Report of the HCMC Department of Construction shows at present, the Southern city has 1,367 condo buildings, with 141,062 units, increasing twice compared to 2009 and 5.5 times higher than 1975. Total floor area reaches 10,645,970 sqm, while the average area of condos is 75 sqm.
Condos currently account for 8.4% of the total number of homes in HCMC tend to rise sharply in the next years. Proportion of condos in the total of newly-built homes in Ho Chi Minh City in the last five years is 24.6%.
According to the inspection results of the district-level People's Committees, condos in the city are currently classified as follows: No Grade A condo building; 327 ones in Grade B, accounting for 69% of the total market share; 115 ones in Grade C, making up 24.3%; 15 ones in Grade D, accounting for 3.2%, of which 5 buildings are considered dangerous and need to be demolised urgently.
Most of the buidlings were built between 1975 and 2005, so some of them are facing severe degradation. The lack or poor condition of utility systems makes it dangerous to live in such buildings. Some buildings even have no fire protection system equipped.
For condo building built after the 2005 Law on Housing 2005 takes effect, quality of the works is still quite good, with higher quality of utilities and services. After inspections, most of these buildings are in good condition, ensuring safety. Many condo projects have been implemented in the re-urbanization process, with complete technical and social infrastructure systems, creating a spacious and modern appearance for the city.
