HCMC quater 1/2015 market review: condominiums for sales


2015 opened with a strong new launch of 5,150 units across all segments, an increase of 300% yo-y. This proves that market sentiment has improved significantly as the first quarter of the year is usually quiet due to the long Tet holidays. The most active segment for new launch was still high-end, mostly due to the continued launches of massive projects such as Vinhomes Central Park by VinGroup, Masteri Thao Dien by Thao Dien Investment and Scenic Valley by Phu My Hung Corporation.

the botanica perspective
The Botanica – one of the new lauch of Novaland.


In the period 2007 – 2008, when selling prices of high-end properties hit record levels, the average launch size ranged between 364 – 572 units per project. The average launch size decreased in line with the slide in price, reaching only 165 units per project when the price hit its lowest point in 2012. But as soon as the price started picking up again in 2013, average launch size also gradually increased. Since late 2014, the average launch size has been getting close to 500 units per project.

The Sun Avenue - one of the biggist projects in Dist 2
The Sun Avenue – one of the biggist projects in Dist 2


Sales momentum remained positive with sales agents working until close to the Lunar New Year and buyers going out and buying right after the holidays. More than half of the above new launches were sold out. Encouragingly, the review quarter saw nearly 6,500 units absorbed, an improvement of double y-o-y. The affordable segment reported the highest absorption in the first three months, up by 17% q-o-q. On the other hand, we noticed slower sales in the high-end segment, with an approximate drop of 30% – 40% q-o-q. Marketwise, the high-end primary price edged up to US$1,717 psm, a marginal increase of 1.6% q-o-q and 3.6% y-o-y.

Sales volume increased over time
Sales volume increased over time

Source: CBRE.