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Real estate market: Capital flowing to Dong Nai
With price levels just 1/4 or 1/3 of those in HCM City, land plots in Dong Nai province have been selling very well, attracting big investment capital from HCM City.
Dong Nai real estate market warming up
Analysts say that one can own a good land lot in Dong Nai province, neighbouring HCM City, for just VND100mil. Dong Nai has become very attractive in the eyes of real estate investors thanks to the ‘soft’ prices.
A lot of secondary investors flocked to Bien Hoa city in Dong Nai province in March and April to purchase project land plots located along Highway No 51 linking to Ba Ria-Vung Tau province.
According to Nguyen Thi Thanh Huong, Director of the Tin Nghia Real Estate Trading Floor, the only real estate trading floor in Bien Hoa city, since Tet, 500 land lots of Thanh Phu project in Vinh Cuu district have been sold at prices of between VND110mil to VND185mil/90 sq m. In the first sales rush, 200 land lots were sold in 10 days. The other 300 land lots were sold in just three days.
Huong said that in order to have a good house, one needed to have only VND500mil only. The reasonable price proves to fit investors who aim to make profit when prices increase, and those who really need accommodations.
The demand from investors for low-price project land has helped make the market become bustling again.
Making investment for the future
Real estate experts call the purchases of land plots in Dong Nai a kind of ‘making investment for the future’. Dong Nai has always been an attractive investment address for industrial zone developers as it neighbours HCM City. After a long time of developing industries in the province, a big number of immigrant labourers have become financially capable after many years of saving money. And it is now time for the demand for low-cost accommodations to increase.
Real estate experts believe that in just a few years, when roads from Dong Nai to HCM City are more developed, real estate prices will increase significantly.
The international Long Thanh airport with the designed capacity of 80-100mil passengers a year, which has the investment capital of $6.6bil, is now under construction. The airport is scheduled to be put into operation in 2011-2015. The seaport system here has also been upgraded to be able to receive big tonnage ships, including Phuoc Thai, Go Dau A and Go Dau B ports.
Anticipating the bustling real estate market in Dong Nai province, big investors have been making hectic preparations for big-scale real estate projects. One of the projects that has been catching the special attention of the public in Dong Nai is the Cu Lao Tan Van new urban area project, near the Dong Nai 2 bridge project.
Sources say that this will be one of the biggest projects in the locality. It has the investment capital of $530mil. According to VIetRees, a real estate consultancy firm, in 2008 alone, the foreign direct investment in the real estate sector in Dong Nai province reached $3bil, while investment from domestic sources was $1.3bil.
vietnamnet, lao dong
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