Real estate booms in HCM City’s east as innovation city takes shape – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports – VietNam News

HCM CITY– HCM City’s strategy to establish Thủ Đức City by merging districts 2, 9 and Thủ Đức has actually caused residential or commercial property prices in the 3 eastern districts to increase greatly.

The costs of some existing apartments on Đồng Văn Cống Street and Hà Nội Highway in District 2 have increased by almost VNĐ300-400 million (US$ 12,944-17,259) each given that early 2020.

Many projects in District 9 such as Him Lam Phú An and Jamila Khang Điền have seen costs increase to VNĐ37-40 million ($1,596-1,725) per square metre from VNĐ30-35 million ($1,294-1,510) in 2015.

Others such as Safira Khang Điền, Saigon Gateway and Hausneo have actually gone up from VNĐ27-30 million to VNĐ35-37 million.

Costs at Vinhomes Grand Park have increased from VNĐ30-38 million late last year to VNĐ35-45 million now.

Metro Star in District 9 increased to VNĐ45 million in the second phase of sale, up VNĐ10 million from the first.

According to a survey carried out by Chợ Tốt online property platform, apartment costs in the three eastern districts have increased by 18 percent compared to April.

The majority of the city’s crucial transport tasks like the Hà Nội Highway, Saigon River Tunnel, HCM City-Long Thành-Dầu Giây expressway, and City Line No1 pass through the east.

A series of additional transportation projects are prepared such as the Thủ Đức bridge to the Thanh Đa peninsula in Bình Thạnh District, Ring Roadways No. 2 and 3 that will link the whole eastern area and the Cát Lái Bridge linking District 2 with Nhơn Trạch District in Đồng Nai.

According to industry professionals, as the entrance connecting the ‘golden’ financial triangle of Bình Dương-Đồng Nai-HCM City, the city’s eastern part has actually been the leading property place for many years.

The establishment of the new city would make the market there even more appealing, they said.

Ngô Quang Phúc, general director of Phú Đông Group, said developing Thủ Đức City into an innovation and hi-tech town related to modernisation and digitalisation would make the east a “appealing land” for young people and technocrats, therefore designers would concentrate on smart housing there. Nguyễn Thị Thanh Hương, basic director of Đại Phúc Land, said the facility of the development city would produce more jobs, increase real estate need and attract domestic and foreign financial investment.

“Domestic and foreign financiers always try to find financial investment chances in both the short and long terms. The facility of the eastern city imagined as an innovation town and a new economic advancement hub will attract investments and develop a driving force for the advancement of this location.

“Thus, property rates will likewise increase, with significant jobs that are well prepared and use the quality of life for residents having a fantastic benefit in the market.”– VNS