HCMC Property Market Resumes Sales as Legal Hurdles Cleared

Overview

Ho Chi Minh City’s real estate market is seeing a wave of project launches and handovers after years of legal bottlenecks, with prices ranging from VND 100 million to VND 350 million per square meter. This marks a significant recovery for developers like Novaland (NVL), which has been working to resolve legal issues and resume construction. The trend signals improved liquidity and investor confidence in the sector.

Key Facts

• Over 4,500 real estate projects nationwide faced difficulties, with VND 3,000 trillion in stalled capital; more than 1,000 projects have been resolved, freeing up about VND 800 trillion.
• In HCMC, more than 400 projects have had legal issues resolved, allowing developers to restart construction and handovers.
• Victoria Village (District 2) is handing over over 1,000 units, with prices around VND 100 million per sqm.
• The Grand Manhattan (District 1) is under construction, with expected prices of VND 350 million per sqm.
• Lancaster Legacy (District 1) is being marketed at about VND 300 million per sqm.
• Other projects like The Global City, Metropolis Thủ Thiêm, and Sunshine Sky City are also launching, with average prices in the hundreds of millions of VND per sqm.
• Novaland (NVL) reports progress in overcoming difficulties, with projects being cleared and credit support enabling large-scale construction.

What Happened

According to the Ministry of Construction, the country has about 4,500 stalled real estate projects, but authorities have resolved over 1,000, unlocking significant capital. In Ho Chi Minh City, more than 400 projects have been cleared, leading to a wave of sales and handovers.

For instance, Victoria Village, developed by a subsidiary of Novaland, is accelerating handovers after three years of legal efforts. The project spans 4.3 hectares with 1,208 apartments, townhouses, and villas. Brokers report prices around VND 100 million per sqm. Similarly, The Grand Manhattan, a 38-story, three-tower project in District 1, is under construction with expected prices of VND 350 million per sqm. Lancaster Legacy, by Trung Thủy Group, is being sold at about VND 300 million per sqm.

A Novaland representative told VTC News that the company has gradually overcome difficulties as projects are cleared and credit is provided, aiming for large-scale construction and long-term growth.

Market Context

Novaland (NVL) closed at VND 13,000 on August 2, 2026, on the HOSE. The company has been one of the most affected by the real estate downturn, with many projects stalled. The resumption of sales and handovers is a positive sign for NVL’s cash flow and balance sheet, as it can start recognizing revenue from completed units. The broader HCMC market is also seeing a supply influx, with prices at record highs, indicating a recovery in demand and investor sentiment.

Strategic Significance

For long-term investors, the legal clearance and project resumptions signal a turning point for Novaland and the sector. NVL’s ability to deliver projects like Victoria Village will be crucial for restoring stakeholder confidence and generating cash flows to service debt. The high price points suggest strong underlying demand in prime locations, which could support margins. However, the sustainability of this recovery depends on continued legal reforms and macroeconomic stability.

What to Watch

• NVL’s Q3 2026 earnings report for revenue recognition from handovers.
• Progress on The Grand Manhattan and other high-profile projects.
• Any new legal or regulatory changes affecting real estate in HCMC.
• Sales velocity and price trends in the secondary market for these projects.
• NVL’s debt restructuring and refinancing activities.