Thao Dien, a ward on the east side of Saigon, is home to many locals and expatriates. Established in 1997, Thao Dien, and District 2 in general, have been striving to become one of the most developed areas in South Vietnam’s capital city. This article covers four reasons why the real estate business in Thao Dien will blossom after the metro line completion.
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Thao Dien: a Booming Real Estate Market Gifted by Expanded Traffic Capacity
Hanoi Highway: an Arterial Thoroughfare
The Hanoi Highway is considered one of the most critical routes in Saigon that connects the city’s eastern area to the outskirts and surrounding provinces. Stretching from the ramp of Saigon Bridge to Bien Hoa City, Dong Nai, the arterial highway allows massive traffic volume that alleviates the all-year-round congestion of the busy and crowded Saigon. Although it took five years, from 1957 to 1961, to build and inaugurate Hanoi Highway, its “heritage” will last as long as investors have a solid grasp of what the route offers the people living along with it. Thao Dien residents are among those who greatly benefit from the Hanoi Highway.
Thao Dien is the heart of Saigon City, a place full of vigor and home to diverse groups of residents from all different cultures in the world. Geographically, this D2 ward sits right at the starting point of the Hanoi Highway, where it borders the east end of central Saigon and the suburban area that begins from the east side of Saigon River and reaches out to Dong Nai River. Simply put, Thao Dien is where “east meets west” and has more than enough potential to thrive and become the “new District 1” of Saigon. These tangible advantages in geography are the foundation for an imminent boom in the real estate business.
Located at the Midpoint of the Metro Line
Ever since the commencement of the Saigon metro line construction in 2012, the face of Thao Dien and the city have changed dramatically and in a good way. From advances in infrastructure to the soaring housing prices and conglomerated service businesses, Thao Dien has benefited significantly from the emergence of this novel way of transportation. Another reason for such positive momentum in the area is Thao Dien’s ideal location right at the midpoint of the metro line. The fifth metro station of the line, Thao Dien Station, passes by the ward, potentially allowing many passengers to either end of the city when the project is completed.
Being in the middle of Metro Line 1 (M1) will mean that passengers departing from Thao Dien can reach either end of the line in roughly the same amount of time. Furthermore, Thao Dien residents will have easy access to the rest of the city, with connection available to Metro Line 2 (M2). With site clearance for M2 happening towards the end of 2022, it is not hard to visualize Thao Dien’s future dominance in transportation in just a few years. Then, dwellers living right in the heart of Saigon can swiftly travel to the far east of the city and every other corner with ease and convenience.
Located Side by Side With a Metro Station
Besides having a superb location in the city center, Thao Dien also takes advantage of its lateral positioning to the metro line. Compared to its D2 counterparts on the other side of the highway, the real estate market in Thao Dien is rising at a faster rate, judging by its most dominating residential projects, such as The Nassim Thao Dien, with prices as high as 4,000 USD for a single square meter, which is far more outrageous than any other residential project on the other side of the Hanoi Highway. The real estate business in Thao Dien and other proximate areas alongside the metro line also has more projects worth 2,000 USD per square meter than its equivalent (6 compared to 2).
RELATED: The History of Thao Dien
Current Real Estate Market Already on the Rise
That said, Thao Dien and District 2 have always been where the real estate market is astronomically expensive with a continuous price rise rate. Statistics show that even the costliest apartment project, The Nassim, had a dramatic rise in rate (30%) compared to prices in 2015, when the project was completed. At the other end of the spectrum, Lavita Garden, which is only 15 minutes away from The Nassim, has risen a tremendous 80% in the same 7-year-span. This extraordinary escalation in real estate value is far more pronounced than on the other side of the highway, where the fastest-growing property only reaches 50 percent.
The Bottom Line – The Metro Line Inauguration to Take Place Soon
Until the first metro line Ben Thanh – Suoi Tien is completed in 2024, as projected in the latest report, Thao Dien residents and investors have every right to be hopeful of an imminent blooming right in the heart of Saigon. By expanding the traffic capacity, the metro line completion is likely to be a breath of fresh air into the already prosperous region in east Saigon. The day when the citizens of Vietnam’s largest city call Thao Dien the “new District 1” of Saigon is on the horizon.
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