HO CHI MINH CITY, VIETNAM — A new city has risen out of a swamp south of the winding Saigon River, part of a real estate boom that is reshaping lifestyles in developing Vietnam and enriching some speculators.
|Ho Chi Minh City
Thành Phố Hồ Chí Minh
Formerly Saigon (Vietnamese: Sài Gòn)
The smooth roads, condominiums, apartments, offices, convenience stores and restaurants of Phu My Hung (Saigon South) are a far cry from the congested, squalid streets and housing in much of Vietnam’s largest city of about 8 million people.
Saigon South was chosen by the Communist Party government as a model for new towns across the Southeast Asian country, whose emerging market economy is growing at more than 8% a year, prime time for property developers and investors.
“The schools, the shopping, security and everything are very convenient and very different from where I grew up,” said Le Uy Linh, 32, who bought a villa in Phu My Hung three years ago.