The real estate market is showing mixed developments as various incentive policies have yet to sufficiently encourage buyers to commit. Despite developers offering discounts of 20 to 30 percent, interest-rate support and extended payment schedules, buyers remain cautious about home prices, capital costs and investment prospects. Meanwhile, brokerage companies continue to face cash flow constraints and declining transactions, forcing them to cut staff and scale back distribution activities. On a more positive note, ground-floor shophouses in apartment buildings in Ho Chi Minh City are gradually filling up as landlords actively reduce rents, creating opportunities for households to open service and retail businesses. Real estate transactions in the fourth quarter are also forecast to potentially double, supported by improved home-buying demand, a more abundant supply and stimulus policies.
In terms of policy and urban development, Ho Chi Minh City is expected to extend the estimated implementation period for large real estate projects to as much as 11 years, while changing the adjustment ratio for unfavorable factors in land valuation. The city also plans to convert the expanded Le Minh Xuan Industrial Park, covering nearly 110 hectares, into a social housing development, with procedures expected to be completed early next year. Social housing remains a major concern as customers under 35 have received only about VND577 billion in disbursements to purchase homes due to obstacles related to interest rates and lending conditions. Another proposal would prevent social housing buyers from freely reselling their homes after five years, allowing transfers only to people eligible for the housing policy. In Hai Phong, a plan has been approved to auction a 3-hectare land site near the North Cam River administrative center, with expected proceeds exceeding VND2 trillion. Tay Ninh is preparing to select an investor for the Long Huu new urban area, covering nearly 2,610 hectares and planned for approximately 200,000 residents. Meanwhile, Da Nang is planning the Ba Na urban area across the entire Ba Na commune, with the aim of creating a western growth pole accommodating more than 87,000 residents by 2050.
In the project segment, Lotte and Phat Dat have restarted construction of the Lotte Eco Smart City Thu Thiem complex in Thu Thiem, with investment capital of VND60 trillion, after years of delays caused by legal and financial obligations. In Da Nang, Sun Property held a launch event for Sun Saphia Residence, its first coastal apartment project, with nearly 800 units. Facilities including an international 36-hole golf course, a five-star hotel, internal amenities and the Truong Sa and Hoi An tourism corridor are expected to expand the operating potential of Newtown Legend. Phat Dat also introduced a scale model and show apartment for the Qtopia resort project in Ho Chi Minh City. Other notable stories include apartment design trends, from a 200-square-meter home using curves, colors and lighting to create a cohesive living space, to a 120-square-meter apartment renovated by combining two bedrooms for retired parents. In Nha Trang, tenants are struggling as apartment rents have risen 30 to 40 percent from the beginning of the year. In the luxury property segment, BigBang members G-Dragon, Taeyang and Daesung have invested in high-end apartments, villas and commercial buildings in Seoul. In addition, four properties in central Ho Chi Minh City linked to Truong My Lan were unsuccessfully auctioned because there were no buyers, despite a combined starting price of more than VND375 billion.
In terms of policy and urban development, Ho Chi Minh City is expected to extend the estimated implementation period for large real estate projects to as much as 11 years, while changing the adjustment ratio for unfavorable factors in land valuation. The city also plans to convert the expanded Le Minh Xuan Industrial Park, covering nearly 110 hectares, into a social housing development, with procedures expected to be completed early next year. Social housing remains a major concern as customers under 35 have received only about VND577 billion in disbursements to purchase homes due to obstacles related to interest rates and lending conditions. Another proposal would prevent social housing buyers from freely reselling their homes after five years, allowing transfers only to people eligible for the housing policy. In Hai Phong, a plan has been approved to auction a 3-hectare land site near the North Cam River administrative center, with expected proceeds exceeding VND2 trillion. Tay Ninh is preparing to select an investor for the Long Huu new urban area, covering nearly 2,610 hectares and planned for approximately 200,000 residents. Meanwhile, Da Nang is planning the Ba Na urban area across the entire Ba Na commune, with the aim of creating a western growth pole accommodating more than 87,000 residents by 2050.
In the project segment, Lotte and Phat Dat have restarted construction of the Lotte Eco Smart City Thu Thiem complex in Thu Thiem, with investment capital of VND60 trillion, after years of delays caused by legal and financial obligations. In Da Nang, Sun Property held a launch event for Sun Saphia Residence, its first coastal apartment project, with nearly 800 units. Facilities including an international 36-hole golf course, a five-star hotel, internal amenities and the Truong Sa and Hoi An tourism corridor are expected to expand the operating potential of Newtown Legend. Phat Dat also introduced a scale model and show apartment for the Qtopia resort project in Ho Chi Minh City. Other notable stories include apartment design trends, from a 200-square-meter home using curves, colors and lighting to create a cohesive living space, to a 120-square-meter apartment renovated by combining two bedrooms for retired parents. In Nha Trang, tenants are struggling as apartment rents have risen 30 to 40 percent from the beginning of the year. In the luxury property segment, BigBang members G-Dragon, Taeyang and Daesung have invested in high-end apartments, villas and commercial buildings in Seoul. In addition, four properties in central Ho Chi Minh City linked to Truong My Lan were unsuccessfully auctioned because there were no buyers, despite a combined starting price of more than VND375 billion.