New supply to reach property market by year-end

Sea Holdings plans to start construction of the Destino Centro apartment complex in Ben Luc district, the southern province of Long An, in late August or early September.

New supply is expected to heat up the market at the year-end

The developer has just opened the project’s administrative building.

Tran Hien Phuong, the company’s general director, revealed that Destino Centro, facing National Highway No.1A, covers more than 2.1 hectares, and will encompass five 20-storey residential blocks.

Once completed, the project will provide the market with about 2,000 units ranging from 35 square metres to 60sq.m with prices approximating VND1 billion ($41,600) per unit.

Long An also witnessed the start of the An Huy My Viet residential complex in Duc Hoa district in mid-June.

The project covers around 60ha with 2,500 units, including shophouses, semi-detached houses, and villas, with An Huy Real Estate JSC as the developer.

In Ho Chi Minh City, Gamuda Land started to receive bookings for units at its low-rise complex The Meadow in Binh Chanh district in early August. Covering 5ha, The Meadow features 212 shophouses and villas. This is one of the few low-rise developments to go on sale in the southern metropolis this year.

Nam Long Group is also planning to launch the first round of sales for apartments at Mizuki Park in Binh Chanh township’s high-rise segment in September.

In addition, existing projects in Thu Duc city are working on plans to open for sale in late September.

Binh Duong has a relatively robust realty market, with a string of projects in the development pipeline. Along with several ongoing projects, two new apartment projects will kick off construction early this month.

One of those is Orchard Hill, part of Sycamore township, run by Asia’s leading developer CapitaLand Development.

The project consists of two towers with 774 apartments. The developer aims to open for sale in the fourth quarter of this year.

The other is the TT AVIO condo development in the centre of Di An city, the first project to be deployed by a Japanese consortium consisting of Cosmos Initia- a member of Japan’s Daiwa House Group, TT Capital, and Koterasu Group.

The project has 2,000 apartments with an average area below 60sq.m and prices below VND2 billion ($83,000) per unit.

According to the Vietnam Association of Realtors (VARS), developers are eagerly launching new projects with aggressive marketing thanks to the early enforcement of the new laws on Housing and Real Estate Business and the Land Law which came into force from August, five months earlier than schedule.

Meanwhile, concerted efforts made by the government and authorised agencies have helped to accelerate a property market rebound.

The VARS expects that supplies in the rest of 2024 will surge about 20 per cent compared to the first half, with products mainly in the luxury segment and low-rise units.

Transaction volume is also forecast to pick up by about 20 per cent compared to the first half, mainly apartment units.

Echoing this mindset, Vo Hong Thang, investment director at real estate services major DKRA Group, said that amid a rebound in new supply sources and consumption, Grade A apartments continue to dominate in Ho Chi Minh City, while Grade B and C units will lead new supply in neighbouring localities.

The enforcement of relevant new laws and low lending rates will have positive impacts on market demand, Thang added.

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