Ho Chi Minh City
The largest conurbation in Vietnam, Ho Chi Minh City is the country’s economic centre and a key tourist destination. Seven million tourists visited Ho Chi Minh City in 2018, attracted by its wide boulevards, French colonial architecture and renowned museums as well is eating areas in District 1’s ‘Western Quarter’.
Vietnam is one of the fastest growing economies in Asia and attracted foreign direct investment worth USD 36 billion in 2017, setting a new record. Estimated GDP growth in Vietnam was 7% in 2018, with growth in Ho Chi Minh City expected to be higher at 8.7%.
Ho Chi Minh City has been hailed as a ‘Silicon Valley of Asia’ because of its upgraded infrastructure and thriving tech-driven economy, supported by Government policies to build an innovative city. More than 24 incubators and 12 start-up spaces have been created, encouraging more than 800 new ventures to begin operating and attracting overseas technology companies to invest.
Rapid population and employment growth is creating high demand for new housing. This is partly being met by the condominium market, which has emerged as a hugely successful concept in recent years. New units sell very quickly: in Q2 2018 the absorption rate of freshly launched units was 80%.
The condominium market is characterised by new residential clusters in areas such as Phu My Hung and expected to continue at an accelerated rate in the foreseeable future, with development hotspots in Thu Thiem, An Phu and Thanh My Loi.
New areas of Ho Chi Minh City will be opened up for development by a number of significant infrastructure projects that are now underway or in the planning stage. They include a metro rail system, due to open in 2020, that will help ease traffic congestion and improve connectivity with previously remote areas of the city.
What you can buy in Ho Chi Minh City: Centennial
Located in Ho Chi Minh City’s CBD on the Saigon River waterfront, Centennial is a 46-storey tower of luxury condominiums and serviced apartments of 1, 2 and 3 bedrooms.
|Address: Ba Son, District 1|
|Status: Under construction,completion Q2 2020|
|Number of units: 205|
|Average price: $750 - $1,100 psf|
|Developer: Alpha King|
|Architect: BCD Architecture|
The development features a large range of amenities including a sky gym, lounge and swimming pool with panoramic city views. Residents will also benefit from hotel-style services such as a concierge, housekeeping, security and valet parking.