Real Estate

The Metropoli Thu Thiem: A 7.5 Trillion VND Investment Now Yielding Multifold Returns for SonKim Land

In a recent report by Batdongsan.com.vn, a notable price differentiation has been observed among several high-end condominium projects in the central areas of Ho Chi Minh City.

Administrator

25 November, 2025

The survey area around Thu Thiem Financial Center in Ho Chi Minh City reveals no condominium projects priced below 110 million VND per square meter.

Note: The prices shown in the survey are average values; actual prices may vary significantly. Source: Batdongsan.com.vn

The highest price is 450 million VND per square meter at Grand Marina, followed by The Opera Residence at the same rate. Adjacent to it, The Metropoli The Galleria Residence is priced at 250 million VND per square meter. These two projects, located across from Thu Thiem, even surpass The Marq in District 1, priced at 220 million VND per square meter.

Notably, both top-priced projects, The Metropoli The Galleria Residence and The Opera Residence, are developed by SonKim.

The Galleria Residence is the initial phase of The Metropoli Thu Thiem (also known as the Song Viet Urban Complex, comprising four sub-zones), with apartment handovers starting in mid-2021. Situated on a prime 14,987m² plot, the three 12-story Galleria towers—named after the Hermitage, Prado, and Louvre museums—offer 456 apartments (2-4 bedrooms) and penthouses. Each floor features a minimal seven units, ensuring exclusivity.

In 2018, the project announced prices ranging from 5,500 to 7,500 USD per square meter (approximately 130-180 million VND per square meter), with units priced from 11.2 to 85 billion VND. Rental rates started at 18 million VND per unit.

Currently, The Galleria Residence units are listed on Batdongsan.com.vn at 193-403 million VND per square meter. A 3-bedroom river-view unit is priced around 42 billion VND. Rental rates range from 35 to 140.5 million VND per month.

The three Galleria Residence towers. According to Batdongsan.com.vn, prices have risen by over 33%, and rentals by 39% in the past year.

The Crest Residence, the second phase of The Metropole Thu Thiem, covers 13,168m² and was launched in 2019, completing in 2023. SonKim reports all 240 units in the single 24-story building are sold out.

A 79m² 1-bedroom unit here is priced at 12.8-13.5 billion VND (162-170 million VND per square meter). 2-bedroom units (85-115m²) range from 16.5 to 20 billion VND, up from the initial 12.5-17 billion VND. 3-bedroom units (129-151m²) have doubled to 28-42 billion VND (217-280 million VND per square meter). Rental rates are 50-100 million VND per month.

The Crest Residence (left) adjacent to The Galleria Residence. According to Batdongsan.com.vn, prices have surged by over 70%, with rentals up 3% in the past year.

The Opera Residence, the third phase of The Metropole Thu Thiem, is located on a 11,370m² plot in Functional Zone 1, featuring 646 units.

The Scala and Massimo towers, launched in 2020, are priced from 254 to 670 million VND per square meter. A 55m² 1-bedroom unit averages 14-18 billion VND; 2-bedroom units (69-94m²) range from 20 to 38 billion VND; 3-bedroom units (137m²) are 29-82 billion VND; and 4-bedroom units (179m²) are 75-120 billion VND. Rental rates are 37-155 million VND per month.

According to Batdongsan.com.vn, The Opera Residence prices have risen by over 55%, with rentals up 10% in the past year.

The Opusk Residence, the fourth phase, is located on an 8,518m² plot, launched in late 2022, and is still under construction. The project includes two towers with 180 units, priced from 265 to 444 million VND per square meter.

According to Batdongsan.com.vn, The Opusk Residence prices have increased by 17% in the past year.

The Metropole Thu Thiem is located at Lots 1.16 and 1.17 in Functional Zone 1 of Thu Thiem New Urban Area, on Dai Lo Vong Cung Street, Thu Duc City. The project is within Ho Chi Minh City’s financial hub.

Developed by Quoc Loc Phat Corporation with an initial investment of 7.5 trillion VND, SonKim Land’s involvement has significantly multiplied the project’s value across its four phases.

The Metropole Thu Thiem

Developer Background

Quoc Loc Phat Corporation was established in 2014 with an initial charter capital of 300 billion VND. The three founding shareholders were Nguyen Van Thang (40%), Nguyen Viet Tuan (30%), and Le Van Tu (30%).

In 2016, the year the company was appointed as the developer of the above mega-project, its capital increased to 1.5 trillion VND. The founding shareholders exited, replaced by Pham Quang Hung (50%, Chairman and legal representative), Hai Dang Construction Investment JSC (40%), and Nguyen Minh Bao Chau (10%).

Also in 2016, Keppel Land Thu Thiem Pte. Ltd. acquired a 20% stake.

In 2020, Lim Kok Siang (Singaporean) became a legal representative alongside Hung. Subsequently, Ng Teow Hong, Joseph (2022); Nguyen Anh Huy (2023); Phung Huu Quoc Tuan (2024); and Tran Thi Mai Phuong (September 2025) assumed roles as General Directors and legal representatives.

Pham Quang Hung is a founding shareholder of TAHUE (TAHUE JSC).

Nguyen Van Thang exited Quoc Loc Phat, with Hai Dang Construction Investment JSC (now HDMon Group JSC, headquartered in Hanoi) taking a 40% stake. Thang chairs HDMon, which has a charter capital of 3.75 trillion VND as of August 2022.

The 2019 Government Inspectorate’s conclusion on Thu Thiem New Urban Area noted that the Song Viet Complex was designated without a land auction. The city’s land price calculation at 26 million VND per square meter for some lots was deemed non-compliant.

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Thu Minh

– 08:35 25/11/2025