The expansion of HCMC's metro system is gradually reshaping the property market. Metro development will not only ease pressure on the road network, but also to support changes in land use along transport corridors. However, the gap between infrastructure expectations and actual property performance remains critical when assessing the investment potential of individual projects. 

In this article, Savills looks at the development roadmap for key metro corridors, how they may affect surrounding property markets, and the factors investors should consider when assessing opportunities.  

TABLE OF CONTENT 1. Overview Of HCMC Metro Planning 2. Status And Progress Of Metro Lines 2.1. Metro Line 1: An Ha - Ben Thanh - Suoi Tien 2.2. Metro Line 2: Tham Luong - Ben Thanh - Thu Thiem 2.3. Metro Line 3: An Ha - Tao Dan 2.4. Metro Line 4: Dong Thanh - Hiep Phuoc 2.5. Metro Line 5: Da Phuoc - Long Truong 2.6. Metro Line 6: Inner Ring Corridor 2.7. Metro Line 7: Tan Kien - Vinhomes Grand Park 2.8. Metro Line 8: Da Phuoc - Binh My 2.9. Metro Line 9: Binh Trieu Station - An Ha Depot 2.10. Metro Line 10: Outer Ring Corridor 2.11. Metro Line 11: Saigon River Corridor 2.12. Ben Thanh - Can Gio Line 2.13. Thu Dau Mot - Tao Dan Line 2.14. New Binh Duong City - Suoi Tien Metro Line 2.15. Thu Thiem - Long Thanh Light Rail 3. How Metro Development Will Impact HCMC's Property Market 3.1. Property Values And Growth 3.2. Demographics And Local Demand 3.3. Land Use Changes And TOD Development 3.4. Changes To Retail And Office Markets 3.5. Renewed Interest From Developers And Investors 3.6. Liquidity Risks And The Time Lag Between Expectations And Performance 4. Investment Strategies For Property Near Metro Lines 4.1. Use Data To Manage Risk 4.2. Build A Portfolio Around Medium- And Long-Term Cash Flow 4.3. Checklist For Assessing Property Near Metro Lines 5. Savills Market Research Conclusion Frequently Asked Questions

1. Overview of HCMC Metro Planning    

HCMC is gradually reshaping its urban structure by making the metro network a key part of its public transport system. The strategy is intended not only to address road congestion, but also to support more sustainable urban development. 

Rather than continuing to expand horizontally, HCMC is moving towards a more compact model, with public transport hubs acting as focal points. The urban rail network will connect outer residential areas with commercial centres, industrial zones and major employment hubs. 

To support this vision, the post-merger HCMC metro network is planned to include 27 lines, according to information published by the Management Authority for Urban Railways of HCMC (MAUR). The network will comprise: 

• 12 lines serving the former HCMC area 
• 12 lines in the former Binh Duong area 
• 3 lines in the former Ba Ria - Vung Tau area 

Under Resolution No. 06-NQ/TU, issued by the Standing Committee of the HCMC Party Committee in early 2026, the metro network will expand in three phases: 

• 2025 to 2030: Completing 187 km of urban rail; 
• 2030 to 2035: Adding 275 km, bringing the total operational network to 462 km; 
• 2035 to 2045: Complete the remaining 239 km, bringing the metro network to 700 km under the new city's master plan.

2. Status and Progress of HCMC Metro Lines      

2.1 Metro Line 1: An Ha - Ben Thanh - Suoi Tien

• Status: The 17.1 km section from Long Binh Depot to Ben Thanh Market is operational. The next phase is being prepared for investment. 
• Route: At 40.8 km long, the proposed extension starts from An Ha in Binh Chanh and passes through Hoa Binh, Lanh Binh Thang, 3 Thang 2, Ly Thai To, Nga Sau Cong Hoa, Pham Viet Chanh, Cong Quynh and Pham Ngu Lao before connecting directly with the existing Ben Thanh Station. 
• Role: The line is an important transport corridor connecting the historic city centre with the eastern gateway. It is expected to support urban development and commercial space around Saigon Hi-Tech Park and Thu Duc City. 

