In-depth analysis | The rise of Palm River, Palm City, and Huong Viet Properties' strategic move in South Rach Chiec

The real estate market in East Ho Chi Minh City, particularly the Nam Rach Chiec area (An Phu), is witnessing a silent yet decisive shift in power in 2026. The story no longer revolves solely around the dominance of foreign brands like Keppel Land or Capitaland, but rather the strong rise of domestic capital with real strength.

The focal point of this attention is the "resurrection" of the Palm Garden precinct – the most important remaining puzzle piece of the Palm City urban area – under a new name: Palm River.

What interests professional investors at Achieve Realty VN is not just the project's restart, but the entity behind it: Huong Viet Holdings. Why did Keppel Land withdraw from this precinct? Who is Huong Viet Holdings, and do they have enough capacity to bring this riverfront "gem" to its true value? The following analysis will fully decode this picture.

PART 1: PALM CITY & THE HISTORICAL CONTEXT IN NAM RACH CHIEC

To understand the stature of Palm River, we must look back at the legacy of Palm City.

1.1. The Stature of Palm City in the Expanded Thu Thiem Planning

The Nam Rach Chiec urban area has long been planned as a high-end residential area, a counterweight to the New Thu Thiem Urban Area. Among them, Palm City (a joint venture between Keppel Land – Tien Phuoc – Tran Thai) is considered the pioneer and most successful project of the 2016-2019 period.

With a scale of 30.2ha stretching 2.7km along the Giong Ong To River and Muong Kinh, Palm City established a new standard of living with completed precincts:

• Palm Residence: A low-rise compound, currently one of the most livable residential areas in the old District 2 with a 100% occupancy rate.
• Palm Heights: Mid-to-high-end apartments, famous for good construction quality and a civilized community.

1.2. The "Low Note" Named Palm Garden

According to the original roadmap, Palm Garden was Phase 3, positioned significantly higher than Palm Heights. However, due to general legal procedural hurdles in HCMC and Keppel Land's portfolio restructuring strategy, this project was "frozen" for a long time, leaving many regrets for investors as the surrounding infrastructure (Song Hanh Road, An Phu Interchange) increasingly neared completion.

This delay inadvertently created a "void" in the supply of luxury apartments right at the core of Nam Rach Chiec, while the demand for riverfront real estate has never cooled down.

PART 2: HUONG VIET HOLDINGS | THE DECODED MYSTERY

When information about Palm River appeared alongside the name Huong Viet Holdings, many Achieve Realty VN clients questioned the capacity of this entity. In reality, Huong Viet Holdings is not a "rookie," but a "shark" (a Hidden Giant) in the fields of finance and commercial real estate.

2.1. A Solid Financial & Real Estate Ecosystem

Huong Viet Holdings (HVH) possesses an impressive capability profile, often standing behind major M&A deals or holding controlling shares in iconic projects rather than widely flaunting their brand.

• Owner of The Hallmark (Thu Thiem): This is the clearest proof of HVH's project development capacity. The Hallmark is the most modern A+ office tower right at the gateway to Thu Thiem. Completing and successfully operating this building with international standards (Green Mark Gold) shows that HVH is capable of managing large capital flows and meeting the strictest construction standards.
• Strategic Shareholder at The Metropole Thu Thiem: Through related legal entities, the Huong Viet ecosystem plays an important role in Quoc Loc Phat Joint Stock Company – the investor of the super project The Metropole. This affirms their extensive experience in the luxury segment.
• Financial Strength from Banking: HVH's leadership has close ties and owns large shares in OCB Bank. Backing from a financial institution helps HVH always be proactive regarding cash flow – a "vital" factor for real estate projects in the context of tight credit.

2.2. Strategy of "Acquiring Golden Land"

Huong Viet Holdings taking over Keppel Land's position in the joint venture to develop Palm River is not a coincidence. This is a strategic move in a chain of acquiring clean land funds with prime locations:

• LA Home (Long An): A 100ha urban area currently under deployment.
• The West (Hanoi): An office building in a prime Cau Giay location (formerly Bamboo Airways Tower).
• Palm River (HCMC): The piece that completes their investment portfolio in the East.

Expert Opinion: The participation of Huong Viet Holdings is good news for Palm River. Unlike financial investment funds that only contribute capital, HVH is a true Developer with a meticulous product mindset, aiming for the high-end segment as they did with The Hallmark.

PART 3: PALM RIVER – NEW BOTTLE, BETTER WINE?

Under the hands of Huong Viet Holdings, Palm River is forecast to undergo a spectacular transformation compared to the previous Palm Garden planning.

3.1. Product Positioning: Elevating to "Luxury" Standards

If Palm Heights was Mid-end and Palm Garden (old) was High-end, then Palm River will likely be positioned approaching luxury (Luxury Boutique).

