Ho Chi Minh city real estate market opens the way for supply

After the meeting of the leaders of the HCM City People's Committee with 36 real estate enterprises’ leaders located in the city, many entangled projects have had good news, etc.

In District 4, Ho Chi Minh City, the 76 Ton That Thuyet project, which is jointly developed by TTC Land Company and Viet Real Estate Trading Joint Stock Company (Vietcomreal), is removed from the barriers to be "restarted". This project, according to the introduction, has 2 blocks of 35 floors, with 1,438 apartments on a land area of 16,000m2.

The 76 Ton That Thuyet project, which is jointly developed by TTC Land Company and Viet Real Estate Trading Joint Stock Company (Vietcomreal), is removed from the barriers to be "restarted"

With the restart of the project after the City has approved the inspection and allowed restart as well as the enquiry relevant departments to complete the procedures urgently in order to support enterprises, this will be one of the projects being expected the most in the market because of the thirst for new apartments in the central location. Especially before that, in 2019, Ho Chi Minh City also had a policy of restricting the licensing of high-rise apartment buildings in the central districts and the development of new projects in urban districts.

Recently, the Ho Chi Minh City Department of Construction shared that it has just completed the draft content of removing difficulties and obstacles in carrying out investment procedures for construction of housing projects in the area for Ho Chi Minh City to report to the Prime Minister and related ministries and authorities. It is expected that this draft will be quickly received in order to quickly remove difficulties for projects that are still frozen and create a frame of reference and precedent for dealing with similar cases.

Mr. Le Hoang Chau, President of HoREA, said that at the present time, when the COVID-19 epidemic has been affecting every sector including real estate enterprises.

However, real estate is still considered as one of the relatively safe storage property channels in the event of economic crisis, especially in the affordable housing market segment, meeting real demand and continues to play a leading role and sustainable development, as the fact demonstrated through the frozen crisis of real estate market in 2008 and 2011.

Ho Chi Minh City's proposal of the Government to consider and solve problems for investors in 63 commercial housing projects which are currently entangled due to the origin of land from agricultural compensation or specialized land is one of the practical actions that brings trust and vitality as well as increases supply to the market.

Source: Thuan Hoa – Enterprise Forum