Southern real estate market receives good news

Recently, the Ho Chi Minh City Department of Construction has granted a construction permit to the CC1 and CC5 High-rise Apartment Project in the Nam Rach Chiec Residential Area, An Phu Ward, Thu Duc City (HCMC), invested by Dat Xanh Group Joint Stock Company. This is considered a big step forward for the investor, because over the past many years, the ambition to revive this project has been continuously mentioned by the investor in the business plan, but has been delayed due to legal problems.

The project is planned with 12 apartment buildings 33-35 floors high, with a total of 3.175 apartments. According to the information in the construction permit, the construction density of the base block is 39,4% and the tower block is 24,6%, the total construction floor area is 336.647 m2, not including the basement and elevator shaft. When this project is put into construction, it will supplement the supply to the market in the near future.

It is known that, in addition to the CC1 and CC5 High-rise Apartment Project in the Nam Rach Chiec Residential Area, the Ho Chi Minh City Working Group has held 10 meetings and issued 15 notices of conclusions, considering and resolving 30 projects with problems. Of which, 8/30 projects have been completely resolved, 22/30 projects with problems are being consulted by departments, branches, and the People's Committee of Thu Duc City to continue to handle according to regulations.

For projects that are still facing difficulties and problems, the Ho Chi Minh City People's Committee will continue to preside over and assign departments, branches and sectors to step up the review of problems to find solutions in accordance with legal regulations.

In addition to positive signals from projects facing legal problems being resolved, in the final stage of the year, the Southern real estate market also recorded good news when many projects were restarted.

For example, the Conic Boulevard apartment project, located in Tan Kien town (Binh Chanh district, Ho Chi Minh City), invested by the 584 Traffic Construction and Exploitation Investment Joint Stock Company, started construction in 2005. After a long period of implementation, construction stopped in 2020. The reason is said to be problems with capital sources and loan repayments to banks. After that, the project was restarted with the participation of Linh Phong Conic Construction, Investment and Development Joint Stock Company (Conic) as the developer.

Recently, Conic has joined hands with Eximrs Real Estate Joint Stock Company (marketing and distribution unit) and Viet A Bank to jointly develop the Conic Boulevard Project.

Previously, the market also witnessed a series of other cooperation deals such as TT Capital Investment Joint Stock Company joining hands with Cosmos Initia Company (a member of Daiwa House Group) to develop TT Capital's real estate projects. In which, the first project is named TT AVIO in Di An City (Binh Duong).

Or Kim Oanh Group signed a cooperation agreement with Japanese companies Sumitomo Forestry Group, Kumagai Gumi Group and NTT Urban Development Company to develop the One Urban Area Project. world (The One World) in Binh Duong…

In response to the above moves by businesses, Mr. Luu Quang Tien, Deputy Director of the Dat Xanh Services Institute for Economic - Financial - Real Estate Research, commented that the real estate market is gradually moving into an "attack" phase from the supply side.

“After a cautious defensive phase, the market is gradually moving to an offensive phase with many notable bright spots. Although there are still many challenges, opportunities are still open for those who are well prepared and ready to seize the opportunity,” said Mr. Tien.

Similarly, Mr. Pham Lam, Vice President of the Vietnam Real Estate Brokers Association, also believes that the real estate market will gradually become more prosperous. It is forecasted that in the coming time, macroeconomic factors will stabilize, investors will prepare to accelerate with a new mindset, supply will improve and homebuyers' confidence will gradually return, leading to increased demand.