• Reason: Huong Viet Holdings is familiar with the elite clientele at The Metropole and The Hallmark. They understand that the location along the Giong Ong To River is a "rare commodity" and cannot be wasted on mass-market designs.
• Expected Design: Reduced construction density, increased glass area (Full-height glass) to utilize river views, and upgrading the internal utility system to 5-star resort standards.

3.2. Absolute Advantage of Location: "Near River, Near Road"

Palm River possesses the most beautiful location in the entirety of Palm City that previous precincts did not have:

• River Frontage: Stretching directly along the Giong Ong To River, offering a secluded, airy living space and prosperous feng shui.
• Traffic Connectivity: Located right on the frontage of the Song Hanh Road (HCMC - Long Thanh Highway). From here, residents take only 5 minutes to reach the Thu Thiem financial center and 10 minutes to District 1.
• Existing Community: Unlike buying homes on paper in new urban areas, Palm River residents immediately inherit the operating amenities of Palm City: TAS International School (The American School), international hospital (planned), and the civilized community at Palm Residence.

The East HCMC real estate market in 2026 is witnessing a major turning point in the Nam Rach Chiec area with the strong rise of the Palm Garden precinct – the most important piece of the Palm City urban area – now officially re-emerging under the new name Palm River. This marks a strategic transfer from Keppel Land to the "hidden giant" Huong Viet Holdings. Not merely a name change, this is a quality "blood transfusion" as Huong Viet Holdings – the unit behind The Hallmark A+ office tower, strategic shareholder of The Metropole Thu Thiem, and closely linked with OCB bank – is expected to elevate the project to "Luxury Boutique" standards thanks to strong financial potential and a methodical product development mindset.

Owning the most prime location in Palm City with frontages on the Giong Ong To River and Song Hanh Road, Palm River not only quenches the thirst for riverfront apartment supply but also creates a distinct competitive advantage regarding tranquility and an existing community compared to fierce competitors like Eaton Park or The Global City. Combining factors of cleared legalities, completed infrastructure with the An Phu Interchange, and the scarcity of clean land funds, the return of Palm River under the hands of Huong Viet Holdings is assessed as a "golden" and most reliable investment opportunity for elite capital in this new real estate cycle.

Analysis: Palm River has a massive competitive advantage thanks to the "River" factor. While Eaton Park lies on the bustling (but noisy) Mai Chi Tho frontage, and Global City is priced too high, Palm River offers balance: Close enough to connect, far enough to be peaceful.

PART 4: INVESTMENT PERSPECTIVE FROM ACHIEVE REALTY VN

As a long-time practitioner in the East, Tom Doan assesses the return of Palm River under Huong Viet Holdings as the most considerable investment opportunity in 2026.

4.1. Opportunity from "Double Scarcity"

• Land Fund Scarcity: Along the Song Hanh and Mai Chi Tho routes, large-scale riverfront land funds are almost exhausted. Palm River is one of the last projects to possess this advantage.
• Clean Legal Scarcity: After the market purification period of 2023-2025, only developers truly strong in finance and legalities like Huong Viet can launch products. This creates absolute trust for buyers.

4.2. Capital Gain Potential

The value of Palm River lies not only in the project itself but is also resonated by regional infrastructure:

• An Phu Interchange (3 levels): Expected to be 100% complete in 2026, solving the only traffic bottleneck in the area.
• Song Hanh Road: Opened to traffic, helping facilitate smooth connections and increasing commercial frontage value for Palm City.
• The Formation of The Global City: When the new center Global City becomes bustling, the general price level of the Nam Rach Chiec area will be established at a new level. Palm River will benefit directly from this wave ("a rising tide lifts all boats").

4.3. Risks to Consider

However, investors also need to note:

• Handover Time: Since it has just restarted, the waiting time for house handover may be prolonged (about 2-3 years). This is not a game for short-term surfing (under 6 months).
• Official Information: Currently, much information is still in the form of Rumors. Investors need to closely monitor official announcements from Huong Viet Holdings to understand the adjusted 1/500 planning (if any).

Palm River is not just a new name, but a symbol of the transformation of Nam Rach Chiec real estate in the new cycle. The combination of a "unique" riverfront location and powerful financial potential, along with the methodical product development mindset of Huong Viet Holdings, promises to create a super apartment product that is most worth living in and investing in within the East.

For investors who missed the growth rhythm of Thao Dien or Thu Thiem in the early stages, Palm River is the next quality "train" not to be missed.

This article was conducted by the Market Research Department of Achieve Realty VN.

To receive exclusive information about floor plans, sales policies, and priority bookings for Phase 1 of the Palm River project, please contact us directly:

Hotline Palm City: 0966692202 | sales@achievereal.com