality, and lifestyle offerings.