Real estate booms in HCM City’s east as innovation city takes shape

An apartment project in District 2. Apartment prices in Districts 9, 2 and Thu Duc have surged on the back of the city’s plan to establish Thu Duc City by merging the three districts. - Photo ndh.vn

The prices of some existing apartments on Dong Van Cong Street and Ha Noi Highway in District 2 have increased by nearly VND300-400 million (US$12,944-17,259) each since early 2020.

Many projects in District 9 such as Him Lam Phu An and Jamila Khang Dien have seen prices increase to VND37-40 million ($1,596-1,725) per square metre from VND30-35 million ($1,294-1,510) last year.

Others such as Safira Khang Dien, Saigon Gateway and Hausneo have gone up from VND27-30 million to VND35-37 million.

Prices at Vinhomes Grand Park have increased from VND30-38 million late last year to VND35-45 million now.

Metro Star in District 9 increased to VND45 million in the second phase of sale, up VND10 million from the first.

According to a survey conducted by Cho Tot online real estate platform, apartment prices in the three eastern districts have increased by 18 per cent compared to April.

Most of the city’s key transportation projects like the Ha Noi Highway, Saigon River Tunnel, HCM City-Long Thanh-Dau Giay expressway, and Metro Line No1 pass through the east.

Besides, a series of further transportation projects are planned such as the Thu Duc bridge to the Thanh Da peninsula in Binh Thanh District, Ring Roads No. 2 and 3 that will link the entire eastern area and the Cat Lai Bridge connecting District 2 with Nhon Trach District in Dong Nai.

According to industry experts, as the gateway connecting the ‘golden’ economic triangle of Binh Duong-Dong Nai-HCM City, the city’s eastern part has been the leading real estate location for years.

The establishment of the new city would make the market there even more attractive, they said.

Ngo Quang Phuc, general director of Phu Dong Group, said developing Thu Duc City into an innovation and hi-tech town associated with modernisation and digitalisation would make the east a “promising land” for young people and technocrats, and so developers would focus on smart housing there.

Nguyen Thi Thanh Huong, general director of Dai Phuc Land, said the establishment of the innovation city would create more jobs, increase housing demand and attract domestic and foreign investment.

“Domestic and foreign investors always look for investment opportunities in both the short and long terms. The establishment of the eastern city envisaged as an innovation town and a new economic development hub will attract investments and create a driving force for the development of this area.

“Thus, real estate prices will also go up, with major projects that are well planned and offer the quality of life for residents having a great advantage in the market."