Eco Smart City Thu Thiem Restarts. What Does It Signal For The Property Market?

For decades, Thu Thiem was seen as a “land in waiting.” However, starting from 2026, the picture is changing rapidly as a series of key projects launch within a short period. This article analyzes why the revival of Eco Smart City Thu Thiem is a more significant signal than a simple business deal. This article also examines what this means for investors currently watching the Thu Thiem market.

Eco Smart City Thu Thiem: What happened and where is the project now?

Eco Smart City Thu Thiem is one of the projects with the most prime locations in the Thu Thiem New Urban Area. It sits on a land area of 74,513 sqm with a scale of 60 floors. The project integrates hotels, residential areas, commercial spaces, offices, and smart technology. The total investment capital is 20,100 billion VND, invested by the Lotte Group.

A turning point after 8 years of delay:

• October 2025: The Ho Chi Minh City People’s Committee worked directly with Lotte to resolve existing obstacles.
• Early 2026: Ho Chi Minh City approved Lotte’s request to transfer a maximum of 35% of capital to outside investors.
• Three candidates in final negotiations: Son Kim Land, Phat Dat, and Huong Viet Holding.
• Mr. Nguyen Van Dat, Chairman of Phat Dat, confirmed: “The negotiations for the share transfer of Eco Smart City Thu Thiem have reached the final stage.”
• Expected completion and operation: 2028.

Mr. Nguyen Van Duoc, Chairman of the Ho Chi Minh City People’s Committee, stated: “The success of the project is not only for Lotte alone but also a great contribution to the overall development of Ho Chi Minh City in the new era.”

Policy Unblocked: What is the potential of Eco Smart City Thu Thiem?

The fact that Lotte resolved legal obstacles is not just the story of a single project. This is a signal that Thu Thiem is entering a “convergence phase,” where many key projects reach the finish line within a short period.

The ecosystem forming in Thu Thiem:

• Lotte Eco Smart City Thu Thiem: A complex of 11 buildings integrating commerce, offices, hotels, and over 1,600 luxury apartments.
• Thu Thiem New Administrative Center: Construction begins in May 2026, with an expected completion in 2028 and a total capital of over 20,000 billion VND.
• Metro Line 2 (Ben Thanh – Thu Thiem): Starting construction on the same day as the administrative center, this line directly connects Thu Thiem with the City Center.
• Riverside Park and Central Square: Completing world-class public spaces, including the riverside park, children’s cultural house, and the main square.

When all these items are completed simultaneously in 2028, Thu Thiem will no longer be a “developing urban area.” Instead, it will become a complete New Administrative Center with full administrative, financial, commercial, and public transport infrastructure. This development model is similar to Marina Bay (Singapore) or Pudong (Shanghai) areas that were once “empty lands” and are now leading financial centers in Asia.

Where will property prices go when Thu Thiem becomes a true CBD ?

Thu Thiem is currently the area with the highest price levels in Ho Chi Minh City. According to BHS Property, peak prices in Thu Thiem have reached 590 mil VND/sqm, while the general average for the entire city is only around 92 mil VND/sqm. Existing projects such as The Metropole Thu Thiem recorded an increase of 72.7% in just one year (Batdongsan.com, 2025). The River Thu Thiem increased by more than 20% compared to the end of last year (VietnamNet, 2025).

The more notable point is why prices continue to rise despite the already high levels. Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan, explained that the luxury supply in Thu Thiem is limited by low-density planning. Developers must design large apartments and position them in the ultra-luxury segment to target wealthy individuals and foreign investors. This structure creates a “structural scarcity” rather than a temporary shortage.

When Eco Smart City Thu Thiem and the new administrative center are both completed in 2028, Thu Thiem will, for the first time, have the full infrastructure of a true international CBD. By then, the question will no longer be “will prices increase,” but rather “who entered the market before that happened.”

Conclude

Thu Thiem does not lack potential. What was missing before was the simultaneous convergence of infrastructure, legal solutions, and capital flow. 2028 could be that milestone. For long-term investors, the real question is not whether Thu Thiem will become a CBD, but whether you are present there before the market fully reflects that value in the price.

Looking for a trustworthy real estate agent? La Quinta is your one-stop partner. We offer turnkey support for buying/selling, renting, interior design & furnishing, and full property management. Contact us today.

Mr. DONNIE KIM (Korean & English)
Associate Director

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Ms. TRẦN HOÀNG OANH (Vietnamese & English)
Director of Residential and Investment Team

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