2.2 Metro Line 2: Tham Luong - Ben Thanh - Thu Thiem 

• Status: The Ben Thanh to Tham Luong section is under construction, while the 2A branch from Ben Thanh to Thu Thiem has officially started construction. The extension towards the northwest is under investment preparation and is expected to start in 2027. 
• Route: The line starts in Thu Thiem and runs along Mai Chi Tho, Ben Thanh, September 23 Park, Pham Hong Thai, Cach Mang Thang Tam, Truong Chinh, Tham Luong Bridge, An Suong Bus Station and National Highway 22 before ending at Binh My Depot in Cu Chi. 
• Role: The line is intended to reduce traffic pressure in the northwest and improve connections to the northwest urban area. It will also provide supporting infrastructure for investment and development in the Thu Thiem urban area. 

2.3 Metro Line 3: An Ha - Tao Dan 

• Status: The route is being reviewed and adjusted as the project progresses through the required legal procedures. 
• Route: Planned to run from An Ha to Tao Dan Station. Under the June 2026 planning update, the 15.6 km section between Tao Dan and Hiep Binh Phuoc was separated and incorporated into the Thu Dau Mot - HCMC corridor. The former Line 3A and Line 3B branches have been removed under the revised network structure. 
• Role: The route is intended to provide a cross-city passenger corridor linking western residential areas with central HCMC. The revised network structure also creates a dedicated connection between Binh Duong and central HCMC, reducing pressure on other metro lines. 

2.4 Metro Line 4: Dong Thanh - Hiep Phuoc 

• Status: Construction is expected to start in Q1 or Q2/2027. 
• Route: The 47.3 km line runs from Dong Thanh through Ha Huy Giap, Nguyen Oanh, Nguyen Kiem, Truong Son, Nguyen Van Troi, Nhieu Loc Canal, Hai Ba Trung, Pasteur, Ben Thanh, Tran Hung Dao, Nguyen Thai Hoc and Nguyen Huu Tho, before continuing through Ba Chiem Bridge to Hiep Phuoc urban area in Nha Be. 
• Role: The line passes through several important urban areas, helping to reduce pressure on inner-city transport corridors and connect outer transport facilities with HCMC's commercial core. 

2.5 Metro Line 5: Da Phuoc - Long Truong 

• Status: Under investment preparation and included in the group of metro projects targeted for completion by 2035. 
• Route: The line is planned to connect Binh Chanh District with Thu Duc City, linking key residential, commercial and transport corridors across southern, central and eastern HCMC. A branch line is also proposed to connect with Vinhomes Grand Park and Song Tac Bus Station. 
• Role: Metro Line 5 is expected to improve connectivity between established residential areas and support interchange across the wider metro network. The route will also strengthen connections between major urban destinations, including Tan Son Nhat International Airport, while supporting redevelopment opportunities and higher-intensity land uses around future stations. 

2.6 Metro Line 6: Inner Ring Corridor 

• Status: Phase 1, connecting Tan Son Nhat Airport and Phu Huu, is expected to commence construction in Q4/2026. 
• Route: The line forms an inner ring connecting eastern, western and southern HCMC. Key sections include:  
  • Phu Huu Station to Ba Queo: Vo Chi Cong, Ring Road 2, the national railway corridor, Pham Van Dong, Hong Ha, Bach Dang and the T3 terminal interchange on Cong Hoa. 
  • Ba Queo to Phu Lam Roundabout: Au Co, Luy Ban Bich, Thoai Ngoc Hau, Hoa Binh and the Tan Hoa Canal corridor. 
  • Phu Lam Roundabout to Phu Huu: Hau Giang, Vo Van Kiet, Ta Quang Buu, National Highway 50, Nguyen Thi Thap, Tan Thuan Export Processing Zone and Dong Van Cong. 
• Role: The line is expected to strengthen connections between the airport, eastern HCMC and key urban districts, while supporting transit-oriented development (TOD) opportunities along the corridor. 

2.7 Metro Line 7: Tan Kien - Vinhomes Grand Park 

• Status: Under investment preparation and included in the group of metro projects targeted for completion by 2035. 
• Route: The line is planned to connect Tan Kien in western HCMC with Vinhomes Grand Park and Long Binh Depot in the east, passing through key urban areas including Phu My Hung, Thu Thiem, Thao Dien, Thanh Da, Truong Tho and Saigon Hi-Tech Park. 
• Role: The line is expected to strengthen connections between southern HCMC, Thu Thiem and eastern urban areas, while reducing reliance on existing east-west transport corridors. 

