Infrastructure boosts HCM City property market

The HCM Metropolis property market is predicted to develop strongly in 2022 on the again of quite a few infrastructure initiatives being accomplished or began in the course of the interval, consultants mentioned.

Lots of the initiatives are supposed to enhance connectivity or scale back congestion.

They embody the An Phu Intersection in Thu Duc Metropolis.

The junction of three main roads, the HCM Metropolis-Lengthy Thanh-Dau Giay Freeway, Mai Chi Tho Boulevard and Luong Dinh Cua Avenue, suffers from fixed congestion, which peaks throughout weekends and different holidays as folks journey to Dong Nai and Ba Ria-Vung Tau provinces.

To value practically VND4 trillion (US$175 million), it will likely be a three-level highway together with two tunnels.

One other mission to be taken up is the widening of Nationwide Highway 50 in Binh Chanh District.

The My Thuy Intersection will likely be completed this yr, serving to scale back site visitors jams and accidents round Cat Lai Port and enhance cargo transportation capability.

Located three kilometres from An Phu Intersection on the junction of Vo Chi Cong, Dong Van Cong and Nguyen Thi Dinh streets, work on it started in 2016 at a value of VND840 billion for section one and over VND1.4 trillion for section two.

The primary section consists of the Ky Ha 3 Bridge and an overpass and underpass on Ring Highway 2.

Different initiatives within the metropolis embody widening of Tan Ky-Tan Quy Avenue, upgrades to Tran Van Muoi Avenue and Thi Tran-Thoi Tam Thon, development of Rach Kinh Bridge, and works to forestall landslides close to Giong Ong To Bridge.

Tran Quang Lam, director of the HCM Metropolis Division of Transport, mentioned efforts have been on to finish three duties in time: full development of metro route No 1 between Ben Thanh and Suoi Tien and begin its industrial operation, and start work on route No 2.

The event of infrastructure within the metropolis is predicted to drive property costs up.

Cao Huu Phi, basic director of COPiHOME, advised cafeland.vn that costs this yr would rise sharply in areas the place sturdy infrastructure improvement is happening.

Nguyen Thai Phien, deputy basic director of NovaGroup, mentioned the COVID-19 pandemic was an enormous impediment to the market’s improvement, however funding in infrastructure was driving it up now.

Property marketing consultant CBRE forecast provide to get better within the subsequent two years with practically 22,000 new items launched in 2022 alone at subsequent phases of present initiatives like Grand Marina Saigon and Grand Manhattan in District 1 and Metropole, Masteri Centre Level and The 9 Stellars in Thu Duc Metropolis.

Advertising campaigns and bookings had been launched for quite a few initiatives set to start in 2022, it mentioned.

Costs within the main market have been anticipated to extend slowly when extra initiatives within the suburb can be levelled to greater segments. However excessive costs and restricted land availability within the metropolis would push demand to neighbouring areas like Binh Duong, Dong Nai and Lengthy An provinces, it mentioned.

Duong Thuy Dung, senior director, CBRE Vietnam, mentioned: “Clients’ tastes have modified after Covid-19 with some brand-new options like know-how, influencers and staycation. As well as the property market noticed rising curiosity from Gen Z and Millennial prospects, who’re and would be the major consumers within the high-end and better segments.

“So builders have to totally perceive the wants of this demographic to supply the precise merchandise. The resumption of worldwide flights, back-to-normal enterprise operations and sustainable housing demand will assist maintain costs and transaction charges of residential property.” 

bizhub