Grand Expressions
PALACE Magazine|Issue 26
High-rise luxury properties are fast becoming the norm in Ho Chi Minh City’s District 1 and 2
Ronald Wan

Walk among parks elevated hundreds of metres above ground, work out in top-notch gyms, swim in infinity pools overlooking the city and complete the luxurious living experience with a pampering spa and then an exquisite dinner in a world-class restaurant located just steps away from the comfort of your condominium apartment. You might be mistaken that you’re in New York, London or Singapore – except you aren’t. You’re actually living it up in Ho Chi Minh City’s District 1, or more popularly known as Saigon’s Wall Street.

ENTER THE DRAGON

In recent years, every high-heeled buyer wants a piece of the action in Southeast Asia, recognised as one of the best regions for investment. Enter Vietnam, which opened to foreign investments in the last decade with more factories moving operations from South China to Vietnam. According to an article in Bloomberg, Vietnam is “where southern China was 10 or 15 years ago”. Overseas investors are targeting the real estate market in Vietnam, zooming on luxury properties namely in District 1 and 2 of Ho Chi Minh City.

In addition, Vietnam looks set to benefit from the Belt Road Initiative. A Knight Frank report titled “New Frontiers: Prospects for Real Estate along the Belt and Road Initiative” ranked Vietnam 13th in the Belt & Road Index (BRI) 2019. The report also mentioned that over the past five years since the BRI was launched, USD 59.25 billion in Chinese-linked capital has been invested across transport, logistics and real estate in Southeast Asia.

The increasing prices are evident of a booming real estate market in Ho Chi Minh City. A luxury apartment in District 1 costs an average of USD 5,500 to 6,000 per square metre, which is an almost 20 per cent jump from the previous year according to various reports. While prices are on the rise, it is still considered a nifty bargain compared to Hong Kong or London, hence its attractiveness to many investors.

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