Ho Chi Minh City’s luxury real estate market is undergoing a significant rebound, with prices for high-end apartments reaching record highs. As investor confidence surges, a range of major developers is advancing ambitious projects, signaling a strong recovery in the city’s property sector.
Several prominent property developers are preparing to launch new projects in 2024, while others focus on resuming previously stalled developments. This shift reflects a growing optimism in the market after a period of economic slowdown.
Strong Performance and Expanding Developments
The momentum for Ho Chi Minh City’s real estate market has been building steadily since the Lunar New Year. Leading southern property developers are executing their plans, with some introducing new projects and others reviving long-dormant developments.
Phat Dat Corporation, which closed 2024 with impressive financial results, reported a net revenue increase of over 600 billion VND (approximately $24 million) compared to 2023, bringing the total to 2.017 trillion VND ($80 million). This growth was largely driven by the successful sales of Phase 1 of the Bac Ha Thanh Urban Area project (branded as Quy Nhon Iconic) in Binh Dinh Province. All 627 units in this phase were sold, contributing significantly to the company’s strong performance in the fourth quarter.
Looking ahead, Phat Dat plans to release 800 additional units in the coming months from subsequent phases of the project. Additionally, the company is preparing to launch the Thuan An 1 & 2 projects in Thuan An City, Binh Duong Province, once final land use payments are completed.
Nam Long Group, another major player in the market, has also shown resilience, recording a 2.2-fold increase in net revenue, reaching 7.196 trillion VND ($286 million) in 2024. The company’s after-tax profit surged to 1.382 trillion VND ($55 million), marking its highest earnings in three years. Key to this success were the handovers at the Akari City project in Binh Tan District, Ho Chi Minh City, and developments in Can Tho City.
Nam Long plans to continue expanding with large-scale urban projects in 2025, including Waterpoint in Long An, Nam Long – Can Tho, and Izumi City in Dong Nai. The company is also preparing to enter the high-end housing segment, signaling its confidence in the market’s long-term prospects.
Revitalizing Stalled Projects
Hung Thinh Group, which experienced a period of inactivity, is now making a comeback in 2025. Rather than unveiling new projects, the group’s primary focus will be on revitalizing stalled apartment projects in Ho Chi Minh City, Dong Nai, Binh Duong, and Binh Dinh.
Luxury Apartments Take the Spotlight
The luxury apartment segment is expected to dominate Ho Chi Minh City’s property market in 2024. Masterise Homes, riding on the success of Masteri Grand View—the high-rise subdivision of The Global City in Thu Duc District—plans to release more units this year. The initial two towers sold out rapidly, with demand outstripping supply by three times. Prices for these units start at 100 million VND ($4,000) per square meter.
Other high-end developments are also making waves in the market. Lancaster Legacy in District 1 is priced at 200 million VND ($8,000) per square meter, while projects in Thu Duc City such as King Crown Infinity, Eaton Park, and Alta Height in The 9 Stellars urban area range from 80 to 150 million VND ($3,200 to $6,000) per square meter.
Dat Xanh Group, following legal clearance, plans to launch 3,200 apartments at DatxanhHomes Riverside in An Phu, Thu Duc City, in October 2025. The company will also continue the sale of units at Gem Sky World in Long Thanh, Dong Nai Province.
Meanwhile, Novaland is focused on resolving legal matters for its key projects this year. At Aqua City in Dong Nai, the provincial government is expected to complete the C4 sub-zone planning adjustment by the first quarter of 2025. By mid-year, Novaland anticipates securing detailed planning approval and permits to begin sales.
NovaWorld Phan Thiet, another major Novaland project in Binh Thuan Province, is also on track to receive necessary legal approvals in 2025. The company aims to finalize land use fee payments by April, clearing the path for further development.
Conclusion
As demand for high-end properties continues to soar, the luxury real estate market in Ho Chi Minh City is poised for a prosperous year ahead. With several large-scale projects in the pipeline, including residential, mixed-use, and urban development schemes, investors can expect further growth and opportunities in the city’s upscale property sector.
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