Since 2000, Vietnam’s economic growth rate has been among the highest in the world, and, in 2011, it had the highest Global Growth Generators Index among 11 major economies. Its successful economic reforms resulted in its joining the World Trade Organization in 2007. Vietnam’s growing economy will boost it’s middle class population from 12 million people to 33 million by mid 2020. The total population of Vietnam is 94 million people and third of the country will become middle-class by mid 2020. Real estate hunters are gathering and hovering over every golden opportunity they can in this hungry market. There have been very aggressive push towards the real estate market of late with real estate companies from overseas pouring their investment into this country. The sheer number of tourist visiting Vietnam doubled since 2012 and its growing 30% every year. More and more foreign owned companies are setting up offices. We have seen Apple take office at Deutsche Haus, WeWork building their first co-sharing space in D4, Japanese retail giant Uniqlo proposing to open their first store by fall of 2019, and a true 5-star hotel experience coming to the most busiest street in Ho Chi Minh City, The Mandarin Oriental. Let’s take a look at the some of the most coveted areas in Ho Chi Minh City.
1. Nguyen Hue Street – HKD$468,000 per square meter
Best known as the walking street where every tourist will stop by to see the most visited street in Ho Chi Minh City. Lined with shops after shops, this highly coveted pedestrian street boosts some international brands as well as the more famous local brand. The Mandarin Oriental will make its presence here in Ho Chi Minh City located right off the Nguyen Hue Street, part of Union Square Saigon, a commercial building in the heart of the city, that is currently under renovation. The hotel will be situated on the upper floors of this mixed-use complex, which will also house a variety of international luxury retail outlets. Mandarin Oriental Saigon will comprise 227 guestrooms and suites, six restaurants and bars, a range of meeting and banqueting spaces, a fitness center, a Spa at Mandarin Oriental and an outdoor swimming pool.
2. Dong Khoi Street – HKD $345,000 per square meter
This busy street blends the iconic colonial buildings — the Opera House and Vietnam’s first hotel, InterContinental Saigon — with modern skyscrapers and shopping malls, a testimony to the city’s rapidly rising middle class. When walking down Dong Khoi, you will see luxurious brand name stores like Bottega Venetta, Gucci, Louis Vuitton, Rimowa, etc. The Union Square shopping mall is conveniently located in between Nguyen Hue and Dong Khoi street. When Mandarin Oriental finishes the project here, guest can walk down and enjoy their luxurious shopping spree. This street is also a popular destination for hidden bars and restaurants. One of the bars/eatery, Layla, located in across the street from Omega watch store, hidden in the old early 1920’s building. Walking up the musty stairs and following the sound of music, you will enter the nightlife of the locals and expats alike. This hidden treasure will make you think twice about going to Bui Vien.
3. Le Hoi Street – HKD $265,000 per square meter
Adjoining Ben Thanh Market, Le Loi Street is famous for its vibrant shophouses selling anything under the sun, from souvenirs to food and fashion. Houses with two sides facing the street can fetch millions of dollars. Like Dong Khoi Street, along Le Loi, there are big shopping malls such as Saigon Center, Takashimaya Department Store and Saigon Tax Trade Center, which is now under renovation. A temporary downside is construction work for the city’s up and coming metro, which will be completed in 2020.
4. Le Ahn Xuan Street – HKD $230,000 per square meter
There are no city monuments, museums, or shopping mall but the street is home to the numerous mini hotels that are just a short walking distance from Ben Thanh Market. A property on this street costs from $2 million to $22 million. One of the biggest hotel near Le Ahn Xuan street is the New World Hotel. New World Hotel is home to many high networth Chinese visitors and business men due to its class and hospitality facilities.
5. Nguyen Van Cu Bridge – District 1
Nguyen Van Cu bridge connects 4 major districts of Ho Chi Minh City, District 1, District4, District 5 and District 7. This up and coming area of District 1 is home to CapitaLand’s District 1 project, D1mension. D1mension is the first internationally branded residence available for sale in District 1. Once operational the property will mark the map with its luxurious positioning in Ho Chi Minh City’s real estate market. Situated in the close distance from District 7 and District 5, many foreign buyers including Koreans and Chinese have shown great interest in this area. However, due to foreign quotas running out, foreign buyers have a very limited chance of acquiring this piece of “golden land” if they haven’t already. Developed by reputable Singapore-listed property developer, CapitaLand, this artfully designed project is positioned as a lifestyle product with exceptional facilities such as the glass-bottomed sky infinity pool overlooking the panoramic city skyline. Before the year-end, District 1 is expected to see the launch of a considerate number of boutique luxury developments, both branded and unbranded, but with an array of extraordinary facilities, exclusive resident amenities as well as sophisticated design and architecture. According to propgoluxury.com, the price levels are rapidly edging towards the $6,000 per square meter mark which is still far below competing regional cities such as Bangkok or Kuala Lumpur.
Credit: www.vnexpress.com www.visitsaigon.net www.visithochiminhcity.vn www.4travel.jp www.propgoluxury.com