21/09/2024
While many areas in the central districts of Ho Chi Minh City are struggling to attract tenants or have had to reduce prices, the rental property market in the Thu Thiem New Urban Area continues to show strong growth. The rise in rental prices for high-end apartments, shophouses, and townhouses here is driven by its prime location, integrated infrastructure, and increasing demand from both individuals and businesses. Join Achieve Realty VN for an in-depth analysis of the rental market and pricing in Thu Thiem for September 2024 in the following article.
1. Overview of the Thu Thiem market
In recent years, Thu Thiem has emerged as the focal point of Ho Chi Minh City's real estate market, with nearly 10,000 premium properties launched. Property prices in this area have surged by 50-220% over the past five years, making Thu Thiem one of the most valuable real estate zones in the city.
The rise in apartment and shophouse rental prices in Thu Thiem has paralleled the increase in property values. For instance, shophouses on Nguyen Co Thach Street have seen prices escalate from VND 30-40 billion to VND 150-200 billion over the past few years. High-end apartment projects like The Galleria Residence and The Opera Residences have also recorded remarkable growth in both sales prices and rental rates following their launches.
2. Reasons behind the growth
Thu Thiem's impressive development is driven by several factors, including robust infrastructure growth and changing consumer trends. Additionally, the scarcity of available land in the central areas of Ho Chi Minh City has further increased the value of Thu Thiem's real estate, making it a highly attractive destination for investors.
2.1 Huge potential of Thu Thiem urban area
Over the past 24 years, Thu Thiem has transformed from a wilderness into a booming area for transportation infrastructure and real estate projects. Its later development, compared to other areas across the Saigon River, became a strategic advantage, allowing for well-planned urban development from the start.
Thu Thiem has been carefully designed to address issues such as overcrowding, traffic congestion, and urban aesthetics. Notably, 42% of the area is dedicated to green spaces and water bodies, 34% to residential, commercial, and administrative centers, and 24% to transportation infrastructure.
Capitalizing on this opportunity, Thu Thiem has rapidly launched key infrastructure projects with total investments reaching tens of thousands of billions of VND. Major projects like Thu Thiem Bridge 1, the Thu Thiem Tunnel, and Thu Thiem Bridge 2 (Ba Son Bridge) were completed and put into operation in 2007, 2011, and 2022, respectively. These developments play a critical role in improving connectivity with District 1 and boosting the overall economy of Ho Chi Minh City.
2.2 Ongoing key infrastructure projects
Ho Chi Minh City has approved policies allowing Thu Thiem New Urban Area to continue developing technical infrastructure projects. Key developments, such as the North-South road (Nguyen Co Thach Road within the urban area), upgrading Luong Dinh Cua Streel, expanding and improving the 4 main roads (R1, R2, R3, R4), and building the Central Square and Riverside Park, are slated for completion in 2024 and 2025. In particular, the construction of Thu Thiem Bridges 3 and 4, and the Thu Thiem Pedestrian Bridge (Thu Thiem Bridge 5) will help shorten the distance between Thu Thiem and key city districts such as District 1, District 4, and District 7.
Over the next 5-10 years, with the completion of these infrastructure projects, Thu Thiem is expected to develop even faster. Upcoming projects will not only focus on residential properties but will also expand into other sectors, including Grade A office spaces (approximately 389,000 m² of floor area), shopping centers (137,800 m²), and 5-star hotels, all of which are already in the pipeline.
2.3 Prime location surrounded by the Saigon river attracts the elite
One of the primary reasons for the continuous rise in real estate prices in Thu Thiem is its prime and unique location. Experts highlight the key advantage of Thu Thiem being surrounded by the Saigon River, offering clean air and favorable feng shui, which is ideal for high-end and luxury real estate projects.
With the central area of Ho Chi Minh City covering only about 930 hectares, and Thu Thiem planned to expand to 730 hectares, this area is becoming the new center of the city. The 2012 master plan for Thu Thiem New Urban Area was adjusted to increase the land use coefficient, turning Thu Thiem into a hot spot in the real estate market. Thanks to its prime location and strong development potential, high-end apartments in Thu Thiem have become a "magnet" for experienced investors and the elite, positioning the area as a prime investment opportunity in the near future.