2.8 Metro Line 8: Da Phuoc - Binh My 

• Status: Included in HCMC's infrastructure vision for 2036-2045. 
• Route: Connecting Da Phuoc, District 8, District 10, Go Vap, District 12 and Hoc Mon before terminating at Binh My. 
• Role: The line is expected to improve connectivity between outer districts and central HCMC, while supporting residential and commercial development along the corridor, particularly in Go Vap and Hoc Mon. 

2.9 Metro Line 9: Binh Trieu Station - An Ha Depot 

• Status: Included in the planned HCMC infrastructure. 
• Route: The corridor connects Binh Trieu Station with No Trang Long, Le Van Duyet, Vo Thi Sau, Hoa Hung Station, To Hien Thanh, Phu Tho Sports Centre, Au Co, Tan Ky Tan Quy, Huong Lo 3, Vinh Loc A, Thanh Nien Canal and An Ha Depot. 
• Role: The line will connect high-density residential areas in the west with central services and improve cross-district connectivity. 

2.10 Metro Line 10: Outer Ring Corridor 

• Status: Included in the planned HCMC infrastructure. 
• Route: The 83.9 km line forms a wide loop around HCMC, connecting Thu Thiem Station, Truong Van Bang, Cat Lai, Tam Da, Long Phuoc, Saigon Hi-Tech Park, Linh Trung, National Highway 1, Binh Phuoc Intersection, An Phu Dong, Vam Thuat River, 19/5 Canal, Tham Luong Canal, Ma Lo, Tan Tao IP, Binh Tan Healthcare Complex, Ho Hoc Lam, Trinh Quang Nghi, Phong Phu, Nhon Duc, Nguyen Binh, Dao Tri and Tan Thuan before returning to Thu Thiem Station. 
• Role: The line will connect ports, industrial areas and regional transport hubs, supporting the integration of freight and supply chain infrastructure across the region. 

2.11 Metro Line 11: Saigon River Corridor 

• Status: Included in the planned HCMC infrastructure. 
• Route: The line starts from the existing Mien Tay Bus Station and passes through Ly Chieu Hoang, Vo Van Kiet, Me Linh Square, Ton Duc Thang and Ba Son before following the Saigon River towards Cu Chi. 
• Role: Combining transport and tourism functions, the corridor could support the use of waterfront areas and contribute to retail, F&B and riverside residential development. 

2.12 Ben Thanh - Can Gio Line 

• Status: Construction has commenced, with operations targeted for 2028. 
• Route: The line will connect Ben Thanh with southern HCMC, linking Rung Sac Road and the Can Gio coastal urban area. 
• Role: The project is expected to improve connectivity between central HCMC and Can Gio, supporting accessibility and the area's tourism, residential and commercial development. 

2.13 Thu Dau Mot - Tao Dan Line 

• Status: The feasibility study and legal procedures are being completed, with construction targeted by end of year. 
• Route: The line starts at C1 Station near the Hung Vuong - Pham Ngoc Thach intersection and ends at Tao Dan Station, where it connects directly with Metro Line 2. Under the revised network plan, it also incorporates the former Tao Dan to Hiep Binh Phuoc section of Line 3. 
• Role: The line will create a transport corridor connecting Binh Duong directly with central HCMC and improve regional passenger movement. 

2.14 New Binh Duong City - Suoi Tien Metro Line 

• Status: The feasibility study and legal procedures are being completed, with construction targeted for end of year. 
• Route: The line passes through seven key wards in Binh Duong Province, starting at New Binh Duong City and ending at Suoi Tien Bus Station. This provides direct connection to HCMC Metro Line 1. 
• Role: The line will provide high-capacity passenger transport between satellite urban areas, major industrial clusters in Binh Duong and HCMC's existing rail network. 

2.15 Thu Thiem - Long Thanh Light Rail 

• Status: Under pre-feasibility study. 
• Route: The proposed line would start at Thu Thiem Central Station and follow the HCMC - Long Thanh - Dau Giay Expressway corridor to Long Thanh International Airport in Dong Nai. Under the long-term plan, it is expected to connect with the wider rail network, including the extension of Metro Line 1, Metro Lines 2, 6 and 10, the Vung Tau - Ba Ria - Phu My metro line and the North-South high-speed railway. 
• Role: The project would provide a direct rail connection between Thu Thiem and Long Thanh International Airport. In addition to supporting passenger mobility and reducing pressure on the road network, it could influence land use patterns along the corridor, supporting commercial, logistics and residential development in areas with strong transport accessibility. 

