Ho Chi Minh City serviced apartment supply to reach 1,500 units by year-end

Thanks to a new project with 150 units.

According to a report from Avison Young, as of the end of the third quarter of 2024, the total supply of serviced apartments in the Ho Chi Minh City market stands at nearly 1,300 units from Grade A and Grade B projects. 

Most of these projects are concentrated primarily in the city centre, accounting for over 90% of the total supply. 

Here’s more from Avison Young:

In the third quarter, the famous five-star hotel in central HCMC, InterContinental Saigon, was rebranded as JW Marriott Hotel & Suites Saigon following a successful agreement with property owner Mapletree Investments in July. Officially from September 10, Marriott International took over the management of the hotel and serviced apartment complex from IHG, maintaining a supply of 260 A-segment serviced apartments. This marks Marriott's fifth project in HCMC and the 24th in Vietnam. 

In terms of new supply, the market has not recorded any new projects. However, for future supply, by the end of 2024, HCMC is expected to see the addition of 150 co-living serviced apartments from the lyf Thao Dien project operated by Ascott, a subsidiary of CapitaLand, bringing the total supply to nearly 1,500 units.