Meet the Heavy Hitters in HCMC Construction

Real Estate - Saigon/HCMC: May 16, 2017

With massive foreign investment and dizzying density, Saigon’s real estate sector is developing at a furious pace. Everywhere you look the city is changing, with sleek malls and infrastructure investment transforming the city.

Central to the city’s evolution is the residential sector. At every level of the market new developments are increasingly modern, comfortable and safe. Budget developments are on par with Western equivalents and the luxury options are as good as you could find anywhere in the world. Here are the top five companies making huge waves in HCMC:

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Vingroup

Vingroup is one of the biggest companies – period – in Vietnam. While most of the group's current developments appear to be aimed at middle-high earners, the group is also planning between 200,000 and 300,000 apartments under its Vincity banner, with low prices (around US$30,000) aimed squarely at middle-income buyers.

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The company has invested over US$1 billion in HCMC developments in the last year, with many flagship projects nearing completion.

Novaland

High-end developments and Singapore-style condo compounds are Novaland’s speciality. New developments are popping up all over the city, despite what some call a dire lack of demand for luxury at such high volume.

Born from Nova group, a provider of veterinary, animal health and villa rental services, the corporation rebranded as Novaland in 2007 and has since enjoyed considerable growth within the residential construction sector.

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Despite market worries about the niche nature of its business strategy, the company sold 8,000 units in 2016. More than 3,800 were sold in the first six months, and these accounted for 29 percent of units sold in the city, according to Savills Vietnam.

Dat Xanh Real Estate

With interests in infrastructure and low-end developments, Dat Xanh has also branched out into mid to high-end apartments in recent years. Developments such as the Sunview Apartments in Thu Duc showcase the group’s commitment to technical quality and modern design.

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Dat Xanh remains committed to affordable housing as the central point of its corporate identity and will offer around 1,000 cheap apartments in HCMC in 2017.

Khang Dien House Trading and Investment

Anyone familiar with the Mai Chi Tho-Vo Van Kiet highway connecting District 1 and 2 will have seen Khang Dien’s huge developments. The group’s sprawling developments in Khu Pho will eventually form a huge residential bridge between District 2 and 7. Formed of a mix of affordable and high-end luxury condos, the developments will dominate the hitherto sleepy District 9 for years to come.

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This represents something of a shift in gears for the firm that has, to date, been more interested in commercial and civil projects.

Nam Long Group

Nam Long’s flagship projects, ‘Ehome’, are possibly Saigon’s best examples of affordable housing done well. Since the first trial development in District 7, Ehome offerings have won plaudits for their aesthetic quality as well as affordability and market-savvy awareness.

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Group leader Nguyen Xang Quang said his focus on budget construction was to serve the real demand sector in the city: “When the market was booming during 2006-2007, we … decided to focus on the segment with the bigger demand.”