Upcoming Properties Projects in HCMC
Context, infrastructure development, and latest recommended projects to invest in Ho Chi Minh City (Saigon)
Ho Chi Minh City, or Saigon as we like to call it, is Vietnam’s largest metropolitan area. With a total population of nearly 14 million people, HCMC is also the economic capital of Vietnam.
Saigon has now become an attractive destination for real estate investment and development prospects. The city accumulates massive construction projects, new skyscrapers and over growing its urban area. About 35,000 new apartments have come to market in HCMC in the past three years.
Two Factors are behind this transformation
Two factors are behind this transformation. First, in 2015, the Vietnamese government introduced laws that made an investment in property easier for foreigners and Vietnamese expats.
Then, in the meantime, others Asian big cities like Bangkok, Hong-Kong or Seoul knew an important rise in their real estate prices and became less affordable. This encouraged the Asian middle-class to look around for investment properties, like here in Vietnam.
Finally, Vietnam with its rich history and attractive coast has come into focus as a primary choice tourist destination on the continent. With upcoming metro line and brand new residential projects, Ho Chi Minh City is one of the World trendiest city.
Traffic Network and Infrastructure
The new metro
Out of all the megacities of Southeast Asia, Saigon is the only one without any form of metro transport. But this will change when the first metro line in Saigon opens sometime in 2021! In total, there will be 6 metro lines, 1 light rail, and 2 monorails. The line 1, which is already under construction, will connect the famous Ben Thanh Market to the Opera House, Thao Dien (Expat area in District 2) and Saigon Hi-tech Park (District 9).
The metro system is expected to solve the lack of efficient public transport. Moreover, the goal is also to shorten the travel time from other districts to the city centre by half. The metro has influenced the property prices and land value around upcoming lines increased.
The Long Thanh International Airport
In another hand, the first phase of the Long Thanh International Airport project,should be completed in 2025. With a capacity of 100 million passengers and five million freight tonnes a year, the new airport will allow to reduce the over-capacity of Tan Son Nhat Airport. However, the land price has exponentially increased over the airport area.
Saigon also improve on its traffic network and continually try to reduce traffic jam. With a roadway network optimised and the upcoming metro, all districts of Ho Chi Minh City welcome new high-end residential projects and redraw the skyline of the city.