HCMC unblocks 650 projects: The Grand Manhattan hands over from Q4, Lancaster Lincoln restarts after nearly 10 years

According to HCMC Statistics’ socio-economic report for Q3 and the first 9 months, real estate business revenue in the city reached about VND 322,630 billion in 9 months, up 8.4% year on year; construction activity grew 10.45%. During the same period, many apartment projects in the city centre had their legal issues resolved and resumed work.

Apartment projects unblocked

• One Central Saigon (a site of about 8,600 m2 opposite Ben Thanh Market): restarted in mid-March after years of standstill, expected to complete in September 2028; 2 towers of 47–56 storeys with a hotel, apartments, offices, retail and services. The developer has not announced official prices; brokers expect over VND 1 billion/m2.
• The Grand Manhattan (100 Co Giang, developer Novaland): work is being accelerated after legal issues were resolved; 3 towers of 37–38 storeys with more than 1,000 apartments, expected handover from Q4, priced at about VND 350 million/m2. Novaland said converting sold products into handed-over products will directly affect its business results in the coming quarters.
• Lancaster Lincoln (Nguyen Tat Thanh Street): restarted after nearly 10 years of standstill; over 8,000 m2, 3 towers with about 750 apartments, expected asking price about VND 300 million/m2.

Progress on backlogged projects

• Mr Le Hoang Chau, Chairman of the HCMC Real Estate Association (HoREA), said that by 5/9 HCMC had resolved 417 projects on the backlog list.
• After review, the Department of Finance listed 921 projects needing further action, of which 233 (25.3%) have been fully resolved and 688 have a resolution plan.
• Including projects resolved earlier, the city has removed difficulties and obstacles for 650 projects.

Connecting infrastructure

• As of 28/9, HCMC had disbursed VND 108,749 billion of public investment, nearly 74% of the allocated plan.
• Funds are focused on the HCMC – Moc Bai expressway, Metro Line 2, the Xuyen Tam canal renovation and Tham Luong – Ben Cat canal infrastructure.
• Dr Nguyen Van Dinh (Vice Chairman of the Vietnam Real Estate Association, Chairman of VARS) said inter-regional infrastructure such as ring roads, expressways and Long Thanh Airport must be accelerated; businesses and banks need to coordinate on credit, interest rates and payment schedules.
• Mr Neil MacGregor, CEO of Savills Vietnam, said HCMC property values increasingly depend on connectivity rather than just central location.

Supply and prices

• Ms Duong Thuy Dung, Managing Director of CBRE Vietnam: in the first half of the year, supply from Binh Duong increased, giving buyers more choice of products and prices.
• New apartment supply in the expanded area is forecast to rise from about 25,000 units this year to 31,000 in 2027 and 48,000 in 2028.
• Ministry of Construction Q2 market report: the average secondary apartment price in HCMC is about VND 108 million/m2; many projects are at VND 114–120, 80–89 and 64–72 million/m2.