VinHomes Central Park.
The huge residential/commercial development project that has the country going wild.
I checked out the project with my real estate agent in Saigon, along with several other projects in District 2.
We viewed the model flats and looked at prices. $200k starting for a 1-bedroom.
Individual investors were buying multiple condos left and right.
Some buy the entire floor of units, so only their family will live on that particular floor.
Vietnam’s well-heeled are competing to buy these luxury condos as investments.
Comparable rental yields are 6%, annual.
They’re betting on an influx of foreigners for rental yields and inflation for appreciation.
Since Vietnam real estate is a cash market, property owners aren’t desperate to lease their units.
So their attitude is, if they can’t lease for the desired yield, they just leave it vacant.
This keeps rental and resale prices steady.
The project is said to accommodate 10,000 residents.
What’s the implication for the young and mobile Solos of the world?
Wait until the project is built and the owners have fully furnish the condos.
Investors will compete to lease their flats, which pushes rental asking prices down.
So you can live in a brand new, furnished luxury condo for $1,000 or less per month.
That’s if you want to live in a luxury high rise.
I’ve done that and it felt like living in a comfortable prison.
Best to move to Thao Dien ward in District 2.
Private villas, breezes from the river, cleaner streets, and lots of trees.