29/10/2026
Luxury Apartments: Thu Thiem vs Rach Chiec vs District 1
Comparing price levels, growth drivers and construction progress for luxury apartments in Thu Thiem, Rach Chiec and HCMC District 1, updated October 2026.
October 2026 has turned into an unusually eventful month for Ho Chi Minh City’s eastern luxury real estate corridor. The city set a record starting price for a Thu Thiem land auction at over VND 1 billion per square metre, Lotte Eco Smart City finally broke ground after nine years of delay, and the HCMC Chairman personally met with Sun Group, Masterise and Dai Quang Minh to push disbursement on a string of mega-projects. For anyone tracking the high-end apartment market in the city’s east for years, this is a good moment to step back and compare three areas now competing for investment capital: Thu Thiem, Rach Chiec, and the old District 1 core.
Thu Thiem: the “new financial centre” keeps setting the pace on price
On 20 October 2026, Ho Chi Minh City approved starting prices for the re-auction of three land plots in the Thu Thiem New Urban Area. Plot 1.K3.5.HH (formerly plot 3-12, over 10,000 sq.m) carries a starting price above VND 1 billion per square metre – the highest ever published for a Thu Thiem plot, up 247% from its 2021 starting price. The other two lots, 1.K3.1.OD (over 8,500 sq.m, about VND 307 million/sq.m) and 1.K3.3.HH (over 5,000 sq.m, about VND 348 million/sq.m), were approved at the same time. Our full coverage of this auction round is available in Thu Thiem Update, Oct 20: HCMC Approves Starting Prices for 5 “Golden” Land Plots.
Just three days later, on 23 October 2026, Lotte Eco Smart City Thu Thiem officially broke ground, ending nearly a decade of legal and financial gridlock after Lotte Properties HCMC partnered with Phat Dat (PDR) and completed a land-use fee payment of over VND 17,569 billion. The full breakdown of this roughly VND 60,000 billion project is covered in Lotte Eco Smart City Breaks Ground Oct 23: Thu Thiem Enters a New Pricing Cycle. Established neighbours such as Empire City, the Sala urban area (Sarene, Savila) and The Metropole (The OpusK) remain the main price benchmarks for the whole peninsula, with primary prices forecast around VND 215 million/sq.m and an average annual growth rate of roughly 20.4% between 2015 and 2025, according to JLL and Avison Young Vietnam figures cited by VietnamFinance. Thu Thiem had already been reported to have overtaken Phu My Hung on price earlier in October, as covered in our weekly roundup.
Rach Chiec: infrastructure momentum, with Eaton Park nearing handover
On the afternoon of 17 October 2026, HCMC Chairman Nguyen Van Duoc met with Sun Group, Masterise and Dai Quang Minh to accelerate private-sector disbursement in the fourth quarter of 2026, with most of the projects discussed concentrated in Thu Thiem and Rach Chiec. According to the meeting report, Sun Group is pushing ahead with the Rach Chiec National Sports Complex, a roughly VND 140,000 billion project, targeting VND 20,000-25,000 billion in disbursement in 2027 once land clearance is complete, while Masterise requested procedural support for three projects worth more than VND 70,000 billion in the area. The full meeting is summarised in HCMC Chairman Pushes Sun Group, Masterise, Dai Quang Minh on Rach Chiec, Thu Thiem Progress, originally reported by Tuoi Tre Online.
Alongside these public infrastructure mega-projects, the area’s high-end apartment supply is also entering its final delivery stretch. On 12 August 2026, Gamuda Land and main contractor Coteccons topped out the last two towers of Eaton Park (Cove and Lagoon), completing the structural work on all six towers – 29 to 39 storeys each, 2,052 units on a 3.7-hectare site – with handover targeted from Q3 2027, according to Doanh Nhan – Bao Phap Luat Viet Nam. This makes Eaton Park one of the few luxury projects in the eastern corridor that has already topped out with a clear handover date, meaningfully reducing construction-delay risk for buyers. A market survey cited by Vietnam News in November 2025 put luxury-project prices in the old District 2 area, including Rach Chiec, at around VND 314 million/sq.m – well below the old District 1 core but ahead of most other outer districts.
The old District 1 core: an unshaken benchmark of value
While Thu Thiem and Rach Chiec are both going through a “re-rating” phase driven by infrastructure and legal catalysts, the old District 1 core still holds the highest value benchmark in the whole HCMC market. A Batdongsan.com.vn survey cited by Vietnam News put reference prices for several luxury projects in the old District 1 at around VND 413 million/sq.m, well above both Thu Thiem and Rach Chiec at the same survey date. The area’s flagship projects include The Marq (Masterise Homes), Grand Marina Saigon – Vietnam’s largest Marriott-branded residence development, Lancaster Legacy (Trung Thuy Group), and The Grand Manhattan (Novaland). Its advantage lies in an irreplaceable central location, fully built-out commercial and service infrastructure, and almost no remaining land for new supply – so while its percentage price growth trails Thu Thiem’s, its absolute price level still leads the market.
Quick comparison table and buyer guidance
| Area | Reference price level | Main price driver | Representative projects | Best suited for |
|---|---|---|---|---|
| Thu Thiem | ~VND 160-220 million/sq.m (primary); auctioned land now above VND 1 billion/sq.m | IFC and metro infrastructure, Lotte groundbreaking, record land auction | Empire City, The Metropole, Lotte Eco Smart City | Mid-to-long-term investors prioritising growth |
| Rach Chiec | ~VND 300-320 million/sq.m (old District 2 area) | Sports-complex and administrative infrastructure, Eaton Park nearing handover | Eaton Park | Buyers who want clear delivery timing and near-term handover |
| Old District 1 | ~VND 300-410 million/sq.m | Irreplaceable central location, near-zero remaining land supply | The Marq, Grand Marina Saigon, The Grand Manhattan | End-users and investors who prioritise safety and liquidity |
No single area is the absolute “best” choice – the right one depends on each buyer’s investment horizon and tolerance for construction-timeline risk. Thu Thiem suits investors willing to wait out the infrastructure build-out for the largest potential upside; Rach Chiec is a balanced option for buyers who want a product closer to handover; and the old District 1 core remains the safe harbour for capital that prioritises liquidity and irreplaceable central value.
If you are weighing projects in Thu Thiem, Rach Chiec or District 1 in the VND 120-600 million per square metre range, feel free to reach out directly for a detailed consultation on legal status, construction progress and the latest sales policies of each project, drawing on hands-on experience following Ho Chi Minh City’s luxury real estate market since 2014.
Sources
- CafeF – HCMC re-auctions 3 Thu Thiem land plots, highest starting price VND 1 billion/sq.m (Oct 20, 2026)
- VnBusiness – 3 Thu Thiem land plots to be auctioned, starting price nearly VND 14,575 billion (Oct 20, 2026)
- Viet Nam News – Thu Thiem emerges as HCM City’s next CBD (Nov 18, 2025)
- VietnamFinance – Thu Thiem housing prices rise: apartments at VND 215 million/sq.m (May 24, 2026)
- Znews – Thu Thiem real estate prices overtake Phu My Hung (May 29, 2026)
- Tuoi Tre Online – Sun Group, Masterise, Dai Quang Minh discuss HCMC project progress (Oct 17, 2026)
- Doanh Nhan – Bao Phap Luat Viet Nam – Eaton Park tops out all 6 towers, targeting handover from Q3 2027 (Aug 13, 2026)
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