Workshop: property developers embrace city’s developing inner areas

23 Jun
Investing into apartment projects in developing inner areas in Ho Chi Minh City is a clear trend in the real estate market here, heard a workshop in the city Tuesday.


Participants at the seminar shared an idea that it is an inevitable tendency since living far away from the workplace is inconvenient.

The city’s developing inner areas comprise districts Thu Duc, Binh Tan, Tan Phu, 2, 7, 9 and 12, said Do Thi Loan, general secretary of the HCM City Real Estate Association.

She said inner Ho Chi Minh City currently consists of districts 1, 2, 4, 5, 6, 8, 10, 11, Binh Thanh, Phu Nhuan, Tan Binh and Go Vap. They all cover 126 square kilometers and are more populous than the developing inner areas, which cover 368 square km in all.

According to her, the city’s urban development strategy include new residential quarters in the developing inner areas, such as Thu Duc in the north, District 12 in the northwest, Tan Phu and Binh Tan in the west, District 2 in the east and district 7 in the south.

A fact in the city’s real estate market is lots of housing projects are being carried out in the developing inner areas, and this is in line with the city’s urban development strategy.

The current trend also goes with a new range of price. Between VND12 million and VND15 million ($635-$790) per square meter is the average selling price seen at housing projects introduced into the market in the past few months, said Mr. Lam Quy, deputy director of Dat Gia Consulting and Housing Co., which organized the workshop.

According to him, property developers have shifted from deluxe apartment projects to medium-priced ones to tap a much bigger market segment.

Mr. Nguyen Van Hiep, deputy director of the HCMC Department of Construction, said the city administration always encourage investors and companies to build housing projects as long as they are in line with the city’s urban development strategy and up to quality that property developers pledge.

Mr. Hiep said that Babylon Residence 1, whose project owner is Dat Gia Consulting and Housing Co., for example, will diversify goods in the market.

Dat Gia deputy director Lam Quy said the project in Thu Duc District will feature lots of trees and greenery.

He was introducing Babylon Residence 1 to the participants at the workshop.

The project will covers almost three hectares, and up to three-fourths of the total area is allocated to greenery, plants and public purposes.

Mr. Quy said his company is developing the idea of Babylon as an avant-garde in bringing more green to housing projects in the city, where concrete jungle is seen anywhere.

Babylon Residence 1 is located in Thu Duc District’s administration center, thus the dwellers will get easy access to the current 36 hectares in the quarter, which includes parks and public venues. It is just a few minutes to walk to a beltway which is under construction now to link to Tan Son Nhat Airport.

In addition to two apartment blocks of 21 stories each, a seven-story mall building will catch the eye, said Mr. Quy. Auxiliary facilities there will be shops, swimming pool, gym, school, children’s sections and cinema.

The two apartment blocks would be linked by a hanging overpass on story 21. About 70 meters from the ground, the overpass will be a good place for sight seeing.

Prices to buy an apartment start from VND15 million per square meter. Availability for accommodation is scheduled for the first quarter of 2012.

Besides Dat Gia, buyers can put their names down to own an apartment via Cong Minh Land, Saigon House, Van Phuc Gia Co., Van Tien Phat Co., Dong Nam A Co and Bang Huu Investment Co.

Reported by Tuong Thuy/ SGGP

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