Luxury Real Estate in Ho Chi Minh City’s Bustling Core Rebounds, with Prime Properties Fetching Over One Billion VND Monthly in Rent

After a prolonged period of stagnation, high-end rental spaces in the heart of Ho Chi Minh City are buzzing with activity once again. A wave of prominent domestic and international brands are expanding or reopening their stores, signaling a resurgence in the city’s retail landscape.

Previously vacant spaces are now undergoing renovations, with monthly rental prices ranging from hundreds of millions to billions of Vietnamese dong. This highlights the strong appeal of the city’s central districts.

On Le Loi Street, the Chinese lifestyle retail brand KKV is constructing its first “KKV Supermarket” in Ho Chi Minh City. This project, significantly larger than its previous stores, is expected to become a new landmark in the city’s retail scene.

Since entering Vietnam in late 2024, KKV has rapidly expanded, opening multiple branches in Hanoi and now in Ho Chi Minh City. KKV is renowned for its slogan “Explore 100 Lifestyles,” offering over 20,000 products ranging from household items and accessories to fashion and toys.

Also on this street, Cheho Tea is rushing to complete its second store after its first at Vincom Thao Dien. The brand aims to become a bridge for Eastern tea culture in Vietnam.

Chagee, a Chinese bubble tea brand that once sparked public controversy, is also showing signs of expansion in Ho Chi Minh City. The brand currently operates two prime locations on Nguyen Thiep Street, at the corner of Dong Khoi and Nguyen Hue, along with a new store at the intersection of Truong Dinh and Ly Tu Trong.

Established brands are also making a comeback. McDonald’s, after temporarily closing its store at 2-2A Tran Hung Dao due to lease expiration in September 2024, is renovating the entire space for a grand reopening in 2025.

Nearby, Soha Plant-based, a vegan restaurant, is preparing to open its second branch at 63 Tran Hung Dao and has already started recruiting staff for the launch.

Yogurt Space, a once-popular self-serve frozen yogurt chain known for its cold yogurt and smoke ice cream, is also returning after years of absence. The brand is renovating its former space at 147 Tran Hung Dao, a popular hangout spot for young people from 2009 to 2019.

According to real estate agencies, rental prices on Tran Hung Dao Street currently range from 120 to 400 million VND per month, depending on location and size. Meanwhile, the core central area consistently commands the highest market prices.

Starbucks recently opened its fourth Reserve store at Diamond Plaza, a shopping center with nearly full occupancy. While the rental price has not been disclosed, previous branches indicate significant costs: Bitexco Financial Tower was around $75,000/month for 500 m², and the Han Thuyen store was approximately 750 million VND/month for 210 m². Industry insiders predict the Diamond Plaza location could range from 500 million to 1 billion VND/month.

Conversely, Starbucks’ former space on Han Thuyen Street has been taken over by the Vietnamese coffee brand Adoré Coffee. After gaining international acclaim, Adoré Coffee opened its first Vietnamese store on August 8 at 11-13 Han Thuyen, in the bustling city center surrounded by Notre Dame Cathedral, Ho Chi Minh City Post Office, and Nguyen Hue Pedestrian Street.

This location not only helps Adoré establish its reputation upon returning home but also symbolizes the intense competition in the already vibrant coffee market. According to Kim Quang Group, rental prices in this area are approximately $30,000/month, or over 700 million VND.