Basic HTML Version
timeout
36
LUXURY LIVING AND TRAVEL
Phu My Hung New Urban Area in
District 7 has been developing for over
18 years and is considered to be the
most high-end new urban area in Viet-
nam. A full range of social and recrea-
tional facilities attract expatriates to this
area, including international schools
(SSIS, BVI), hospitals (FV, Tam Duc) and
shopping centres (Parkson Paragon,
Crescent Mall). Asian expatriates have
long been dominant in Phu My Hung,
with most coming from Korea, Japan
and Taiwan.
Typical projects in this area include
the Crescent Residences (1, 2 and 3),
the Waterfront and the newly opened
Capri Serviced Apartments. These pro-
jects have international-standard devel-
opment quality in every aspect, from
facilities to supporting services.
Leveraging a good living environ-
ment and a full range of facilities, these
projects have mainly large-sized apart-
ments catering to expat families. The
average rent rate for a 3-bedroom apart-
ment is around $3,000 - $4,000/ month.
Most of the serviced apartment
projects in District 2 are located in the
Thao Dien area, which has long been
a preferred destination to foreigners
looking for long-term housing in Ho Chi
Minh City. Although it is only a 15-min-
ute drive from the CBD, the area is sur-
rounded by the Saigon river which gives
it a good living environment.
Strong facilities have been devel-
oped to support the daily needs of ex-
patriates including international schools
(AIS, BIS), supermarkets and a wide
range of restaurants. The dominant ten-
ant type in Thao Dien is the western
expatriate who works in the eastern area
of Ho Chi Minh City, which has a number
of industrial parks such as Binh Duong
and Dong Nai.
Typical serviced apartment projects
in this area include the XI Riverview,
Riverside Apartment and the An Phu
compound. XI Riverview is considered
the most high-end, serviced apart-
ment in the area. Opening in 2012, the
project offers tenants top-of-the-line
amenities and a wide range of facilities
in a luxurious living environment, at
lower rent than those with similar de-
velopment quality in the CBD. Rent for
a 3-bedroom unit in XI Riverview ranges
from $2,700 to $3,500/ month.
District 2 has the advantage of be-
ing the eastern gateway of Ho Chi Minh
City, where many major infrastructure
projects have either recently completed
or are under construction; this provides
opportunities for the market segment to
spread to other potential areas. Specifi-
cally, Thu Thiem New Urban Area, which
is under development, is expected to
become the new economic and com-
mercial centre of Ho Chi Minh City in the
next ten to 15 years. This area will at-
tract a large number of foreign workers
and will become the preferred location
for serviced apartments in the future.
Besides serving the long-term stay
demands of expatriates, they are also
a good housing solution for short-
term stays. Recently, there has been
an emerging trend of expatriates who
rent the serviced apartments in District
2 and District 7; this puts them in close
proximity with work and serviced apart-
ments allow them more convenience
compared with hotels.
With continued development, di-
versified product lines and good service,
the serviced apartments in Ho Chi Minh
City will remain the preferred housing
choice for foreign expatriates in the
years to come. Strong overall economic
development is the most significant fac-
tor for demand in this property sector.