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Apartment building projects mushroom in Vietnam’s Mekong Delta region

Apartment building projects mushroom in Vietnam’s Mekong Delta region

Sunday, August 21, 2022, 13:59 GMT+7
Apartment building projects mushroom in Vietnam’s Mekong Delta region
An apartment building project under construction in Cai Rang District, Can Tho City, Vietnam. The project has more than 1,000 apartments. Photo: Chi Quoc / Tuoi Tre

The Mekong Delta region of Vietnam has recently become the location of many apartment buildings, which are often seen in populous cities, despite its low population density.

Apartment building development has grown to be a trend there and may be stronger in the coming periods once traffic infrastructure projects in the region are developed, according to construction agencies.

Apartment building development race

Can Tho City takes the lead with 10 apartment building projects, most being are social, affordable, and mid-end apartments, with prices ranging from VND900 million (US$38,453) to over VND2 billion ($85,451) each.

Some typical projects are An Phu, Hong Loan, Nam Long-Hong Phat, Hung Phu, Cadif, and Tay Nguyen Plaza.

The Can Tho Department of Construction said that three investors are developing high-end apartment projects in the city, including one under-construction project and two others awaiting planning adjustment.

An Giang Province, a neighbor of Can Tho, also has three apartment buildings, including two social housing projects and a high-end development – the 23-floor Marina Plaza with 347 apartments, which are put up for sale at VND900 million ($38,453) to VND3 billion ($128,177) each.

Hau Giang is not an outsider to the trend. With a large land bank, the province is home to many apartment projects, including the 17-story Tay Do Plaza in Tan Phu Thanh Commune, Chau Thanh A District with 300 units.

Nguyen Huu Nghia, deputy director of the Hau Giang Department of Construction, said each apartment in the Tay Do Plaza project is priced at VND600-700 million ($25,635-29,908), thought to match the incomes of workers and state employees.

Cadif is one of the most preferable apartment buildings in Can Tho City, Vietnam. Photo: Chi Quoc / Tuoi Tre

Cadif is one of the most preferable apartment buildings in Can Tho City, Vietnam. Photo: Chi Quoc / Tuoi Tre

In addition, an enterprise is developing a five-floor housing project to serve its executives and employees.

Similarly, Tien Giang has two social housing projects, Victoria Premium and HQC Tan Huong with 176 and nearly 3,100 apartments, respectively.

They are offered at a minimum of VND700 million ($29,908) apiece.

Many new projects emerge

Doan Cong Dung, director of the Construction Department of Ben Tre Province, said that two apartment building projects in the province have been put into operation, including a social housing project and a commercial one.

“Developing apartment buildings has become an indispensable trend to meet the demand of local residents,” Dung added.

“Although Ben Tre Province has no potential to expand its city to districts, locals have still chosen apartment buildings in Ben Tre City to easily access amenities.”

According to Nguyen Quoc Cuong, deputy director of the Department of Construction of An Giang Province, there is a high demand for social houses in the province so projects are quickly occupied once they are in place.

Notably, despite a high number of apartment buildings, the demand has still increased. As a result, enterprises are drawing up new projects.

A representative of National Housing Organization JSC said An Giang’s demand for apartment buildings is rising.

Therefore, NHO will build new apartment blocks near Binh Hoa Industrial Park in Chau Thanh District at the end of this year to cater to low-income workers.

Do Hoang Tho, head of the housing and real estate market management division under the Can Tho Department of Construction, said living in flats is a new trend among young people.

However, they prefer apartment buildings which are close to the city center and cheaper than land-attached houses.

In addition, security in apartment blocks is ensured around the clock.

“Can Tho has many universities. Parents whose children are students of these universities have bought apartments instead of renting rooms for their children so that they can live in safe areas,” Tho said.

“These units can be sold to earn profits after the students complete their studies.”

Tho also forecast that more investors will come to the city and the demand for high-end flats will surge when expressways linking to Can Tho City are completed.

Four blocks of an apartment project of An Giang Construction JSC. Photo: Buu Dau / Tuoi Tre

Four blocks of an apartment project of An Giang Construction JSC. Photo: Buu Dau / Tuoi Tre

High apartment demand

K., an official of the Ho Chi Minh Communist Youth Union chapter in An Giang, said she and her family have been living in the ACC apartment building over the past three years.

She plans to buy another apartment.

“My parents sold our old house to buy a newly-built apartment which is near a school and a hospital,” K. said

“Living in an apartment is quite good but one issue is that I have to pay monthly fees.”

Some real estate brokers in Can Tho and Hau Giang said that their customers choose apartments due to their security and convenience.

The average price of VND800 million ($34,180) to below VND2 billion ($85,451) per apartment is affordable to them.

Therefore, the demand for apartments in Can Tho and adjacent provinces is huge.

A report on the property market in the Mekong Delta in the first half of this year showed that the new supplies of land lots in the region accounted for 45 percent of the total; townhouses, 27 percent; apartments, 25 percent; and shophouses, four percent.

According to the Can Tho Real Estate Association, in addition to industrial real estate projects, multi-facility urban areas, eco-real estate products, and apartments will be launched in Can Tho in late 2022 and 2023.

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