3. How Metro Development Will Impact HCMC's Property Market

3.1. Property values and growth 

Metro infrastructure can support property values by improving access to employment centres, services and further districts of the city. As travel times improve, locations that were previously less accessible may become more attractive to occupiers and buyers. 

However, the relationship between metro infrastructure and property performance is not always straightforward. A World Bank study on TOD found that improved accessibility can be reflected in land values. Still, the extent of any increase varies by location and cannot be applied uniformly across an entire metro corridor. 

For example, some condominium developments in Thao Dien, which is served by the metro, currently have lower asking prices than certain projects in Rach Chiec, which does not have a direct metro connection. This demonstrates that infrastructure is only one factor influencing residential values. Location, project quality, surrounding amenities, legal status and market positioning also play an important role. 

When assessing property along a metro corridor, straight-line distance to a station should therefore not be used as the only measure of accessibility. Factors to consider include: 

• Walking time from the property to the station; 
• The quality and continuity of pavements and public realm; 
• Connections with buses and other forms of transport; 
• The number and quality of jobs within the accessible area; 
• Nearby retail, education, healthcare and other services. 

3.2. Demographics and local demand 

Contrary to expectations that transport infrastructure will significantly change the demographic profile of areas along a metro line, the expansion of the network has not yet resulted in a major shift of foreign professionals or senior employees towards new locations. 

Current residential patterns in HCMC remain relatively established: 

• The former District 2 remains a preferred location for high-income residents and foreign professionals; 
• The former District 9 continues to have a strong concentration of students and workers. 

The impact of Metro Line 1 has also been limited by its long construction period and recent commencement of operations. At the same time, limited housing supply has kept prices for new projects high, making it harder to separate the effect of metro infrastructure from wider market conditions. 

Over the longer term, expanding the urban rail network could support development outside the central area, particularly where large land reserves can support new employment, commercial and service centres. 

This could create three changes in the residential market: 

3.3. Land use changes and TOD development

One of the most significant long-term effects of metro development would be how land is used. 

Rather than developing independent functions, TOD provides: 

• Residential;
• Office; 
• Retail; 
• F&B and services; 
• Public spaces; 
• Connecting transport infrastructure. 

For the property market, this could create opportunities to redevelop underutilised land, areas requiring urban renewal and strategically located sites close to stations. 

➔ Read more: What Is TOD and Compact Urban Development? Opportunities for Property Investors in Viet Nam

3.4. Changes to retail and office markets 

Metro infrastructure can affect property types that depend on pedestrian and passenger flows, although the impact may take time to emerge. 

• Retail: Stations can become points of concentrated footfall, supporting everyday services such as convenience stores, F&B, personal services and pharmacies. 
• Office: Locations outside the central area, metro connectivity can support employee access by public transport, which may form part of occupiers' considerations when balancing rent and location. 

3.5. Renewed interest from developers and investors 

Transport infrastructure is an important factor when assessing the long-term development potential of an area. Better access to employment, services and urban centres can improve the development potential of land.

Internationally, the World Bank has identified land value capture as a mechanism used in various markets to capture part of the increase in land value generated by transport investment and use it to help fund infrastructure. These approaches often integrate property development with transport investment rather than treating the two as separate activities. 

Article 9 of Resolution 188/2025/QH15 allows HCMC to retain and reinvest 100% of certain revenues generated within TOD areas. These revenues include those associated with additional development density and increases in land value, and can be used to fund urban rail, public transport and related infrastructure. 

As a result, metro development is increasingly linked to broader planning and development objectives, influencing land use, urban growth and investment patterns along transport corridors. 

3.6. Liquidity risks and the time lag between expectations and performance 

Declining residential rental yields remain an important consideration as apartment prices continue to rise. The impact of metro development on property values often begins during the planning and construction stages, when market expectations are priced ahead of project completion. This can create a disconnect between capital values and a property's underlying income-generating capacity once the infrastructure becomes operational. 

This dynamic can increase risk for investors who assume metro infrastructure will automatically translate into price appreciation. In some cases, they may acquire assets at elevated prices while facing limited liquidity and rental returns that do not meet expectations, particularly where supporting infrastructure and surrounding development remain incomplete. 

