Two Prime Projects in Thu Thiem New Urban Area Approved for Foreign Ownership
Thu Thiem Zeit River and Empire City, located in the Thu Thiem New Urban Area, have recently been added by Ho Chi Minh City to the list of residential developments eligible for foreign ownership.
According to the list published by the HCMC People's Committee, Thu Thiem Zeit River is located on Lot 3-11 within Functional Area 3 of the Thu Thiem New Urban Area. Covering approximately 0.91 hectares, it is developed by Vietnam GS Enterprise One Member LLC. The parcel is situated within Thu Thiem, which is master-planned to become HCMC's new financial, commercial, and service hub.
The second development is the Thu Thiem Observation Tower Complex (Empire City), located in Functional Area 2 (2b) across roughly 14.5 hectares, developed by Empire City LLC. This integrated complex features commercial, service, and residential facilities, anchored by an 88-story observation tower.
Both developments sit within the prime Thu Thiem area along the Saigon River, directly facing the city's existing central business district. Empire City boasts a significantly larger footprint, master-planned with upscale retail centers, a 5-star hotel, office towers, luxury apartments, and international-standard underground parking.
Beyond the two Thu Thiem developments, this newly released batch also includes Xi Riverview Palace at 190 Nguyen Van Huong Street, An Khanh Ward (~1.72 hectares, developed by Vietnam GS Enterprise One Member LLC) and The Pegasuite at 1002 Ta Quang Buu Street, Binh Dong Ward (~2.14 hectares, developed by Phuong Viet Investment JSC).
The total land area of the four projects spans approximately 19.3 hectares. Three of these projects are in the Thu Thiem–An Khanh axis, an area concentrating high-end real estate developments that benefit from the city's new core downtown expansion.
This marks the 11th release by HCMC announcing residential developments open to foreign entities and individuals for legal ownership, bringing the city's cumulative approved commercial housing catalog to approximately 150 projects.
Expanding the approved list provides broader options for foreign professionals, investors, and residents living in HCMC, particularly as the city continues establishing itself as a financial, commercial, and high-tech center. However, purchasing capability remains strictly governed by statutory ownership quotas and specific legal conditions per project.
Under current Vietnamese law, foreign organizations and individuals may acquire commercial housing in developments that do not fall under national defense and security restricted zones. For apartment buildings, foreign ownership is capped at a maximum of 30% of total units in a single building. For landed housing, foreign ownership cannot exceed 250 units within a single ward-level administrative boundary.
