Ghost villas in Ho Chi Minh City

December 06, 2016 | 09:31

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Although the real estate market in Ho Chi Minh City has been warming up in the last two years, there are still hundreds of ghost luxury villas.

With the lion’s share located in Districts 2 and 9, these villas are in projects having completed infrastructure and favourable sites. The villas are sold out at the price range of VND5-20 billion ($220,478-881.912) apiece, however, only a few homeowners have already moved in, while the remaining units are abandoned and covered by grass and moss.

Besides, numerous projects, namely Bac Rach Chiec, Bach Khoa, and Dong Thang Long, in other districts also share similar fates.

Trung Tien Construction Co., Ltd.’s 30 adjacent villas built in a European architectural style have been sold out in 2007 for VND20 billion ($881.912) per unit. However, almost all of these villas are abandoned and degraded.

“Metropolis” of abandoned villas is Thanh My Loi ward, District 2, where hundreds of adjacent villas from three projects are ownerless.

The locals use the empty area to grow livestock.

Over 300 adjacent villas invested by Ha Do Group remain desolate and underexploited.

Over 300 villas under the Khan An project share the fate of Ha Do Group’s villas.

Despite being put on sale, numerous villas are still unmarketable.

Entrances are blocked to prevent people from letting addicts and livestock in.

Numerous homeowners are renovating their villas to put the up for sale.

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