Comparing Thu Thiem With Pudong, Shanghai?

Since Thu Thiem is developed, there are many projects launched. Thu Thiem has always been regarding, or even by the developers to Pudong, Shanghai, China.

Also, buyers who are given such hope share same wish that Thu Thiem will reach it one day, a new financial center of Ho Chi Minh City.

In fact, without considering the financial factors relating to the nation’s economy, Thu Thiem has more than one reason to be confident that it might be a better version of Pudong.

Let’s find out with Realtique!

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Geographic location and scale

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Thu Thiem (Above) and Pudong (Below)

If Pudong borders the sea to the east and the river to the west, Thu Thiem is surrounded by the Saigon River and is located to the east of the existing Central Area (District 1).

Thu Thiem has an area of 7.3km2, quite small when compared to Pudong with an area of 1,210 km2. But the importance of these two areas compared to the existing center (District 1 of Ho Chi Minh City and West Street, Shanghai) are equal, when Pudong has been Shanghai’s leading financial center since 1990, while Thu Thiem is planned as a commercial and financial center with a planning history of over 130 years.

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The planning history of Thu Thiem is more than 150 years

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Thu Thiem has been planned since 1862, led by General Coffyn.

Until 1957 under Ngo Dinh Nhiem, the new plan was designed with updates compared to the old planning drawing.

By 1965 Doxiadis continued to plan Thu Thiem to become the Capital of Saigon.

In 1972, another planning design by Wurster Design Company, Bernardi & Emmons based in Francisco, was quite similar to the old master plan.

Old Thu Thiem planning drawings in the 20s

By 2012, the project and planning design of Sasaki Associates (USA) hired by the Vietnam government to adjust and increase the total construction floor area by 43%, reaching 7.7 million square meters creating accommodation for 160,000 people and the workplace for 450,000 people (this figure was previously 120,000 people according to the planning drawing of Sasaki Associates in 2003).

Until now, Thu Thiem’s planning continues to be based on this planning design.

Thu Thiem Planning by Sasaki Associates – Published in 2012 and implemented until now

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Infrastructure Connection

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Considering the infrastructure connecting to the existing CBD area, both Thu Thiem and Pudong have 5 directions to commute from the CBD Center. Specifically:

               THỦ THIÊM

1. Thu Thiem Tunnel
2. Thu Thiem Bridge 1
3. Thu Thiem Bridge 2
4. Thu Thiem Bridge 3
5. Thu Thiem Bridge 4

               PUDONG

1. Renmin Tunnel
2. Yan’an E Tunnel
3. Xinjian Tunnel
4. Dalian Tunnel
5. Fuxing E Tunnel

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Foreign Investment

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Unlike Pudong, the law related to property rights (Real Estate) has only been issued by the State since 2015. Although only over 04 years, the wave of real estate investment by foreigners in Vietnam is extremely large.

The explanation for the above result is because Vietnam is in a period of strong economic development, indirectly helping the real estate market to grow through attracting foreign investment (FDI). End of 2018, Vietnam GPD increased by 7.08% compared to 2017, after the first 9 months of 2019, Vietnam GPD continued to increase by 6.98% and is expected to exceed 7.0% by the end of the year.

And Thu Thiem in particular and District 02 in general are always the top priority of foreign property investors.

According to statistics of the two leading projects of Thu Thiem, Metropole Thu Thiem (SonkimLand) and Empire City (Empire City Joint Venture Company), more than 70% of customers who are interested in and participate in the projects opening ceremonies are foreigners, from mostly Korea, Hong Kong, Taiwan and so on.

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The Government’s Push and Intervention in the Redevelopment of Thu Thiem

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Unlike previous years, 2019 marked positive changes in Thu Thiem, when the State began conducting talks and meeting with people to solve cases of wrong compensation in Thu Thiem which lasts 20 years, as:

Compensating 4.3ha area outside the Thu Thiem area – according to thanhnien.vn

Half of the 4.3ha residents outside of the Thu Thiem boundary accept compensation – according to vietnamnet.vn

Ho Chi Minh City Council held an extraordinary meeting on compensation at Thu Thiem – Theo laodong.vn

In addition, the State is in the process of inspecting projects, especially those in Thu Thiem, to ensure the safety and quality of the projects. This makes project supply for the market in 2019 sharply decrease compared to the same period last year.

The number of new launched projects dropped sharply due to inadequate requirements for legal licenses

The intervention in control and inspection of projects, especially in Thu Thiem and the promotion of compensation and clearance will help Thu Thiem develop in accordance with the plan.

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Interesting Projects in Thu Thiem and Launch Time

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The following are projects with prime locations right in Thu Thiem that buyers should be interested in and buy as soon as the opportunity and finance allow.

Project Name: The Empire City – MU8: Narra Residences.

Developer: Joint venture including Keppel Land, Gaw Capital, Tran Thai and Tien Phuoc.

Expected Launch Time: Q4 / 2019

Expected Price: 6,500 USD / m2 (Not including VAT)

Status: Under Construction

Project Name: Metropole Thu Thiem – The Opera Residences

Developer: Sonkimland, Quoc Loc Phat

Expected Launch Time: Q4 / 2019

Estimated Price: No information

Status: Site Clearance

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