Journey To The East THE EXPANSION OF HCMC METROPOLIS
Part 1: The Residential Market
In May 2020 the Ho Chi Minh City (HCMC) Department of Home Affairs issued a development plan proposing the merger of Districts 2, 9 and Thu Duc in East HCMC to create a new and independent administrative entity informally dubbed “The Eastern City” or “Thu Duc City”.
This announcement had been widely anticipated, with recent years having seen a significant increase in real estate development and investment in the areas that will eventually form The Eastern City. Developers began to acquire sites near the site of future metro stations several years ago, with residential properties attracting no shortage of interest from investors and end-users.
Part 1 of this Special Report by CBRE explores the impact of the eastern expansion of HCMC metropolis and the creation of The Eastern City on the residential market and identifies opportunities for residential developers, investors and end-users.
Subsequent parts of this report to be released in the coming months will focus on the impacts for the office, retail and hotel sectors.