The diverse development of commercial real estate will transform Thu Thiem into a well-planned urban area, serving as a financial hub capable of providing workspaces for 217,000 employees and housing for over 145,000 residents.
3. Notable projects in Thu Thiem & the rental price table for apartments (Updated Sep 2024)
3.1 Empire City
Empire City is one of the most prominent high-end real estate developments in the Thu Thiem New Urban Area, Ho Chi Minh City, spanning 14.6 hectares. The project is developed by a joint venture, Empire City LLC, consisting of renowned partners such as Keppel Land (Singapore), Tiến Phước, Trần Thái, and Gaw Capital Partners. These reputable developers have extensive experience in delivering top-quality real estate projects both domestically and internationally.
Empire City is envisioned as a financial, commercial, and cultural hub of Ho Chi Minh City, blending modern living spaces with natural ecosystems to create a premium lifestyle for residents. The development features key components such as an 88-story tower, a 5-star hotel, commercial centers, Grade A offices, and luxury residential apartments.
Each residential building within Empire City is fully equipped with top-tier amenities, including swimming pools, gyms, BBQ areas, children’s playgrounds, and lush green parks. Often referred to as a "miniature city," Empire City is strategically located in the heart of Thu Thiem, offering stunning views and the potential to elevate modern living standards.
Empire City is being developed in phases. Key buildings such as Linden Residences, Tilia Residences, Cove Residences, and Narra Residences were completed and handed over between 2019 and 2022. The full completion of infrastructure and amenities is expected by 2025.
With reputable investors and on-time delivery, Empire City promises to be one of the top-tier real estate projects, offering prime investment opportunities and luxurious living spaces for both customers and investors.
Apartment rental prices at Empire City (Updated Sep 2024)
|
Apartment type |
Area (m²) |
View |
Status |
Rental price (million VND/month) |
|
Linden Residences (MU4 - 34 floors - 4 towers) |
||||
|
1-bedroom |
from 64 |
River, Bitexco / River, Eco Park |
Basic/Full furnished |
23 - 35 |
|
2-bedroom |
91 - 93 |
88-floor tower |
Basic/Full furnished |
~35 - 45 |
|
3-bedroom |
127 - 148 |
River, CBD |
Basic/Full furnished |
49 - 60 |
|
Tilia Residences (MU7 - 30 floors - 4 towers) |
||||
|
1-bedroom |
59 - 65 |
River, Bitexco / Eco Park |
Basic/Full furnished |
18 - 25 |
|
2-bedroom |
91 - 98 |
River, CBD / 88-floor tower |
Basic/Full furnished |
25 - 35 |
|
3-bedroom |
127 - 148 |
River, CBD |
Basic/Full furnished |
40 - 65 |
|
Duplex |
from 203 |
River, CBD |
Basic/Full furnished |
80 - 90 |
|
Cove Residences (MU11 - 16 floors - 2 towers) |
||||
|
2-bedroom |
91 - 98 |
River, CBD / 88-floor tower |
Basic/Full furnished | 25 - 40 |
|
3-bedroom |
127 - 148 |
River, CBD |
Basic/Full furnished | 35 - 60 |
|
4-bedroom |
from 166 |
River, CBD |
Basic/Full furnished | 55 - 70 |
|
Duplex |
from 203 |
River, CBD |
Basic/Full furnished | 80 - 90 |
|
Narra Residences (MU8 - 29 floors - 2 towers) |
||||
|
1-bedroom |
54 - 65 |
River, CBD |
Basic/Full furnished |
20 - 35 |
|
2-bedroom |
91 - 98 |
River, CBD / 88-floor tower |
Basic/Full furnished |
30 - 45 |
|
3-bedroom |
127 - 148 |
River, CBD |
Basic/Full furnished |
35 - 60 |
|
4-bedroom |
from 166 |
River, CBD |
Basic/Full furnished |
65 - 80 |
|
Duplex |
from 203 |
River, CBD |
Basic/Full furnished |
70 - 90 |
|
Dual Key |
from 128 |
River, CBD |
Basic/Full furnished |
45 - 65 |
* Note: The rental prices listed above are for reference only as of September 2024. For more accurate and detailed information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539. We can assist with project updates, arrange property viewings, and help you find the best-priced or most scenic apartments.
