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In 1Q21, the total take-up was at 3,932 units, up by 98% y-o-y. The cumulative sales rate for apartment sector has remained high at over 85% since 2017, showing a strong demand in the sector.

Bright Future for Suburban Area in Ho Chi Minh City
Photo Credit: GettyImages
According to JLL1Q21 report, inspire of the third Covid wave in February, the new official supply in HCMC increased 7% q-o-q  73% y-o-y with total of 3,900 units, thanks to the issuance of new guidelines for legal issues. The new launches was highlighted with the introduction of a Luxury  project - Cove Residences with 136 units. Mid-end sector, represented by Vinhomes Grand Park and Sunshine Diamond River projects, continued to dominate the newly launched basket with 80% in sum. 
Lack of land bank in the inner city and the continuously improving infrastructure systems have increasingly driven housing demand in the suburban areas.
Demand remained strong
In 1Q21, the total take-up was at 3,932 units, up by 98% y-o-y. The cumulative sales rate for apartment sector has remained high at over 85% since 2017, showing a strong demand in the sector with most of buyers was the first-time homeowners who are either the local or outer-provincial citizens. 
Meanwhile, since Covid 19 has limited the capital flows into manufacturing sector, and lending rate was kept low to stimulate economic growth, residential segment has appeared to be attractive for developers/investors, and thus boost transaction activities.
The upward trend still leads the market price
The overall primary price reached USD 2,468 per sqm in 1Q21, stabilized q-o-q, and increased 0.7% y-o-y as the majority supply from the mid-end basket with reasonable prices and standardized quality favoring by mainstream buyers such as D'Lusso, ST Moritz, Eco Green Saigon. Notably, in the quarter Masterise Group just soft launched its Grand Marina project at USD 16,000 per sqm, an all-time high level in the market.

DIEP NGUYEN