Ho Chi Minh City’s real estate market has witnessed notable improvements in 2024, yet the availability of new properties remains limited, with only select projects from major developers entering the market. According to data from CBRE, the third quarter saw a mere 127 new apartments and 132 townhouses/villas being introduced, indicating constrained supply.
A Year of Landmark Achievements
The majority of this new supply was a continuation of existing developments, with the exception of The Meadow, a new townhouse/villa project by Gamuda Land in Binh Chanh district. Previously, approximately 1,200 new apartments were launched in the second quarter, predominantly in the eastern and southern districts. Among these was the highly anticipated Eaton Park in Thu Duc city, one of only two entirely new projects.
Eaton Park and The Meadow have captured the market’s attention due to their strategic locations, well-conceived designs, and comprehensive amenities. Gamuda Land’s reputation has been bolstered by these projects, and areas like Binh Chanh and parts of Thu Duc city, where their projects are based, have become sought-after locations in Ho Chi Minh City’s property market.
Eaton Park, conveniently located on Mai Chi Tho Boulevard in central Thu Duc city, has attracted significant interest, particularly as the market shows signs of recovery. The project benefits from favorable land price adjustments and is poised to gain from upcoming infrastructure developments planned between 2024 and 2026. Notably, Eaton Park is one of the few eastern region projects to have obtained legal clearance for launch this year, setting it apart from competitors who have had to delay their plans until 2025.
Premier Investment and Residential Destination
Eaton Park has made a profound impact on Ho Chi Minh City’s real estate landscape, rapidly becoming one of the most remarkable developments of the year. Within just a week of launching its second phase, an impressive 99% of the units were sold, underscoring the high demand and market enthusiasm for the project.
This success built upon the launch of the Alpine and Forest towers on December 1, which attracted over 2,500 attendees. The launch day bookings far exceeded the number of available units, and the first phase of Eaton Park had already sold out in May, reinforcing its widespread appeal.
With prices starting at VND115 million ($4,600) per sq m, excluding taxes and discounts, Eaton Park has attracted a diverse range of homebuyers and investors. This pricing is notably lower than the minimum land price in the Mai Chi Tho area of Thu Duc city, which has been adjusted to VND132 million ($5,280) per sq m.
When compared to other developments in central Thu Duc city, Eaton Park’s pricing is considered an extraordinary opportunity. For instance, similar projects in nearby areas like Thu Thiem, scheduled for launch in 2025-2026, are anticipated to be priced between VND177 million ($7,080) and VND253 million ($10,120) per sq m, as per data from Batdongsan.com.vn.
In addition to its competitive pricing, Eaton Park’s second-phase sales policy has been a key factor in its popularity. Gamuda Land offers an array of flexible payment options, including a low initial payment of just 5%. The payment structure is spread over four years, with only 30% of the total amount due in the first two years. Furthermore, the developer has collaborated with banks to provide loan packages covering up to 70% of the apartment’s value, with interest rates capped at 7% annually and a 24-month principal deferral period.
Savvy investors view these financial terms as exceptionally attractive, especially considering the average annual apartment price growth of 12% in the former District 2 area since 2020, as highlighted in Savills’ latest market report.
Eaton Park presents a wealth of opportunities for commercial and service development, coupled with attractive investment returns. Its prestigious location on the Mai Chi Tho “billion-dollar boulevard” and proximity to the access road leading to the Rach Chiec National Sports Complex position it to benefit from increased demand for short- and long-term rentals. This demand will be driven by the influx of domestic and international professionals, senior staff, and athletes once the sports complex becomes operational.
The commercial potential is further enhanced by the inclusion of retail spaces on the podium and riverside shophouses within the development’s master plan. Eaton Park’s innovative design, high-quality finishes, and significant profit potential have made it a highly desirable choice for buyers and investors across Vietnam. With limited availability remaining after the successful second phase, the project’s appeal is expected to create a competitive market. Eaton Park’s prime location, legal standing, and quality set it apart, making it one of the most distinctive offerings in today’s market.
Sunwah Pearl – A Pearl of Great Price by Saigon’s River
The Ho Chi Minh City real estate market is experiencing a robust recovery, driven by surging post-pandemic housing demands. According to the latest report by VinaCapital, real estate revenues in Vietnam surged by 30% in the first half of 2024, signaling a strong rebound for the industry.
The Ghost Month Didn’t Haunt House Hunters: A Tale of Resilience in the Property Market
Many homebuyers remain unfazed by the traditional beliefs surrounding the inauspicious Ghost Month (the seventh month of the lunar calendar). This is evident from the steady stream of visitors and potential buyers that some apartment projects in Ho Chi Minh City continue to attract, even at the beginning of the week.
The Hidden Story Behind the Contrasting Fortunes of Vietnam’s Two Largest Real Estate Markets: Hanoi’s Surging Growth vs. Ho Chi Minh City’s Lagging Pace
From the outset of 2024, contrasting developments in Hanoi and Ho Chi Minh City’s real estate markets have unveiled profound underlying reasons.
Bamboo Realty – Premier Brokers for Eaton Park
Bamboo Realty is proud to announce that we have been named the Top Agent for the Eaton Park project, and we are thrilled to share that five of our outstanding team members were recognized in the Best Sales Performer category at The Gala Night. This prestigious event, hosted by Gamuda Land on July 28, 2024, at The Grand Ballroom in Landmark 81, celebrated and honored the top-performing sales partners of the Eaton Park project. It was a night of recognition and celebration for Bamboo Realty as we continue to strive for excellence in the real estate industry.
