Ho Chi Minh City: The East area has become the ideal place to live for the rich

From the suburban districts with sparse population density, the East of Ho Chi Minh City ie the future Thu Duc City is a place to live that is targeted by the rich.

The attraction of the luxury segment

Eker, the author of the book Secret of Millionaire Mind, said that rich people are willing to spend a lot of money to honor themselves and their worth. In which, luxury goods, real estate … are always the “undivided” assets of this class.

According to Knight Frank’s 2017 Wealth Report, in 2016, Vietnam had 200 super-rich people, each owning 30 million USD or more. Knight Frank predicts that by 2026, the number of super-rich people in Vietnam will increase to 540 people, with an increase in the number of super-rich people reaching 170%, higher than both India’s 150% and China’s 140%. The rapid rise of the super-rich class leads to increasing demand for the luxury real estate segment.

The report of the Vietnam Real Estate Brokers Association shows that, from 2018 to now, in Ho Chi Minh City, nearly 12,000 high-end products or more have been successfully traded. In 2019 alone, the number of successful transactions in Ho Chi Minh City reached nearly 5,000 products. Despite market volatility, good “immunity” to the external environment has made this product line hold the leading position in terms of good liquidity ratio and strong price increase. The absorption rate of this product line is quite high thanks to meeting the needs and strict standards of the elite.

Explaining this, real estate experts say that luxury real estate is a product line aimed at wealthy customers in the market. This is a client file with strict housing needs. Meanwhile, if the economy fluctuates, it will be difficult for their hoard of assets to decline proportionally. They are still willing to spend huge sums of money on luxury apartments.

In fact, in the current market, many investors and buyers are still quietly looking for real estate in areas that have large traffic infrastructure works, low density, projects with clear legality, designed according to high standards.

East area – the promised land of luxury real estate

When the population of the central districts is increasing and the land fund is gradually scarce, the trend of moving away from the center, living in the middle of nature is being “concerned” by investors and the rich in Vietnam. In particular, with a well-invested open infrastructure foundation, the East area is considered the most resilient area with a solid pedestal from the transport infrastructure. Possessing a large vacant land bank while the city center area is almost overloaded, the East area becomes the promised land of luxury real estate projects with design prioritizing green space and utilities – an indispensable requirement of the rich.

In the Ho Chi Minh City Residential Real Estate Market Report in the third quarter of 2020, DKRA said that for the villas and townhouses segment, the East area continues to lead the market in primary supply and consumption in the first quarter of 2020. quarter when accounting for 64% of supply and 64% of consumption. DKRA forecasts that, in the fourth quarter of 2020, the new supply of townhouses/villas will likely increase compared to the third quarter, ranging from 800 – 1,000 units, of which the East continues to lead the market in terms of supply of this segment.

According to experts, real estate in the East with fully planned projects with green space will be an opportunity for investors and the main driving force for the city in the coming time.

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With a 30-story twin tower right in front of Vo Van Ngan Street, King Crown Infinity is expected to become a new symbol of Thu Duc City.

Recently, a series of luxury projects have been launched in the East market, mainly concentrated in District 2 and District 9. Meanwhile, the Thu Duc district area has a stable population structure and a stable population structure. For a long time, the complete transportation infrastructure foundation is still lacking worthy projects. This is an opportunity for early investors to see the potential of this area.

Recently, in the central area of Thu Duc district, there has appeared a high-class project located right on Vo Van Ngan street aimed at upper-class customers. Owning a golden coordinate position right on the arterial road in the heart of the creative urban area, King Crown Infinity – a high-class apartment and commercial complex invested by BCG Land Joint Stock Company – a member of the Group Bamboo Capital is attracting great attention from the rich financial world. As a high-rise project in the luxury segment between the central urban area of ​​Thu Duc City in the future, this project with 30-story twin towers is expected to become a unique symbolic work of the East of the city, contributing to change and promote the regional appearance.

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