The first luxury condominium from Vietnam to be launched for sale in the city-state this year will take place next weekend, 16 to 17 January, at the Grand Hyatt Singapore, revealed marketing agent CBRE.
Located in the Thao Dien area in prime District 2 of Ho Chi Minh City, the 238-unit Nassim project by Hong Kong Land and SonKim Land will bear resemblance to the prestigious Nassim enclave in Singapore.
A selected number of one- to four-bedroom units will be available, with prices starting from around S$195,000 for a one-bedroom apartment.
Set to be completed in 2018, the development is close to the scenic Saigon River, Vincom Mega Mall Thao Dien, restaurants, international schools and clinics, making it popular among wealthy Vietnamese and much sought after by expatriates, said CBRE.
The upcoming An Phu Metro station (Ho Chi Minh City’s first Metro line) will help to improve connectivity and accessibility. CBRE also noted that properties within a 10 minute walk to Metro stations will command a 10 to 20 percent premium over those sited further away.
In fact, prices in the high-end and luxury segments have recorded growth since the market bottomed out, with the sales volume of prime-grade condos starting to pick up since the second half of 2014.
New luxury properties at very prime locations such as those in District 2 will probably reach S$325 to S$377 psf in 2016, added CBRE.
Meanwhile, Leong Boon Hoe, Managing Director of CBRE Realty Associates, is confident that the project will attract strong interest from Singaporean investors.
“The Nassim will be one of the very few and limited high-end condominium projects to be classified as luxury class available for sale now. Early investors will reap very good growth potential given the very limited number of projects of this category in HCMC at this moment. As the city matures and rides the wave of economic reform and increasing foreign direct investments, the growing affluence and confidence of the market in investing into the high-end condominium segment, it is not surprising The Nassim sold very well when it previewed in HCMC just two months ago,” he said.
Vietnam has been in the spotlight in recent months after changes to property ownership rules were implemented in July 2015, allowing foreigners with a valid visa to own property in the country. Previously, only foreigners married to Vietnamese nationals and those making contributions to the country were allowed to buy property.
Image: Artist’s impression of The Nassim. Photo by CBRE
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
