The newly operational Metro Line 1 is a key driver for real estate projects, particularly in retail and office spaces. The commercial real estate sector typically lags behind the residential market. As communities grow and stabilize, demand for commercial spaces rises accordingly.
The townhouse and villa segment will see around 4,000 units from 19 projects, 30% of which will also be in Thu Duc. Neighboring provinces like Binh Duong and Dong Nai are gaining traction among investors and homebuyers.
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The Metro Line 1 (Ben Thanh - Suoi Tien) in Ho Chi Minh City starts commercial operations on December 22, 2024. |
Infrastructure investment in Ho Chi Minh City has largely focused on the Eastern region, fueling long-term interest in Thu Duc, noted Cao Thi Thanh Huong, Senior Manager at Savills Ho Chi Minh City. Many areas are evolving into satellite urban centers, with available land near the university village and high-tech park attracting major investments.
Several projects have capitalized on metro-adjacent locations and are performing well, such as Vincom Mega Mall Thao Dien, Estella Place, and OneHub in the High-Tech Park. These projects have achieved strong rental rates and occupancy levels, said Huong.
The housing boom in Ho Chi Minh City's Eastern area is also driving expansion into Binh Duong and Dong Nai due to high prices and limited new supply. Dong Nai’s absorption rate has reached 78%, surpassing Ho Chi Minh City by 35 percentage points, with most transactions in the VND 15-20 billion (USD 587,000 – 626,000) range. Binh Duong follows at 65%, mainly for properties under VND 10 billion.
CBRE Vietnam predicts that as Ho Chi Minh City’s primary market remains costly, well-connected suburban areas will attract more buyers.
Avison Young Vietnam emphasizes that infrastructure and urbanization are key to balancing supply and demand in landed property. Expanding ring roads, highways, and public transport will enhance connectivity and support the sustainable growth of satellite cities.
Source: VNA