Other fees when renting apartments at Empire City (Updated Sep 2024)
In addition to monthly rental costs, tenants should also consider service fees during the rental period, including:
|
Other fees |
Rate |
|
Management fee (excluding VAT) |
- Linden Residences (managed by Savills): 23,000 VND/m²/month - Tilia Residences (managed by CBRE): 26,000 VND/m²/month - Cove Residences (managed by PMC): 35,000 VND/m²/month - Narra Residences (estimated management fee slightly higher than Cove): ~2 USD/m²/month |
|
Parking fees (including VAT) |
- Motorbike, electric bike: 242,000 VND/month/vehicle - First car: 2,200,000 VND/month/vehicle - Second car: 2,750,000 VND/month/vehicle |
|
Other fees |
Utilities such as electricity, water, internet, cable TV, waste collection are charged according to State pricing. |
For more details: Empire City
3.2 The Metropole Thu Thiem
The Metropole Thu Thiem is a multi-functional complex located at a prime riverside location along the Saigon River. This project stands out with its luxurious design and international service standards, attracting a wide range of elite clientele. The Metropole Thu Thiem not only boasts a strategic location along the central R12 road connecting to Ba Son Bridge leading to District 1, but also leaves a mark with its European classical design, creating a refined, comfortable, and nature-friendly living environment for its residents.
Developed by Quoc Loc Phat JSC in collaboration with SonKim Land as the project developer, this partnership brings a high-end real estate product that also serves as a new symbol for the Thu Thiem area.
The Metropole Thu Thiem project is being developed in multiple phases, with the buildings completed between 2020 and 2022. Key areas such as The Galleria Residence, The Crest Residence, and The Opera Residence were finished and handed over to residents between 2021 and 2023. The entire project is expected to be fully completed in 2024, offering high-end amenities and modern living spaces to meet the residents' needs.
Apartment rental prices at The Metropole Thu Thiem (Updated Sep 2024)
|
Apartment type |
Area (m²) |
Status |
Rental price (million VND/month) |
|
1-bedroom |
47 - 79 |
Basic/Full Furnished | 20 - 30 |
|
2-bedroom |
68 - 128 | Basic/Full Furnished | 30 - 41 |
|
3-bedroom |
103 - 137 | Basic/Full Furnished | 46 - 70 |
|
4-bedroom |
168 - 181 | Basic/Full Furnished | 70 - 105 |
|
Shophouse |
98 - 350 | Unfurnished | 95 - 300 |
* Note: The rental prices listed above are for reference only as of September 2024. For more accurate and detailed information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539. We can assist with project updates, arrange property viewings, and help you find the best-priced or most scenic apartments.
Other fees when renting apartments at The Metropole Thu Thiem (Updated Sep 2024)
In addition to the monthly rent, tenants should consider service fees incurred during the rental period, including:
|
Other fees |
Rate |
|
Management fee (excluding VAT) |
- Linden Residences (managed by Savills): 23,000 VND/m²/month - Tilia Residences (managed by CBRE): 26,000 VND/m²/month - Cove Residences (managed by PMC): 35,000 VND/m²/month - Narra Residences (estimated management fee slightly higher than Cove): ~2 USD/m²/month |
|
Parking Fees (including VAT) |
- Motorbike, electric bike: 242,000 VND/month/vehicle - First car: 2,200,000 VND/month/vehicle - Second car: 2,750,000 VND/month/vehicle |
|
Other fees |
Utilities such as electricity, water, internet, cable TV, waste collection are charged according to State pricing. |
For more details: The Metropole Thu Thiem
3.3 Zeit River Thu Thiem Project
Zeit River Thu Thiem is a high-end residential project located in the Thu Thiem New Urban Area, District 2, Ho Chi Minh City, developed by GS E&C, a leading construction company from South Korea. With extensive experience in developing luxury real estate, GS E&C has undertaken this project on a 9,125.8 m² site, consisting of two residential towers of 25 and 32 floors, along with two low-rise blocks of 4 floors. The project is expected to be handed over in 2023.
