Following the announcement of real estate figures in October, the last quarter of this year is predicted to be the best time for property investors in HCM City to accelerate their investment.
Since the beginning of the month, companies have raced to find counterparts to strengthen their position’s in the short term.
Early this week, Lilama SHB carried out a ground breaking ceremony of its project entitled Sai Gon Lilama SHB Town in Tan Phu District of HCM City.
This 18-storey building with 340 apartments is built to serve mid-income customers.
The previous day, Lilama SHB and the Construction and Investment Joint Stock Company 584 started the construction of 584 Lilama SHB Plaza in Nguyen Van Dung Street in Go Vap District of HCM City.
The project includes three 15-storey blocks and would attract investors to build trade centres, parks and entertainment areas. Upon completion, it is estimated to bring 1,218 apartments to the market.
Assessing HCM City ’s property market for the first nine months of the year, researchers agree that it has been stable but with the influx of new property, there are changes to come.
According to the report of CB Richard Ellis, a property researcher, the beginning of 2010 will see a number of new developments brought to market.
In HCM City , it said, about 44 projects would be announced at the end of 2009 and the beginning of 2010. These projects would supply about 22,560 apartments in districts 1, 2, 9 and 7.
The bullish stock market and progress in infrastructural development had encouraged investors to return to the market despite some concerns about changes in tax policies, said CBRE executive director Richard Leech.
According to CBRE, HCM City ’s property market will fluctuate more than in mid 2007. Investors are ready for a boom in 2010.
Although in agreement on most research, Pham Van Hai, director of ACB Real Estate Company (ACBR), does not believe that there will be the predicted boom in the market.
"In the near future, we are unlikely to see a boom in the real estate market as most investors are suspicious about the recovery of the market," he said.
The price of property was still beyond the income of most people in Viet Nam so the investment would be less attractive due to the high price, he added.