Accelerating the disbursement of funds for the section 3 belt road through Nhon Trach
Recently, according to information from the Dong Nai province People’s Committee, Nhon Trach district will complete the disbursement of over VND 500 billion to implement component 4 – land clearance, compensation, support, resettlement for the Ho Chi Minh City belt road section 3 project. After approving the compensation and support plan, Nhon Trach district will accelerate the payment process for residents, clear the land to serve the project construction.
The Ho Chi Minh City belt road section 3 project through Dong Nai province is over 11.2km long (excluding component 1A), starting at km0+000 in Vinh Thanh commune and ending at the Nhon Trach bridge in Long Tan commune.
According to the Nhon Trach district People’s Committee, to carry out the project, the local authorities have to recover approximately 65ha of land with 749 affected households. Previously, due to delays in handing over the project boundary markers, the progress of land clearance, compensation, support, resettlement (component 4) was also delayed. However, in the past few months, with high concentration and progress in implementing component 4, the Ho Chi Minh City belt road section 3 project has been expedited.
At the beginning of 2024, Nhon Trach plans to invest in a series of infrastructure projects connecting to the Ho Chi Minh City belt road. Photo: Ha Vy
According to the plan, starting from the first quarter of 2024, Nhon Trach district will begin the process of compensating and supporting affected households to ensure the disbursement of allocated funds for the project and early hand over the land to the investor. Currently, the local authorities are stepping up propaganda and mobilizing residents to receive compensation and support and hand over the land. The orientation is to relocate residents after the Lunar New Year 2024, and any household that wishes to be relocated earlier will be supported by relevant agencies.
The road section of the Ho Chi Minh City belt road through Dong Nai province will invest in the construction of a 5km expressway connecting to component 1A, the Tan Van – Nhon Trach section at the intersection of provincial road 25B. For the parallel road section, it will invest in the construction along both sides of the expressway with a length of over 11.2km, including 2 bridges over the Rach Chay river on the parallel road.
At the beginning of 2024, the People’s Committee of Nhon Trach district, Dong Nai province, announced that it will begin construction of 3 key transportation projects in the locality, with a total investment of VND 2,119 billion. Among them is the construction project of Ton Duc Thang Street (from the center of Nhon Trach district to Quach Thi Trang Street) with a length of about 3.8km. In terms of investment scale, the section from the starting point to the Ho Chi Minh City belt road is 3km long and will be built with a 80m wide median strip, the remaining section is 800m long with a 51m wide median strip.
This information is creating expectations for the real estate market in Nhon Trach, Dong Nai. Real estate projects in this area have the opportunity to attract investment capital as the belt road section 3 through the area speeds up to completion. Along with this major transportation route, Nhon Trach real estate also benefits from infrastructure projects such as the Long Thanh International Airport and the Bien Hoa – Vung Tau expressway.
Recovery of apartment demand
According to observations, the real estate market in Nhon Trach has shown signs of recovery in purchasing power, especially in affordable apartment projects. While in the middle of 2023, the majority of buyers were local residents, now investors from Ho Chi Minh City and surrounding areas are showing interest in real estate here.
The scarcity of new apartment supply and the increasingly visible infrastructure are the reasons behind the recovery of Nhon Trach real estate demand. In the past, land plots of projects were slow to trade, while apartments attracted buyers as they meet the actual housing and rental needs. This is also quite new in the Nhon Trach real estate market, where land plots used to dominate but now there is attention towards the apartment product.
One of the latest developments in the Nhon Trach real estate market is the emergence of the FIATO City apartment project developed by Thang Long Real Group. This is one of the few large-scale and modern projects in Nhon Trach, built to serve high-level professionals and engineers. This project is a follow-up to the success of the Thang Long Home – Hiep Phuoc residential area covering an area of 9.8ha. Currently, at the beginning of the new year, customer interest in this project is quite good.
Expanded transportation infrastructure is driving the Nhon Trach real estate market. Source: Batdongsan.com.vn
In the latest general overview report of the Nhon Trach real estate market by Batdongsan.com.vn, it is pointed out that the Nhon Trach real estate market (Dong Nai) has overcome the most difficult period. Most segments are showing signs of bottoming out, especially the recovering apartment segment for both rent and sale. In which, the driving force for the real estate market here mostly comes from infrastructure investment – public investment.
The unit also pointed out that there are 3 main drivers to promote the growth of the Nhon Trach real estate market in the coming period. They are the upcoming Long Thanh International Airport; the ability to attract FDI and migrants; and the developing quality and quantity of industry. Regarding the potential for apartment leasing, there are over 120,000 high-quality labor experts in 9 industrial zones in Nhon Trach and surrounding areas; over 200,000 personnel to serve the operation of Long Thanh International Airport; Logistics experts, warehouses near airports, Phu My Port, Phuoc An, population transfer from neighboring areas such as Long Thanh, Thu Duc, and Ho Chi Minh City. “The future infrastructure network is supporting the trend of expanding cities to suburban and surrounding areas, thereby stimulating the demand for housing,” emphasized the representative of Batdongsan.com.vn.
Currently, despite the increase in real estate prices in Nhon Trach, it is still considered the “real estate valley” of Dong Nai when compared to Trang Bom, Long Thanh, and Bien Hoa districts. Therefore, at this time, investors still pay attention to real estate in this area in the hope of high future profits. With the development of transportation projects, the belt road, it is predicted that prices of real estate in Nhon Trach will quickly catch up with Trang Bom, Long Thanh, and even higher, with an average price of about VND 40 – 45 million per m2.
However, the record shows that there are very few well-invested real estate projects in Nhon Trach, which have not kept up with the increasing demand in the future. In particular, types of detached villas or apartments in closed quiet areas – which are preferred by experts, engineers, people with high incomes – are quite rare. Therefore, when the demand for housing is high but the supply is not enough to meet it, this demand tends to “share” with other neighboring areas. This is also a problem that Nhon Trach needs to consider in order to develop diverse types of real estate in the future.
