Historically, prices at luxury condominium projects in Central Bangkok like the Sukhumvit area have sharply increased, with starting prices hitting as much as $8,000 per square metre, while a four-bedroom condominium in the CBD of Singapore goes for about $26,000 per square metre. What is the case in Ho Chi Minh City?
CBD – where an inch of land is worth an ounce of diamond
In major cities around the world, the CBD is the focal point of cultural, entertainment, and commercial activities for the entire city, hosting iconic architecture, skyscrapers, headquarters of MNCs, modern infrastructure, and vibrant lifestyle. That explains why these areas are often reserved for cultural and commercial and not residential purposes.
|The Marq is drawing in savvy investors thanks to its prime location in close proximity to a plethora of amenities, modern architectural style, exquisite interior design, and premium facilities. |
Condominium projects in the CBD are therefore always sought after by savvy investors thanks to their increasing value over time. As an example, the average price at The Diplomat 39 – a 31-level luxury high-rise condominium located on Sukhumvit Soi 39, Bangkok's most luxurious street – is $10,000 per square metre, 15 per cent higher than it was last year ($8,700), while the average price at The Orchard Residences in Singapore CBD is around $26,000 per square metre, a solid 8 per cent higher than the $24,000 last year.
Historically, the average price of condominiums in Bangkok’s CBD rose 48 per cent between 2010 and 2019, while in Singapore CBD it grew 38 per cent. The stability of condominium prices thereby reinforces the perception of these prime location properties as safe haven assets in times of crisis and economic uncertainty – times just like right now.
|Luxury condominium projects in the CBD are always sought after by savvy investors thanks to their steadily increasing value over time |
Similar to Bangkok and Singapore, Ho Chi Minh City has restricted new residential projects in the CBD to create more space for commercial, financial, tourism, and administrative functions. Out of the five subzones of Ho Chi Minh City, the first zone is planned as the core area of the CBD with commercial, hospitality, travel, and public administration purposes. Inevitability, the CBD will see scarce supply of luxury real estate properties, while demand for luxury homes continues to rise. The Marq, a luxury condominium project located in this zone, will certainly attract vast demand.
The ideal choice for savvy investors in Ho Chi Minh City
According to a market research report by CBRE, despite the low absorption rate of luxury property in Ho Chi Minh City, in the third quarter of 2020 amid COVID-19, prices continued rising to stand 18 per cent higher, meaning a 1 per cent increase against the last quarter of 2019 due to limited supply, reaching an average of $6,371 per square metre.
Moreover, the rental yields in Ho Chi Minh City remains attractive at 6-8 per cent per annum. In comparison, the average sales price of luxury condominiums in Ho Chi Minh City is still significantly lower than in South Asian cities such as Bangkok, Kuala Lumpur, Singapore, or Hong Kong where average prices range from $6,000 to $11,000 per square metre.
|The price of luxury property continues to increase at growth rate of 1 per cent despite the COVID-19 pandemic due to limited supply |
The Marq is drawing in savvy investors thanks to its prime location in close proximity to a plethora of amenities, as well as modern architectural style featuring smart design and strong green orientation creating a green living environment in the heart of the city, exquisite interior design, and premium facilities.
These outstanding qualities have been recognised through five awards, including three prestigious 5-star awards at Vietnam Asia-Pacific Property Awards 2020-2021 in the Apartment/Condominium, Residential High-Rise Architecture, Residential High-Rise Development, Mixed Use Interior, and Residential Interior Show Home categories.
|A smart design in harmony with nature – in the heart of the city |
Jointly developed by Hongkong Land and An Khang, The Marq is a luxury residential high-rise building located in the heart of District 1, Ho Chi Minh City. This development will provide 515 opulent residences comprising of one- to four-bedroom condominiums offering stunning city views and a true luxury lifestyle for discerning investors.
For more information, please visit themarq.com.vn or call 0978 488 988 or contact our official agencies including: Asia Bankers Club, Viet A Land, Savills, CBRE, Rever, Seareal Dong Nam, SouthernLand Vietnam, Gia Phat Investment and Huttons Vietnam.