Major real estate projects remain bleak

STC Long Thanh project in Long Thanh district. Photo: illustration

Investors' caution, many projects facing legal problems, and a lack of new products to meet demand are the main reasons why the real estate market in Dong Nai remains gloomy.

Trading is quiet

At major projects such as STC, Gem Sky World, HUD, Aqua City, etc., the atmosphere is still quite quiet; construction activities are limited, transactions are sparse, and some projects have even temporarily suspended construction.

In Long Duc commune (Long Thanh district), the Gem Sky World project with a scale of more than 90 hectares invested by Dat Xanh Group once "caused a fever" in the market in the period of 2019-2021 with thousands of products launched. However, currently, buying and selling activities are almost "frozen", transaction offices are deserted, and surrounding shops are also closed.

Mr. Trinh Xuan Son, an employee of Alpha Land Real Estate Trading Floor located in the project area, said that the investor has not opened a new sale yet, the products being traded are mainly secondary goods. The transfer price is currently significantly cheaper than the opening time, there are customers coming to see, but very few people decide to buy.

Not far away is the STC Long Thanh Project in Loc An Commune (Long Thanh District), with a scale of more than 1,000 townhouses and land plots, and the transaction situation is not very exciting. Mr. Dang, a broker in this project, shared that the land price has increased slightly compared to the opening time but not much. The land plots in the inner area are being offered for sale from 3.5-4.2 billion VND/lot (about 35 million VND/m²). The lowest apartment is also about 7.4 billion VND/unit, excluding tax.

Since the beginning of 2024, the Government and ministries and branches have issued many policies to support businesses and localities in handling interspersed residential land, granting red books for projects... in large real estate projects. Photo: illustration

According to Mr. Dang, currently banks are providing capital support, customers who pay quickly will receive discounts and gifts.

“The advantage of the project is that it is located next to the Loc An - Binh Son resettlement area, and benefits from a synchronous infrastructure system such as hospitals, schools... If you have a need to invest at this time, you should close the deal,” said Mr. Dang.

In Long Hung commune (Bien Hoa city), where there are many projects in the Long Hung open economic ecological urban area, the situation is similar. Some areas are under construction, but many areas are still abandoned, overgrown with grass, and unfinished projects.

At the working session with the Ministry of Finance on May 8, 2025, Chairman of the Provincial People's Committee Vo Tan Duc said that from 2021, the province has more than 180 large real estate projects on the list of projects that need to be reviewed according to the recommendations of the State Audit. Up to now, after many efforts from the Government, ministries, branches, localities and enterprises, there are still more than 120 projects that are continuing to be classified to remove obstacles. This is a "bottleneck" of the real estate market and also a "bottleneck" in the socio-economic development of the province.

Legal projects clearly have the advantage

The Long Tho - Phuoc An Urban Area Project in Nhon Trach District, invested by the Housing and Urban Development Corporation (HUD), covers an area of ​​over 220 hectares and was expected to be the driving force for the development of the new Nhon Trach urban area. However, after many years of construction, the area remains deserted, with many villas having only completed the foundation and then abandoned.

Mr. Dung, a broker at Truong An Real Estate Transaction Point, said that when the information about the merger of provinces and cities first appeared, the land prices at HUD projects as well as many places in Nhon Trach district were offered for sale at an increase of about 30%. However, after the information about the merger of provinces and cities became clear, the level of interest quickly decreased, and there were almost no transactions.

It is undeniable that Dong Nai is a locality with great potential for real estate thanks to its strategic location in the Southeast region and its infrastructure system that is being heavily invested in. However, in order for this potential to become a reality, it is necessary to thoroughly remove legal “bottlenecks” so that businesses and buyers can feel secure in their investments.

Mr. Nguyen Van Cuong, Head of the Executive Board of the Vietnam Real Estate Brokers Association in Dong Nai, said that investors are still paying great attention to real estate projects in Dong Nai. However, at this time, buyers are no longer the type to surf and speculate like before, but are increasingly interested in the legality, progress and reputation of the investor. Projects with clear legal status and commitments on progress will attract customers better.

According to a representative of Dat Xanh Group, the company is coordinating with local authorities to resolve legal issues at the Gem Sky World Project, while continuing to invest in infrastructure to be ready to launch products when the market warms up.

Meanwhile, the representative of Novaland Group proposed that the Provincial People's Committee allow the parallel appraisal of the dossier to adjust the 1/5,000 scale Zoning Plan of Subdivision C4, and at the same time handle violations of construction order in this area. The goal is to speed up the approval process, limit waste of resources, and at the same time develop a modern urban area, overcoming the shortcomings of the old plan. This will both remove obstacles for the project and contribute to unblocking the real estate market in the province.

Le An

Source: https://baodongnai.com.vn/kinh-te/202505/du-an-bat-dong-san-lon-van-am-dam-6dc1d98/