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Thu Thiem 2 Bridge officially opened to traffic at the end of April after seven years of preparation and construction. The project is a welcome transportation link and is expected to support the real estate market in the east of Ho Chi Minh City.
Thu Thiem 2 Bridge Opens
Thu Thiem 2 Bridge, which spans 1.5 km and has six lanes, officially opened to traffic on 28 April. The bridge is a key infrastructure and transport link in the city. It not only reduces the congestion on Ton Duc Thang Street but it stretches over the Saigon River, connecting the Ton Duc Thang - Le Duan intersection in District 1 to Vong Cung Boulevard in Thu Thiem New Urban Area (NUA).
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Enhanced Urban Connectivity
Evaluating how this project will impact real estate, Ms Pham Thi Thanh Huong, Senior Manager of Savills Residential Sales, stated that the bridge will change how the people live and move around the city. The bridge will ease traffic congestion enormously, as previously the only connections between the city centre and Thu Duc City were Saigon Bridge, Thu Thiem Tunnel, and Thu Thiem Bridge 1.
“Thu Thiem 2 Bridge will improve access to commercial and economic services in District 1, attracting real demand for real estate and rental properties. Also, the project is a lever for liquidity for projects in Thu Thiem. This is as the bridge links directly to District 1, which solves any transport or connection worries," Ms Pham Thi Thanh Huong commented.
Thu Thiem New Urban Area is a strategic area for real estate and presents a strong opportunity for socio-economic development in the city. Thu Thiem Bridge 2 will drive financial, commercial, and service demands in Thu Thiem. Thu Thiem will also deliver cultural and entertainment centres, which the existing centre does not have the capacity for.
“As development in Thu Thiem NUA increases, it will push along the unfinished infrastructure projects in the east of the city like Luong Dinh Cua Street and the projects next to the Ho Chi Minh City - Long Thanh Expressway. Efficient infrastructure systems will benefit real estate in Thu Thiem NUA," added Ms Huong.
What Drives Real Estate Development?
Commenting on the real estate market in Thu Thiem NUA, Ms Huong said that the proximity to the Saigon River is the unique selling point for the area. Developers are keen on building high-end residential real estate, which will cater to an elite market of wealthy investors and occupiers from Viet Nam and abroad.
“Infrastructure projects like Thu Thiem 2 Bridge will encourage investors to boost the capital and development speed of real estate projects in Thu Thiem. In the second half of 2022, many projects are expected, such as Empire City, Metropole Thu Thiem, Zeitgeist Thu Thiem and The River," Huong pointed out.
According to Savills Q1/2022 market report, 56% of the 22,700 new apartments expected by the end of 2022 will come from Thu Duc City. The report also states that due to the high cost and the scarcity of land in the central area and the improving transport infrastructure around the city, districts outside of the core, like Thu Thiem NUA, will be increasingly popular.
In terms of landed properties like villas and townhouses, more than 10,900 dwellings and plots are expected by 2025. District 2 will supply 29%, Binh Chanh will have 21%, and District 9 will provide 13%. Developments in District 2 and 9, which are part of Thu Duc City, will be supported by infrastructure projects like Thu Thiem 2 Bridge.
Read more about residential properties in HCMC here.