HCMCity (VNA) - The focus of development for Ho Chi Minh City’sproperty market shifted from the south to the east in 2016, experts said.
Manyhousing projects, both landed properties and condominiums, were developed inthis area, which includes districts 2, 9, Thu Duc and a part of Binh Thanh.
Thearea has become a veritable construction site with a raft of developments likeSala, The Sun Avenue, Lakeview City and Cantavil An Phu.
Areport released recently by property consultant CBRE said 41 percent ofapartment developments were in the east. The figures were 34 percent for thesouth, 7 percent for the north and 11 percent for the west.
Interms of districts, 2 and 9 accounted for 11 percent each, the company said.
Theirrates of successful transactions were high -- 73 percent for District 9 and 70 percentfor District 2.
Areport by Thoi Bao Kinh Te Viet Nam (Vietnam Economic Times) newspaper saidland prices had shot up in the east in 2016, increasing by 51 percent inDistrict 9 and 34 percent in Thu Duc.
Analystsattributed the east’s rising popularity to its convenient transportation in theform of the under-construction metro route No1, widening of the Hanoi Highway,the HCM City – Long Thanh – Dau Giay Expressway and the upcoming Long ThanhAirport.
DuongThuy Dung, director of research and consulting at CBRE, told Vietnam News thatthe east is also a gateway to the city with easy access to other provinces likeBinh Duong and vacation spots like Vung Tau and Phan Thiet.
Asa gateway it would also benefit from many support policies from theauthorities, she said.
Anexecutive at a giant property developer, who asked not to be named, told VietnamNews that "it makes eminent sense to develop properties in the east".
Hepointed out that the Thu Thiem New Urban Area was being developed there.
"Waterpipes and telecom and electric cables are all underground here," he said.
Hiscompany had already handed over units in some housing projects and receivedgood feedback from buyers, who said they enjoyed the convenience offered by thearea, he added. – VNA
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Illustrative image (Source: internet)
