The People’s Committee of Ho Chi Minh City has just added three commercial housing projects eligible for ownership by foreign organizations and individuals, raising the total number of projects permitted for sale to this customer group to 144.
According to the updated list, the first housing project is a complex of commercial, service, office buildings, and apartments at the corner of 3 Thang 2 and Le Dai Hanh streets, Phu Tho Ward, developed by Traffic Construction Joint Stock Company 586.
The project’s commercial name is The EverRich I, developed on a land area of nearly 9,000 square meters, consisting of two 20-story towers with about 350 luxury apartments. Construction started in October 2006 and was completed and handed over for use in November 2009.
The second project is a commercial center and apartment complex at 29B Nguyen Dinh Chieu, Sai Gon Ward, developed by NDC An Khang Joint Stock Company. The project, named The Marq, is built on a land area of more than 5,100 square meters, consisting of 515 apartments positioned in the luxury segment. This project commenced construction in 2018, was completed, and put into use in 2022.
The remaining project is the Vision residential area, covering more than 5.9 hectares in Tan Tao Ward, invested by Dacin Vietnam Tan Tao Co., Ltd.
This is the ninth time Ho Chi Minh City has announced the list of projects eligible for sale to foreigners. Previously, the city had announced similar lists eight times, bringing the total number of projects allowed to open for sale to this group of customers to 144.
The continuous expansion of the project list comes as Ho Chi Minh City aims to become an international financial center, develop a free trade zone, and cultivate the semiconductor industry. According to the city’s orientation, the increase in foreign investment capital along with the influx of international experts and engineers will drive the demand for housing for foreigners.
Under current laws, foreign organizations and individuals are only allowed to own commercial housing in projects that are not located in areas designated for national defense and security. The maximum ownership limit is 30% of the total apartments in a condominium building or no more than 250 individual houses within a ward-level administrative unit. Foreign-invested enterprises participating in transactions must possess a valid investment registration certificate or other valid legal documents.
Phuong Uyen
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