Since the beginning of 2024, many investors in Long An have launched new projects, but the number of buyers is still low. The reasons come from the quite high prices, the traffic infrastructure has not been improved, and some projects have not completed the legal procedures.
"Overwhelmed" supply
According to a survey by reporters from Dau Tu Newspaper, in Long An there are more than 20 real estate projects for sale, mainly subdivided land, townhouses, and villas. Starting from this August, the market has seen information about sales of apartment projects.
In Ben Luc district, the Xuan Thao Residence project invested by Xuan Thao Real Estate Joint Stock Company is being offered for sale. The project has an area of over 3 hectares, including nearly 200 townhouses, priced at 3.5 - 4.5 billion VND/unit, opened for sale from June 2024, but according to brokerage floors, the amount of goods sold is quite low.
Also in Ben Luc, the Go Den Market Street Project of Thanh Thai TVK Real Estate Company Limited is offered for sale at the lowest price of 3 billion VND/plot. This project has an area of only over 9,000 m2, including 42 plots of land.
A well-invested project and considered a highlight of the Long An real estate market in recent times is the Waterpoint Urban Area of Nam Long Group. The project covers an area of over 300 hectares, in An Thanh commune (Ben Luc district), officially opened for sale since 2019 with products such as townhouses, villas, apartments... Currently, the Park Village subdivision with 96 villas is being opened for sale at a price of 17 - 30 billion VND/unit.
Not far from Waterpoint is the Luong Hoa Residential Area Project, covering an area of 100 hectares. Huong Viet Investment Consulting Joint Stock Company - the project developer - said that Luong Hoa Residential Area has 3,750 products with diverse types, from shophouses, townhouses, to villas. The selling price is about 3 - 6 billion VND/unit, depending on the product.
Another project that is also being actively advertised by brokerage floors is Phuc Dong Ecohome Residential Area (Duc Hoa District), invested by Viet Phuc Construction and Real Estate Trading Company. The project has more than 100 plots (each plot is about 100 - 200 m2 in area), offered at a price of more than 2 billion VND/plot.
Meanwhile, Duc Hoa New City Project (Huu Thanh Commune, Duc Hoa District) of An Nong Land Company Limited is offered for sale at a price of over 3 billion VND/plot (each plot area is from 85 m2 or more).
Opened for sale from March 2024 with a price of more than 3 billion VND/plot, up to now, the King Hill Residences Project (Thanh Phu commune, Ben Luc district) invested by Dat Thuan Phat Service - Trade - Import Export Co., Ltd. still has many unsold products.
Most recently, the Long An market received information about the Destino Centro apartment project (Ben Luc) opening for sale. The project has an area of about 2.7 hectares, including 5 apartment blocks 20 floors high, providing 1-3 bedroom apartments and studio apartments with more than 2,000 products.
Customers are still scarce
Brokers in Long An said that currently, there is a lot of inventory, but there are few customers. The number of customers buying real houses is only small. This group is interested in projects with mid-range prices and convenient locations.
Mr. Nguyen Van Thang, Director of Tan Lap Real Estate Trading Floor in Long An, shared that from the beginning of 2024 until now, Tan Lap has participated in selling 8 land projects, but very few buyers. There are months when the floor cannot sell any land.
According to Mr. Thang, the lack of customers in the Long An market comes from many factors, including the current price being too high compared to 2020 - 2022. Previously, the average land price in Long An was just under 20 million/m2, but now it has increased to more than 30 million/m2.
In addition, Long An province has issued regulations that land and townhouse projects must complete facilities such as parks, schools, etc. in order to be granted certificates to customers. In reality, many investors do not have the capacity to build these facilities, so they cannot issue certificates, making customers uninterested.
“The most important factor is the connecting traffic infrastructure. Currently, the traffic infrastructure in Long An is considered the least developed in the Southern region. Traveling from Ho Chi Minh City to Long An takes a long time, so projects here are difficult to attract customers,” Mr. Thang analyzed.
Notably, according to experts, the Long An real estate market is unbalanced in terms of product lines. Customers with real housing needs often choose mid-range apartments, but in Long An, apartment projects can be counted on the fingers.
“In addition, in Long An, there are many townhouse and villa projects with no residents, creating a deserted scene, which has a significant impact on customers' psychology,” said Mr. Nguyen Hoang, a real estate expert, frankly.
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