NLG: Southern HCMC to Drive 50% of New Apartment Supply in H2

Overview

Southern Ho Chi Minh City is set to account for roughly 50% of new apartment supply in the city’s inner districts during the second half of 2026, according to CBRE Vietnam. Nam Long Group (NLG) is among the developers capitalizing on this momentum with the launch of Trellia Cove, a high-end compound within its Mizuki Park township.

Key Facts

• Southern HCMC is expected to provide about 50% of new apartment supply in H2 2026, while the eastern area accounts for around 30%.
• Nam Long Group, with Japanese partners Hankyu Hanshin Properties and Nishi Nippon Railroad, opened sales for Trellia Cove, a high-end compound at Mizuki Park.
• Mizuki Park spans 26 hectares and has been developed for nearly 8 years, with over 4,000 families already residing.
• Trellia Cove offers luxury apartments and standalone townhouses, connected to Districts 1, 5, 7 and the Mekong Delta via Nguyen Van Linh Boulevard and HCMC-Trung Luong Expressway.
• TT Capital and partners plan to launch TT GENESIS in Nha Be, with 1,438 units (garden apartments and townhouses) on 1.9 hectares, total investment over VND 6,000 billion.
• Vlasta Premier Phu Thuan will offer 738 commercial/service apartments, priced below VND 100 million/m², with handover expected in 2027.
• Sunshine Sky City by Sunshine Group will add nearly 3,500 high-end apartments across 9 towers (26-38 floors), after legal issues were resolved in 2025.

What Happened

CBRE Vietnam forecasts a significant shift in new apartment supply in HCMC’s inner districts for H2 2026, with the southern area taking the lead at about 50% of new inventory. This marks a reversal from recent years when the eastern area dominated. The supply will come from both new projects and those that have resolved legal hurdles to restart.

Nam Long Group, together with Hankyu Hanshin Properties and Nishi Nippon Railroad, has launched Trellia Cove, a high-end compound within the 26-hectare Mizuki Park. The project leverages the existing ecosystem of Mizuki Park, which has been developed over nearly eight years and is home to more than 4,000 families. Other developers, including TT Capital, Sunshine Group, Kien A, and Hung Loc Phat, are also preparing to launch projects in the area, indicating a broad-based supply wave.

Market Context

NLG closed at VND 25,700 on September 6, 2026, on the HOSE. The company has been focusing on its Mizuki Park project as a key growth driver. The southern HCMC market, historically overshadowed by the eastern area, is now benefiting from infrastructure upgrades and legal clarity, which could support a cyclical recovery in residential demand. The influx of new supply may intensify competition, but NLG’s established presence and Japanese partnerships provide a competitive edge.

Strategic Significance

For long-term investors, the southern HCMC supply wave represents a potential inflection point for NLG’s earnings and cash flow. Trellia Cove’s launch is part of NLG’s strategy to monetize its land bank in the area, leveraging its joint ventures with Japanese partners to access capital and expertise. The company’s ability to execute on this project and others will be crucial in determining its market position as the region’s supply pipeline expands. The broader trend of legal issue resolution and infrastructure development in southern HCMC could enhance the value of NLG’s existing land reserves.

What to Watch

• Sales take-up rate and pricing at Trellia Cove in the coming months.
• Progress on legal and construction milestones for other NLG projects in the pipeline.
• Quarterly earnings reports for NLG, particularly revenue recognition from Mizuki Park.
• Regulatory changes affecting real estate transactions, such as the new rule on payment via bank accounts.
• Competitive dynamics as other developers launch projects in the same area.