The highlight of Zeit River Thu Thiem is its large scale and modern amenities, offering a spacious and comfortable living environment for residents. With luxurious design and international standard services, the project has quickly attracted those seeking an upscale lifestyle in Ho Chi Minh City.
Thanks to its prime location and contemporary living spaces, Zeit River Thu Thiem is becoming an appealing choice for those who want to enjoy premium amenities right in the heart of the city. Rental prices here have been on the rise each year, reflecting the increasing value of the project in the market.
The project offers flexible apartment options ranging from 1 to 4 bedrooms, with competitive rental prices compared to other high-end developments in the area, catering to a diverse range of clients.
Current rental prices for apartments at Zeit River Thu Thiem (Updated Sep 2024)
|
Apartment type |
Area (m²) |
Status |
Rental price (million VND/month) |
|
1-bedroom |
55 - 60 |
Basic/Full Furnished |
1,200 - 1,500 |
|
2-bedroom |
90 - 97 |
Basic/Full Furnished |
1,700 - 1,900 |
|
3-bedroom |
from 125 |
Basic/Full Furnished |
1,900 - 2,800 |
|
4-bedroom |
from 181 |
Basic/Full Furnished |
2,700 - 4,500 |
* Note: The rental prices listed above are for reference only as of September 2024. For more accurate and detailed information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539. We can assist with project updates, arrange property viewings, and help you find the best-priced or most scenic apartments.
For more details: Zeit River Thu Thiem
3.4 The River Thu Thiem
The River Thu Thiem is a luxury resort-style project in the heart of the city, offering international standard amenities. Developed by Refico, known for their success with City Garden, The River Thu Thiem exudes elegance and sophistication. With panoramic views of the Saigon River and a prime location on Nguyen Co Thach Street, the project promises strong development potential in the future.
Owning an apartment at The River Thu Thiem means stepping into a liberating living space where nature and refined design come together. Refico highly values the project’s potential, thanks to four key factors: its prime central location, unobstructed panoramic views, high-quality construction materials, and design by renowned architects.
The River Thu Thiem, located on Nguyen Co Thach Street, one of the busiest arterial roads in Thu Thiem, is set to become a new symbol for luxury apartment projects. Completed and handed over in 2022, it stands as a key highlight in the area.
As of Sep 2024, the updated sale price ranges from 140 to 200 million VND/m². Rental prices for apartments here range from $1,000 to $4,000 per month, offering a competitive rate compared to other properties in District 2.
Rental prices for The River Thu Thiem apartments (Updated Sep 2024)
| Apartment type |
View |
Area (m²) |
Status |
Rental price (million VND/month) |
Management Fee (VND/month) |
|
1-bedroom |
Internal, District 1, Saigon River |
57 - 64 |
Basic/Full Furnished |
20 - 30 |
1.600.000 |
|
2-bedroom |
Internal, Landmark 81, District 1, Saigon River |
84 - 94 |
Basic/Full Furnished |
28 - 40 |
2.350.000 |
|
3-bedroom |
Internal, Landmark 81, District 1, Saigon River |
126 - 140 |
Basic/Full Furnished |
45 - 68 |
3.500.000 |
|
4-bedroom |
District 1, Landmark 81, Saigon River |
186 - 203 |
Basic/Full Furnished |
88 - 100 |
5.075.000 |
* Note: The rental prices listed above are for reference only as of September 2024. For more accurate and detailed information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539. We can assist with project updates, arrange property viewings, and help you find the best-priced or most scenic apartments.
Additional costs when renting apartments at The River Thu Thiem (Updated Sep 2024)
In addition to the monthly rent, tenants should also consider the following service fees during the rental period:
|
Other fees |
Rate |
|
Management fee |
25,000 VND/m² (net area) - Managed by Tokyu PM Vietnam |
|
Parking fee |
- Motorbike, electric bike: 250,000 VND/month/vehicle (including VAT) - Car: 2,500,000 VND/month/vehicle (including VAT) |
|
Other fees |
Utilities such as electricity, water, internet, cable TV, waste collection are charged according to State pricing. |
For more details: The River Thu Thiem
3.5 Sunwah Pearl
Sunwah Pearl is a high-end apartment project located at a strategic gateway to Thu Thiem, standing out with its modern design and diverse amenities, including a swimming pool, gym, and outdoor BBQ area. This project is developed by Sunwah Group, a prominent name in real estate, known for successful projects such as Sunwah Tower and Saigon Pearl. Situated at the foot of Thu Thiem Bridge 1, Sunwah Pearl is just minutes away from downtown Ho Chi Minh City, offering maximum convenience for residents.
