Several major real estate developers are preparing to launch new projects in 2024, while others are focused on reviving unfinished developments.

Industry experts believe that after a challenging period, the real estate market in Ho Chi Minh City is entering a recovery phase, with growth expected to accelerate this year.

Following the Lunar New Year holiday, leading southern property developers have begun executing their business plans. Some are introducing new projects, while others aim to restart stalled developments.

Phat Dat Corporation closed 2024 with impressive financial results, reporting a net revenue increase of over 600 billion VND ($24 million) compared to 2023, reaching a total of 2.017 trillion VND ($80 million).

The strong performance was driven by Phase 1 of the Bac Ha Thanh Urban Area project (commercially known as Quy Nhon Iconic) in Binh Dinh province.

All 627 units in this phase were sold, significantly boosting the company's revenue in the fourth quarter of 2024. In the first half of this year, Phat Dat Corporation plans to release 800 additional units from subsequent phases of the project.

In Binh Duong province, adjacent to Ho Chi Minh City, Phat Dat Corporation is also preparing to launch the Thuan An 1 & 2 projects in Thuan An City. The company is currently finalizing land use payments for these projects before officially opening sales.

Despite market difficulties last year, Nam Long Group demonstrated resilience, recording 7.196 trillion VND ($286 million) in net revenue, a 2.2-fold increase compared to 2023.

The company’s after-tax profit reached nearly 1.382 trillion VND ($55 million), marking its highest earnings in three years.

In the fourth quarter of 2024 alone, Nam Long Group achieved 6.368 trillion VND ($253 million) in revenue, primarily from successful handovers at the Akari City project in Binh Tan District, Ho Chi Minh City, and developments in Can Tho City.

This year, Nam Long Group plans to continue expanding its large-scale integrated urban projects, including Waterpoint in Long An, Nam Long - Can Tho, Nam Long - Dai Phuoc, and Izumi City in Dong Nai. The company is also preparing to expand into northern Vietnam and enter the high-end housing segment.

After a period of inactivity, Hung Thinh Group is making a comeback this year. However, rather than launching new projects, the company’s main focus will be on reviving stalled apartment projects in Ho Chi Minh City, Dong Nai, Binh Duong, and Binh Dinh.

Luxury apartments take center stage in Ho Chi Minh City

The high-end apartment segment is expected to dominate the Ho Chi Minh City market in 2024. Masterise Homes, following overwhelming demand at Masteri Grand View, the high-rise subdivision of The Global City in Thu Duc, plans to release additional apartment units this year.

The first two towers sold out quickly, with demand three times higher than the available inventory, and prices starting at 100 million VND ($4,000) per square meter.

Several other high-end projects are also continuing sales, including Lancaster Legacy in District 1, priced at 200 million VND ($8,000) per square meter, and developments in Thu Duc City such as King Crown Infinity, Eaton Park, and Alta Height in The 9 Stellars urban area, with prices ranging from 80 to 150 million VND ($3,200 to $6,000) per square meter.

Following legal clearance, Dat Xanh Group plans to launch 3,200 apartments at DatxanhHomes Riverside, part of the Nam Rach Chiec Residential Area in An Phu, Thu Duc City, in October 2025.

Additionally, Dat Xanh Group will continue sales of Gem Sky World in Long Thanh, Dong Nai province.

Novaland, another major player, is prioritizing legal resolutions for key projects this year. At Aqua City in Dong Nai, the provincial government is expected to complete the C4 sub-zone planning adjustment in the first quarter of 2025. By July 2025, Aqua City is anticipated to receive detailed planning approval (1/500 scale) and the necessary permits for sales.

Another significant Novaland project, NovaWorld Phan Thiet in Binh Thuan, is also expected to receive legal approvals in 2025. By April, the company aims to finalize land use fee payments, paving the way for further development.

Anh Phuong