4. Investment Strategies for Property Near Metro Lines 

4.1. Use data to manage risk 

Transport infrastructure is usually developed in stages. Between planning and actual operation, changes may occur to the timeline, scope, funding structure or connectivity plan. 

Investing based on informal information or expectations of property price growth following metro development can therefore lead to an incomplete assessment of risk. 

How to distinguish between planning, implementation and operation 

Before making an investment decision, investors should identify the projects current stage:

This information should be checked against official sources rather than relying solely on property marketing materials. 

How to assess legal status and liquidity 

Alongside infrastructure, investors should assess the transparency of the property project, including its legal status, ownership, transaction conditions and related financial obligations. 

A property located near a metro line may still carry risks if its legal status is unclear or its price does not support its income-generating potential. 

Main considerations include: 

• Legal documents and development status; 
• Purchase price compared to similar properties; 
• Actual rental and transaction demand; 
• Financing costs; 
• Potential resale options if market conditions change. 

4.2. Build a portfolio around medium- and long-term cash flow 

TOD areas often take time to develop as infrastructure, amenities and commercial activity around stations are completed. 

Investors should therefore define their intended holding period and expected income before selecting an asset. 

Set an appropriate holding period 

For a medium- to long-term investment strategy, a three- to five-year holding period can be used as one scenario for financial planning. 

This does not indicate when TOD infrastructure will be completed or when property values may respond. Outcomes will depend on infrastructure delivery, project-specific factors and prevailing market conditions. 

Investors can consider several scenarios: 

• Base case: Infrastructure and market conditions develop largely as expected. 
• Delayed scenario: Infrastructure delivery is slower than anticipated, affecting income potential. 
• Downside scenario: Rental rates, occupancy or liquidity fall below expectations. 

Considering multiple scenarios can help investors assess whether cash flow can be maintained if market conditions differ from expectations. 

Prioritise assets with income-generating potential 

Rather than relying only on future capital growth, investors can consider properties that can generate income immediately or shortly after handover. 

For rental apartments, consider: 

• Achievable rental rates based on actual transactions. 
• Occupancy and vacancy periods. 
• Management, maintenance and operating costs. 
• Rental demand from the target customer group. 
• Competition from existing supply. 

For commercial property, investors should assess footfall, tenant mix, rental rates, lease terms and the sustainability of business operations. 

High-end apartments or commercial space targeting professionals and senior employees may warrant further consideration in areas with suitable demand. However, investment performance depends on asset quality, entry price and the ability to secure actual tenants. 

4.3. Checklist for assessing property near metro lines

5. Savills Market Research    

Property investment linked to transport infrastructure requires an assessment of several factors, from planning and construction progress to purchase prices, rental demand and income-generating potential. 

For each location, investors should distinguish between benefits that already exist, expectations for the future and factors that could affect the property's performance.

Conclusion     

HCMC's expanding metro network is expected to strengthen connectivity and support development across new urban areas. While improved accessibility can create opportunities across residential, office and retail property, performance will continue to depend on factors such as location, project quality, legal status and underlying demand. 

For investors, infrastructure should be assessed alongside market fundamentals. Understanding how connectivity, project characteristics and pricing interact can support more informed investment decisions as the metro network develops. 

Frequently Asked Questions 

1. Does the HCMC metro network affect property values?  

Yes, although the impact differs between locations. Metro infrastructure improves accessibility and can support property values around well-connected stations. However, property performance is influenced by a broader set of factors, including station accessibility, surrounding infrastructure, available supply, market demand and local planning conditions.

2. How close does a property need to be to a metro station to benefit?

There is no standard distance that applies to every project. Actual accessibility is often more important than straight-line distance. 

Investors should assess walking time, pedestrian infrastructure, road crossings, public transport connections and the ease of access to the station. 

3. Should I buy an apartment as a rental investment near a metro station? 

An apartment near a metro station can potentially broaden the pool of tenants, particularly in areas with offices, universities and employment centres. 

However, investment performance depends not only on proximity to a station, but also on the purchase price, achievable rent, occupancy, operating costs and competing apartment supply. 

4. Will the metro network increase property prices in areas outside central HCMC?

Metro development can support a wider choice of residential locations when connections between outer areas and employment centres improve. 

However, the impact depends on whether each area develops sufficient residential demand, employment, services and supporting urban infrastructure. Not all properties in outer areas will benefit equally from metro expansion.

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