Primary apartment prices in Binh Duong increase sharply

Last week, in the new phase of the Emerald 68 apartment project ( Binh Duong Boulevard, Thuan An City), investors Le Phong and Coteccons announced a price of about 55 million VND per square meter. Compared to the average of 48 million VND/m2 in November 2024, the current selling price has increased by 13-15%.

The representative of the distribution unit of this project added that in mid-April, the investor will launch a new subdivision with an expected selling price from 65 million VND per square meter, an increase of nearly 10% compared to the present.

CapitaLand has also just launched 436 luxury apartments in the Orchard Height high-rise subdivision located in the Sycamore urban area (Binh Duong New City). The selling price of these apartments is around 50-55 million VND per square meter, an increase of 8-10% compared to the previous offering.

Phat Dat Corporation is planning to launch sales for the Astral City project (new name La Pura) after 5 years of unfinished. The expected price is from 60 million VND per square meter, an increase of about 20% compared to the price advertised in 2020. Becamex Tokyu is also selling 300 apartments in the Midori Park The Ten project (Thu Dau Mot City) with prices from 58 million VND per square meter.

In Di An City area, investor Bcons has just launched a new subdivision of the Bcons City project with prices starting from 45 million VND per square meter, an increase of nearly 13% compared to the previous selling price in the second quarter of 2024.

Not only do existing apartments increase in price during new sales, many projects preparing to launch in Binh Duong also announce sky-high expected prices.

TBS Group is planning to launch the Green Tower project at a price of about 68-70 million VND per square meter. An Gia Group is holding a reservation for The Gio project at a price that is rumored by brokerage floors to be around 50 million VND per square meter. Compared to the general level of this area, The Gio is currently priced 10% higher on average.

An apartment building in Thuan An City, Binh Duong. Photo: Quynh Tran

Data from DKRA Group shows that in the first two months of the year, the Binh Duong market had nearly 4,800 apartments for sale, accounting for 40% of the total supply and 39% of apartment consumption in the Southern region. The newly opened supply for the first time was about 1,000 units, with 65% belonging to the high-priced segment, over 40 million VND per square meter. In the first two months of the year, Binh Duong apartment prices fluctuated from 40-65 million VND per square meter for new products and from 30-55 million VND per square meter for secondary products transferred.

According to historical price data from Batdongsan, in the first quarter, Binh Duong apartments recorded an increase in selling prices of 12-15% compared to the same period last year. This increasing trend is differentiated by region, Thu Dau Mot City has an increase of 14% compared to the same period. On average, each square meter of newly opened apartments here costs about 55 million VND, the lowest is 36 million VND and the highest is 67 million VND.

Thuan An City ranked next with a price increase of 12.6%, each square meter of apartment averaged around 51 million VND. Di An City also recorded a price increase of 12.3%, averaging 39-45 million VND per square meter.

Explaining the factors that have caused the price of apartments in Binh Duong to continuously increase in recent times, Mr. Nguyen Dinh Phuc Nguyen, General Director of Phuc Nguyen Real Estate Company, said that the dominance of high-end supply is the factor that has caused the average price of apartments in Binh Duong to increase. Last year, many large domestic and foreign investors poured into this area to do projects, mostly high-end houses. Even brands that used to focus on developing affordable houses such as Bcons, Van Xuan, and Hung Thinh have gradually shifted to the mid- to high-end segment.

In addition, the impact of the price increase in the Eastern market of Ho Chi Minh City is spreading to neighboring areas and Binh Duong is the most affected market. The increase in apartment prices in Thu Duc City has created momentum to push the price level of projects in locations close to the two markets to increase, with the current difference of only about 30-40%.

Ms. Nguyen Bao Khue, CEO of DKRA Vega (member of DKRA Group), said that besides the "follow-up" effect in the East of Ho Chi Minh City, there are many factors affecting the price level of apartments in Binh Duong.

Firstly, according to her, the adjustment of land prices puts pressure on project development costs, leading to an increase in apartment prices. In addition, the province has recently been continuously speeding up the implementation of key infrastructure projects, such as the expansion of National Highway 13, Ring Road 2 and 3, Binh Duong - Ho Chi Minh City metro... The impact of infrastructure has helped Binh Duong real estate attract more attention and businesses are more confident when establishing new price levels.

Compared to Ho Chi Minh City, apartment prices in Binh Duong are still reasonable despite the sharp increase. With rapid urban development, the demand for buying and renting houses from the local and neighboring labor force boosts the potential of real estate in the province.

Experts predict that the primary market will have to increase prices in the coming time due to the increasing cost of project implementation and many speculations about Binh Duong merging with Ho Chi Minh City. The secondary market with old products is also gradually changing its price list to catch up with the general trend, narrowing the opportunity to own a house for the majority of people.

Duong Chung (According to vnexpress.net)

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/125989/Gia-can-ho-so-cap-o-Binh-Duong-tang-manh