The Long Thanh International Airport and associated transport infrastructure have provided momentum to the property market in HCM City’s eastern region. — VNA/VNS Photo

HCM CITY — The prospect of busy urban areas being created around Long Thành International Airport in southern Đồng Nai Province has attracted investment in the eastern reaches of neighbouring HCM City.

In particular Aqua City ecological urban area has become appealing thanks to its connectivity, standardised planning, convenience, and ideal geographical location.

The first phase of the Long Thành Airport project began early this year. It is scheduled to open no later than 2025, with an initial annual capacity of 25 million passengers, eventually rise to 100 million.

Centennial growth momentum

Designed to meet the 4F level, the highest of its kind set by the International Civil Aviation Organisation (ICAO), Long Thành is projected to serve as an aviation hub, both regionally and globally.

Once operational, it will ease existing airport congestion, pave the way for investment and tourism, and contribute 3-5 per cent of the country’s GDP.

Major infrastructure projects such as airports have always helped give a facelift to urban areas. They also facilitate production and business, and trade and tourism, while forming a busy residential community. The central city of Đà Nẵng and the island district of Phú Quốc in the Mekong Delta province of Kiên Giang are examples of this.

Many airport-based urban models have been created globally, contributing to local economic, trade, and tourism development, with Amsterdam Schiphol in the Netherlands an outstanding example.

The Long Thành International Airport is connected with urban areas and economic zones, so is expected to drive investment and economic development in the southern region.

The project will also give a boost to component projects like warehouses, transport infrastructure, services, and satellite urban areas, leading to an increase in land demand.

Real estate consultancy Savills said the southern province of Đồng Nai should reach a new level of development, with a more international focus instead of relying on industry and services, as has long been the case.

It suggested the province develop a closed-loop industrial chain, from production to logistics, and warehouses and transportation to deep-water ports.

The establishment of Thủ Đức City in 2021 has also given a facelift to the local area and increased housing supply in HCM City’s eastern area. The scarcity of real estate in the city prompted investment in adjacent provinces such as Đồng Nai and Bình Dương, which will spur the market this year.

“The recent positive signs from key infrastructure projects like the construction of the Long Thành International Airport and the establishment of Thủ Đức City will create momentum to restart the market,” said Dương Thùy Dung, Senior Director of CBRE Vietnam.

Anticipating investment waves

To optimise such opportunities and complete the infrastructure network connected with Long Thành, Đồng Nai authorities have begun the construction of transport projects such as Hương Lô 2 and the Biên Hòa-Vũng Tàu Expressway.

The province has also proposed building two routes leading to the airport: a 3.8-km route running from National Highway No 51 to the airport, and another, measuring 3.5 km, from the HCM City-Long Thành-Dầu Giây Expressway to the first route, running in parallel with National Highway No 51. The total funding for the two routes has been estimated at more than VNĐ4.8 trillion (US$209.46 million).

Located within the open urban-economic area in the southern part of Biên Hòa city, Aqua City, invested by Novaland, has found favour among both buyers and investors thanks to its ideal geographic location and scientific planning.

Covering 1,000 ha, it lies on Hương Lô 2, linking National Highway No 51 and the HCM City- Long Thành-Dầu Giây Expressway.

Located within Aqua City, the urban island of Phượng Hoàng opened late last year and has proven its attractiveness thanks to its natural surroundings. 

With its unique advantages, from location to planning, Phượng Hoàng and Aqua City are expected to rouse the real estate market in HCM City’s eastern area in the time ahead.

DKRA Vietnam JSC said street houses and villas are moving towards areas adjacent to HCM City that boast abundant land funds and convenient infrastructure.

As such, Đồng Nai expects to continue making up a large share of supply this year. Major projects on hundreds of hectares each and with scientific planning, like Aqua City, will further catch the attention of customers thanks to their potential for high growth values. — VNS