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Ho Chi Minh City apartment supply shows signs of recovery in May

15:31 | 09/06/2020

Ho Chi Minh City apartment supply in May showed signs of recovery from Covid-19 impacts with a six-fold increase over April.

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ho chi minh city apartment supply shows signs of recovery in may
The apartment market in Ho Chi Minh City in May 2020 has 1,168 new apartments (Photo: VnExpress)

According to DKRA statistics, the apartment market in Ho Chi Minh City in May 2020 has 1,168 new apartments coming from 8 projects, 5.8 times higher than the previous month's supply. Sales on new supply reached 851 units, equivalent to 72.9%, 15.4 times higher than April.

Of these, Grade A and Grade B apartments accounted for 86%, while Grade C continued no new launches. Luxury apartments recorded 162 new products (accounting for 14% of total supply) coming from the new open-sale project, The River Thu Thiem, according to Vietnam Finance.

Compared to the end of 2019, many newly launched projects are now priced at high prices. In Cat Lai, Kien A Group announced the sale of City Grand apartment project in District 2. The lowest apartment price in this project is about 2.2 billion VND/55m2 (US$ 94,506), equivalent to 40 million VND/m2 (US$ 1,718). If compared with the series of apartments deployed in this area in 2018-2019 such as Citisoho (22-25 million VND/m2 (US$ 945-US$ 1,073), Citiesto (28-32 million VND/m2 (US$ 1,202-US$ 1,374), the price of new projects has increased to new levels. .

ho chi minh city apartment supply shows signs of recovery in may
Many newly launched projects are now priced at high prices (Photo: Booking)

Two newly launched apartment projects in District 2 in excess of VND 40 million/m2 (US$ 1718) are City Grand at VND 41 - 45 million/m2 (US$ 1,761-US$ 1,933) and D'lusso is at VND 53 - 58 million/m2 (US$ 2,276-US$ 2,491). Meanwhile, in the same period of 2019, the average price in this area was only VND 32 million/m2 (US$ 1,374). Similarly, in District 9, the super project of investor Vingroup has a relatively high selling price, from VND 30 - 38 million/m2 (US$ 1,288 - US$ 1,632) in the end of 2019 to VND 35 - 45 million/m2 (US$ 1,503-US$1,933) in the end of April 2020. The Metro Star project at Phuoc Long B of C.T Group also reached 45 million VND/m2 (US$ 1,933), an increase of 10 million VND/m2 (US$429) compared to the previous phase.

Eight apartment projects contributed 1,168 units to the market, compared to just 200 units recorded in April, according to DKRA Vietnam.

Of these, 851 were bought, compared to 55 in April. Most of the new projects are located in the eastern and southern part of the city, VnExpress reported.

ho chi minh city apartment supply shows signs of recovery in may
The market showed signs of recovery in May (Photo: VnExpress)

As Vietnam successfully contained the virus and eased social distancing measures in April, the market showed signs of recovery in May, the report said.

However, many developers have not fully launched all their units due to uncertainties amid the ongoing pandemic, it added.

The majority of the new units, 86 percent, were of Grade A and Grade B apartments, while the rest were in the luxury category. There was no Grade C apartment, which is the affordable category.

The luxury segment recorded an absorption rate of 50 percent, compared to the whole market’s 73 percent, showing that buyers were shying away from expensive units and focusing on lower and less risky products as the market remains unpredictable, DKRA analysts said.

According to a report of the Ministry of Construction, by the end of the first quarter of 2020, the price of real estate in Ho Chi Minh City increased by 3.5% compared to the same period in 2019. In particular, the luxury apartment segment increased by about 2.75%, intermediate apartments increased by 3.72%, affordable apartments increased by 3.78%. Individual housing prices also increased by 8.36% over the same period in 2019.

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