4 SonKim Land housing projects in Ho Chi Minh City now eligible for foreign ownership

The projects include The Metropole Thu Thiem, Gateway Thao Dien, The Nassim Thao Dien, and The 9 Stellars, comprising its Alta Height and Alpha Residence subdivisions, according to an official letter issued by the department on October 9.

SonKim Land said it had completed the required administrative procedures for the projects and fulfilled its reporting and information disclosure obligations to relevant authorities.

The developer noted that inclusion on the list provides a basis for determining foreign ownership eligibility, amid continued market interest in residential properties among foreign buyers.

Vietnam's growing economy, large consumer market, and abundant workforce have made the country increasingly attractive to foreigners seeking employment, residence, and property ownership.

Under the 2023 Housing Law, eligible foreign individuals and organizations may purchase, lease-purchase, inherit, receive as gifts, and own residential properties, subject to certain conditions and restrictions.

Foreign ownership of individual houses is capped at 250 units within an area with a population equivalent to that of a ward.

Eligible properties must also be located in approved housing developments outside areas designated for national defense and security purposes.

Since the 2023 Housing Law took effect, foreign individuals and organizations have acquired more than 1,500 residential units, bringing the cumulative total to over 6,000 nationwide.