Nam Long (NLG) Mizuki Park Leads HCMC South Supply Surge
This Aveluro analysis covers NLG on HOSE in the Real Estate sector. The classified event type is sector sentiment, with positive sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Ho Chi Minh City’s southern district is expected to account for roughly 50% of the city’s new apartment supply in 2025, with about 21,000 units launched citywide and new project prices ranging from VND 70-95 million per square meter, according to CBRE Vietnam data cited by Tuoi Tre. The shift marks a reversal from the eastern district’s prior dominance and places Nam Long’s Mizuki Park among the notable developments in the area.
Key Facts
- HCMC is expected to launch about 21,000 apartments in 2025, with the southern district (District 7, Nha Be, and former Binh Chanh) contributing more than 10,000 units, or roughly 50% of new supply.
- Before 2025, the eastern district consistently led with 60-80% of supply.
- Average apartment prices in the southern district have adjusted from around VND 60 million per square meter in 2024-2025 to about VND 80 million per square meter currently, with new projects priced at VND 70-95 million per square meter.
- Nam Long’s Trellia Cove within the Mizuki Park urban area offers 817 apartments; Van Phu’s Vlasta Premier Phu Thuan offers 738 units.
- Kien A’s Arcadia at Lavila in Nha Be is preparing to launch nearly 900 units.
- TT Capital’s joint venture with Japanese partners (Cosmos Initia, Hinokiya Group, Koterasu Group) and Singapore’s Vietmax Capital broke ground on TT GENESIS in Nha Be, with over VND 6,000 billion in investment, 1.9 hectares, and 1,438 apartments plus 12 townhouses.
- The Nguyen Van Linh - Nguyen Huu Tho intersection tunnel, costing VND 830 billion, has operated stably on both branches since early 2025; the Nguyen Khoai Bridge, with over VND 3,700 billion in investment, broke ground in late 2025 and is slated for completion in 2027.
What Happened
According to CBRE Vietnam data reported by Tuoi Tre, Ho Chi Minh City is expected to launch approximately 21,000 apartments in 2025, with the southern district accounting for more than 10,000 units, or about half of the new supply. This represents a notable reversal from the period before 2025, when the eastern district consistently led with 60-80% of supply. The rise in southern supply stems from both newly commenced projects and projects that have completed legal procedures to restart.
Investor Hoang Ngoc Dong told Tuoi Tre that average apartment prices in the area have adjusted from around VND 60 million per square meter in 2024-2025 to about VND 80 million per square meter currently, with some new projects priced at VND 70-95 million per square meter. The launch of major developers is also boosting market liquidity, exemplified by Nam Long’s Trellia Cove at Mizuki Park with 817 apartments and Van Phu’s Vlasta Premier Phu Thuan with 738 units. Infrastructure improvements, particularly the completion of the Nguyen Van Linh - Nguyen Huu Tho tunnel and progress on the Nguyen Khoai Bridge, are drawing capital back to the area.
Market Context
Nam Long Group (NLG) trades on the Ho Chi Minh Stock Exchange (HOSE) and closed at VND 21,650 on September 28, 2026. The company is a prominent residential developer with a focus on affordable and mid-range housing, and its Mizuki Park project is a key component of the southern district’s supply pipeline. The broader Vietnamese real estate sector has been recovering from a prolonged period of tight credit and legal bottlenecks, with infrastructure spending acting as a catalyst for renewed interest in suburban areas. The southern district’s resurgence reflects a rotation in developer focus and buyer demand toward areas with improving connectivity.
Strategic Significance
For long-term investors, Nam Long’s exposure to the southern district through Mizuki Park positions it to benefit from the area’s infrastructure-driven revival. The Trellia Cove launch adds to the company’s inventory at a time when new supply remains constrained and prices are trending upward, potentially supporting margin expansion. The shift of supply toward the south also signals a broader urban development trend linked to transit-oriented development (TOD) planning, including future metro line 4 and bridge projects. Nam Long’s established land bank in the area and its track record in mid-range housing could give it a competitive edge as demand returns, though execution and absorption rates will be critical amid elevated price levels.
What to Watch
- NLG’s Q3 2026 earnings release, including presales updates for Trellia Cove and Mizuki Park.
- Absorption rates for new launches in the southern district, particularly at VND 70-95 million per square meter price points.
- Progress on the Nguyen Khoai Bridge and other infrastructure projects, with completion targeted for 2027.
- Any changes to mortgage rates or credit policies affecting buyer affordability.
- Further legal approvals for restarting stalled projects in the area, which could add supply.