The Thu Thiem 2 Bridge. The HCM City property market is expected to develop strongly in 2022 thanks to infrastructure projects. (Photo: vnexpress.net) Many of the projects are meant to improve connectivity or reduce congestion.
They include the An Phu Intersection in Thu Duc city.
The junction of three major roads, the HCM City-Long Thanh-Dau Giay Highway,Mai Chi Tho Boulevard and Luong Dinh Cua street, suffers from constantcongestion, which peaks during weekends and other holidays as people travel to DongNai and Ba Ria-Vung Tau provinces.
To cost nearly 4 trillion VND (175 million USD), it will be a three-level roadincluding two tunnels.
Another project to be taken up is the widening of National Road 50 in Binh Chanhdistrict.
The My Thuy Intersection will be finished this year, helping reduce trafficjams and accidents around Cat Lai Port and increase cargo transportationcapacity.
Situated three kilometres from An Phu Intersection at the junction of Vo ChiCong, Dong Van Cong and Nguyen Thi Dinh streets, work on it began in 2016 at acost of 840 billion VND for phase one and over 1.4 trillion VND for phase two.
The first phase includes the Ky Ha 3 Bridge and an overpass and underpass onRing Road 2.
Other projects in the city include widening of Tan Ky-Tan Quy street, upgradesto Tran Van Muo street and Thi Tran-Thoi Tam Thon, construction of Rach KinhBridge, and works to prevent landslides near Giong Ong To Bridge.
Tran Quang Lam, director of the HCM City Department of Transport, said effortswere on to complete three tasks in time: complete construction of metro routeNo 1 between Ben Thanh and Suoi Tie and start its commercial operation, andbegin work on route No 2.
The development of infrastructure in the city is expected to drive propertyprices up.
Cao Huu Phi, general director of COPiHOME, told cafeland.vn that prices thisyear would rise sharply in areas where robust infrastructure development istaking place.
Nguyen Thai Phien, deputy general director of NovaGroup, said the COVID-19pandemic was a big obstacle to the market’s development, but investment ininfrastructure was driving it up now.
Property consultant CBRE forecast supply to recover in the next two years withnearly 22,000 new units launched in 2022 alone at subsequent phases of existingprojects like Grand Marina Saigon and Grand Manhattan in District 1 andMetropole, Masteri Centre Point and The 9 Stellars in Thu Duc city.
Marketing campaigns and bookings had been launched for numerous projects set tobegin in 2022, it said.
Prices in the primary market were expected to increase slowly when moreprojects in the suburb would be levelled to higher segments. But high pricesand limited land availability in the city would push demand to neighbouringareas like Binh Duong, Dong Nai and Long An provinces, it said.
Duong Thuy Dung, senior director, CBRE Vietnam, said: “Customers’ tastes havechanged after Covid-19 with some brand-new features like technology,influencers and staycation. In addition the property market saw increasinginterest from Gen Z and Millennial customers, who are and will be the mainbuyers in the high-end and higher segments.
“So developers need to thoroughly understand the needs of this demographic tooffer the right products. The resumption of international flights,back-to-normal business operations and sustainable housing demand will helpsustain prices and transaction rates of residential property.”/.
VNA
