Thu Thiem Set To Relieve HCMC’s Infrastructure Challenges

Thu Thiem Set To Relieve HCMC’s Infrastructure Challenges
December 01 16:14 2017

Thu Thiem, the proposed financial district and mixed-use urban area of Ho Chi Minh City, is set to become the largest inner city development in Southeast Asia according the real estate management company, JLL.

Thu Thiem is expected to relieve some of the pressures Ho Chi Minh City currently faces. The infrastructure within Ho Chi Minh’s existing CBD (Central Business District) is being pushed beyond its capacity due to the pressure of rapid expansion during the last three decades.

The undersupply of Grade A office stock in the CBD is pushing rents higher, reaching levels not seen since 2008. Traffic congestion has increased over the past five years, with the number of cars increasing 35 per cent annually from 2012-2016 according to VAMA figures.

“The master plan for Thu Thiem is set to alleviate the lack of supply faced in the existing CBD,” says Stephen Wyatt, Country Head, JLL Vietnam. “As infrastructure improves within Thu Thiem, we anticipate that larger firms will start considering Thu Thiem as a viable alternative to the existing CBD and set up their head offices there.”

Major developers such as Keppel Land have already set their sights on Thu Thiem, entering a joint venture with local Vietnamese partners in 2016 to develop a prime waterfront site with premium residential apartments, office and retail properties.

Located across the Saigon River from District 1, the 660-hectare area known as Thu Thiem is ideally located to become the Pudong of Ho Chi Minh City.  Transportation to and from the Thu Thiem peninsula from District 1, District 9, Thu Duc District and the rest of District 2 is very simple and major roads projects and a Metro line station are planned for the area.

Recognizing this important feature of Thu Thiem, the local government introduced a development plan for the area in 1997.  Currently, 99% of land has been cleared and Thu Thiem can offer 380 hectares of residential space for 26,000 apartments and another 330 hectares of commercial space. Upon completion, Thu Thiem will have a resident population of 150,000 with a daily working population of 220,000 ~ 250,000.

Other articles

Myanmar Property Predictions for 2018 Colliers International Myanmar has outlined their 10 predictions for Myanmar’s property sector for 2018.
Laguna Lang Co Resort Receives Approval to Develop Casino Operations Laguna Lang Co, a major resort near Hue, has received approval by the Vietnamese government to add a casino to its operations. Vietnamese Prime Minister Nguyen Xuan Phuc has said that he “agreed in principle” with the proposal to add a casino busine...
Novaland Launches Victoria Village Project Property developer Novaland has launched its new Victoria Village project in Ho Chi Minh City's District 2. Victoria Village will be a housing complex with condominiums, houses and villas and construction is expected to be complete in early 2020.
Empire City Thu Thiem Unveiled Empire City, a new development in Ho Chi Minh City’s new Thu Thiem, District 2 area was recently unveiled and the project promises to create a new vision of Ho Chi Minh City. The Empire City Project is being developed by as a multi-national joint v...
Consumers Want Smaller & Greener Homes Changes demographics and lifestyles, the development of new technology that enable “smart homes” and better knowledge about the real estate market are changing how consumers are buying real estate in Vietnam and are all factors that are dramatically ...
Asia Pacific Start-ups Have Received 60% of Global ‘PropTech’ Investment A new report commissioned by JLL reveals US$4.8 billion of the US$7.8 billion invested globally was in Asia Pacific from 2013 to 2017
Q-Mama Hotel Coming to HCMC’s District 5 Q-Mama Holdings, famous for its “Q-Mama BBQ & Beer” restaurants announced its plan to open the first 5-star “Q-Mama Hotel”, with investment capital of $46 million USD, in Ho Chi Minh City’s district five.
Ba Na Hills Golf Couse ranked “Best in Asia” & “Best in Vietnam” Ba Na Hills Golf Course, located in Da Nang, won two awards at the recent World Golf Awards held in Spain and was named “The Best Golf Course in Asia – 2017” and “The Best Golf Course in Vietnam.” The awards were determined by the votes of 1.1 millio...
Real Estate Firms Outnumber Other Sectors in HCMC in 2017 According to a report released by the HCMC government today, in the period of January – November, 37,600 enterprises were set up with total registered capital of $22.04 billion USD (500.8 trillion VND), up 87.9% year-on-year respectively.
42 Banks Will Provide Home Purchase Loans 42 commercial banks are now eligible to provide loan guarantees for future home purchases, according to a recent circular of The State Bank of Viet Nam (SBV). The list includes both domestic and international banks and includes the following entities
HCMC Metro Line # 2 ~ Over Budget & Over Time The project was approved in 2010 and was expected to cost of $1.4 billion USD with completion expected in 2020. Currently the project is expected to incur cost increases during its building phase that will increase its costs to $2.1 billion USD.
500 Extremely Delayed Property Projects cancelled in HCMC Saigon – The HCMC government has revoked the licenses of 576 long-stalled property projects over the past five years, thus taking back around 5,900 hectares of land.
Real Estate Giant – Becamex IDC offers 311.2 million shares at IPO Becamex IDC Corporation—one of Vietnam’s leading property developers—plans to put 311.2 million shares...
Higher Tax on Second Homes in Saigon Higher tax on second and subsequent homes should be applied as proposed by The HCM City People’s Committee to the Ministry of Construction.
Regulation on officetels and condotels in HCM City to be implemented In recent years, apartment projects with condotels or officetels have seen strong growth in the city.
Saigon’s Mid-Priced Flats Are Trending Up The mid-priced apartment segment in HCM City is developing strongly with demand and supply and liquidity all looking up, especially in the eastern part, experts said.
Vietnam’s Sand Deposits is on the rocks Vietnamese authorities were alarmed and are now desperately searching for new sources of construction sand after warnings that the country is running out of the natural resource.
CapitaLand Vietnam took home GoHome Awards 2017 This year’s GoHome Awards 2017 held in Hong Kong featured CapitaLand Vietnam’s victory as the “Best Overseas Property Developer (Vietnam)”, standing out from a crowd of accomplished competitors.
VIETNAM – Innovating Hybrid Property Quacquarelli Symonds (QS), a UK-based company specializing in education and overseas studies, has compiled “QS Asia University Rankings” where all top universities in Asia are ranked based on ten performance indicators which includes academic reputat...
FLC Group builds a 10-trillion VND resort complex in Nghe An Property developer FLC Group announced its plan to build a FLC Beach & Golf Resort that is worth 440.5 million USD (equivalent to 10 trillion VND) in the central province of Nghe An’s Nghi Loc District. The group proposed its investment plans for th...