The Sunwah Pearl was handed over in July 2020, featuring three standard apartment sizes corresponding to 1, 2, and 3-bedroom units. In addition, Sunwah Pearl offers 19 shophouses on the ground and first floors, as well as 4 penthouses located on the 46th and 47th floors of the Golden House tower, and a unique VIP unit on the 48th, 49th, and 50th floors.
Rental prices for apartments at Sunwah Pearl range from $650 to $2,000 per month, depending on whether the apartment is furnished or unfurnished, and excluding management fees, VAT, and monthly utilities such as electricity, water, and internet. Specific rental prices also vary based on the equipment and furnishings in the unit.
Rental prices for Sunwah Pearl apartments (Updated Sep 2024)
|
Apartment type |
Area (m²) |
Status |
Rental price (million VND/month) |
|
1-bedroom |
53 - 57 |
Basic/Full Furnished |
~ 650 - 850 |
|
2-bedroom |
88 - 112 |
Basic/Full Furnished |
~ 850 - 1,400 |
|
3-bedroom |
124 - 135 |
Basic/Full Furnished |
~ 1,250 - 2,000 |
* Note: The rental prices listed above are for reference only as of September 2024. For more accurate and detailed information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539. We can assist with project updates, arrange property viewings, and help you find the best-priced or most scenic apartments.
4. Future prospective projects
4.1 The OpusK - Final phase of The Metropole Thu Thiem
After 30 years of planning and development, Thu Thiem Urban Area has evolved into an internationally-standardized district, offering an ideal living environment for tens of thousands of residents and attracting millions of visitors each year.
Located in the heart of Thu Thiem, the most meticulously planned area of Ho Chi Minh City, The OpusK offers not only convenient access to local services and amenities but also sustainable investment value.
Project overview:
- Number of towers: 2 towers with 28 and 36 floors
- Number of apartments: 150 units
- Property types: Commercial, Office, Residential
- Reference sale price: Approximately $10,000/m²
- Handover standard: High-end apartments with imported furnishings
- Apartment sizes:
The OpusK at Metropole Thu Thiem is currently accepting reservations with a deposit of 500 million VND per booking. For more information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539.
For more details: The OpusK - The Metropole Thu Thiem
4.2 The investment potential of The OpusK Shophouses - Final phase of The Metropole Thu Thiem
The OpusK Shophouses, part of the Luxury Boutique Office complex, are designed to serve the Family Offices of Vietnam's leading businesses. These offices operate 24/7, following international hours, providing a convenient platform for entrepreneurs to connect and manage strategies with global partners. The shophouses, located along the 55m Vong Cung Boulevard, have sizes ranging from 200 m² to 300 m² and are now available for sale.
The OpusK Shophouses are accepting reservations with a deposit of 2 billion VND per booking. For more information, please contact Achieve Realty VN via the 24/7 hotline: 086 888 2539.
4.3 Reasons to choose The OpusK - The Metropole Thu Thiem
- Prime location at the heart of Thu Thiem Urban Area, with modern and comprehensive planning.
- Limited number of apartments/shophouses, offering high liquidity and ease of sale or rental.
- Suitable for various business types with strong growth potential.
- Future development surrounded by luxury communities and Grade A office buildings.
- The continuous improvement of Thu Thiem’s infrastructure increases the value of real estate in the area.
Conclusion
Overall, the rental market in Thu Thiem is thriving due to its prime location, continuously improving infrastructure, and growing demand from residents. Major projects such as Empire City, The Metropole Thu Thiem, Zeit River Thu Thiem, The River Thu Thiem, and Sunwah Pearl play a pivotal role in shaping this market, offering a wide range of choices for tenants.
