The apartment cost more than VND200 million per square meter in Ho Chi Minh City

Day post: 10-07-2017
At the apartment market report in HCMC at the end of June 2017, CBRE Vietnam's market research and development consultant, Duong Thuy Dung revealed: "A super-luxury apartment project, priced at VND8,000 USD to $ 10,000 (over VND200 million) per square meter can be found in the central core of Saigon in 2017". 
 
The location of the project is on a district road (a prime location and there are many luxury serviced apartments in District 1. If the announcement of the project takes place as expected, this will be the first time the Vietnamese market has seen this special product line, Dung said.
 
CBRE experts assess, the super-luxury apartment will appear will affect many indicators of HCMC real estate. First of all, the average price of the entire apartment market will change in an upward trend. Secondly, this product line could become a new indicator for comparison with other regional markets. For example, in Bang Kok (Thailand), apartments priced at $ 8,000-10,000 are quite popular while Ho Chi Minh City just appeared for the first time. This shows that the Vietnamese market tends to expand into the higher segment.
 
Speaking to VnExpress on the sidelines of the HCM City real estate market report on June 29, Jones Lang LaSalal General Director (JLL) Vietnam, Stephen Wyatt, confirmed that luxury apartments had been offered for sale before. Ho Chi Minh City market average $ 3,500-4,000 per m2, the highest level of $ 5,000-6,000 per m2. If the super-luxury apartment is about to appear for $ 8,000-10,000 per m2, this is almost twice as expensive as the luxury segment.
 
If this type of luxury apartment is really launched this year in HCMC, this will be a big step forward for the real estate market, "said Stephen Wyatt. Being located is super to not only based on price. The apartments must converge many top standards, from the location must really prime, investor class, contractor brand, number Low volume of products, high quality construction, well-designed design ... Even the management of apartments, the services attached also require the strictest standards.
 
Experts predict that if the segment of luxury apartments account for about 1% of the total market, the super luxury will have a lower rate, ie less than 1%. Although the supply is limited, the number of projects and products is relatively low, experts say that this is a very demanding segment, and not a short-term or medium-term investment channel. Buyers are not for pure profit purposes or for hire rental but mostly for demanding affirmation of level.
 
Source: VNEXPRESS
 
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