IKI Village: What Foreign Buyers Should Check Before Investing in Long Phuoc Thu Duc City

Yes, foreigners can legally purchase apartments at the IKI Village project in Long Phuoc, Thu Duc City, provided the purchase falls within the developer's 30% foreign ownership quota for apartment buildings as stipulated by Article 171 of the Housing Law 2023. Updated: November 2024.

How does the foreign ownership pathway function?

Foreign investors acquire property in Vietnam under the legal framework established by the Housing Law 2023 and Decree 95/2024/ND-CP. You will be issued a Certificate of Land Use Rights and Ownership (Pink Book) for a 50-year leasehold term, which is renewable upon application if the term expires. Notably, under Article 176 of the Housing Law 2023, if you resell your unit to a Vietnamese national or a foreign entity eligible for long-term ownership, the tenure converts to permanent freehold status. This transition significantly increases your liquidity by opening the secondary market to domestic buyers.

Is the IKI Village project suitable for your investment goals?

IKI Village is a 5.1-hectare development in Thu Duc City consisting of two residential towers, Harmonie and Vitalis, housing a total of 424 units. The project is scheduled for a market launch in Q3 2026, with an expected construction handover in Q1 2028. Because the site is located in the emerging Long Phuoc growth corridor rather than the central business district, your investment strategy should prioritize long-term capital appreciation tied to the expansion of infrastructure in Thu Duc.

Key technical aspects to verify include:

• Foreign Quota Allocation: Per the Law on Housing, foreign ownership in an apartment building is capped at 30% of total units. You must verify with the developer, An Khai Hung Investment JSC, that your specific unit is eligible for foreign quota allocation before payment.
• Unit Features: The development differentiates itself by including 25–40 m² private gardens for every unit and river views for over 90% of the inventory. Ensure that the total square footage—including these private garden areas—is clearly delineated in the Sale & Purchase Agreement (SPA).
• Construction Risks: With a handover timeline set for Q1 2028, your due diligence must include a review of the project's construction progress and the developer's financial capacity to mitigate the risk of delivery delays.

What are the financial requirements for overseas buyers?

Repatriation of capital and profits requires strict adherence to State Bank of Vietnam regulations. You must document all inward remittances through official commercial banking channels using a dedicated foreign investment account.

• Currency Exposure: Factor in historical volatility between your home currency (e.g., USD, HKD, KRW) and the Vietnamese Dong (VND).
• Tax Compliance: Retain comprehensive documentation of all transaction receipts and proof of tax payments. These records are mandatory to establish your cost basis when remitting rental income or repatriating capital gains after a sale.

What should you check before signing the SPA?

Before transferring funds, conduct a formal review of the following:

1. Contractual Status: Ensure the transaction is governed by a legally binding SPA, not a preliminary deposit or contribution agreement.
2. Assignment Rights: Confirm your ability to assign or sell the SPA to another investor prior to the issuance of the Pink Book.
3. Rental Yield Projections: Model your returns using conservative vacancy rates for the Long Phuoc area and account for local property management fees, which typically range from 1–3% of the monthly rental income.

Frequently Asked Questions for Foreign Buyers

Can I buy at IKI Village as a foreigner? Yes, you may purchase via a legal SPA within the developer's assigned foreign ownership quota.

What is the ownership duration for a foreigner? You hold a 50-year leasehold, which is renewable under the terms of the Housing Law 2023.

Can I sell my unit to a local citizen? Yes. Upon resale to a Vietnamese national, the ownership status for that unit converts to permanent, indefinite freehold.

What is the status of the IKI Village timeline? The project is scheduled for a market launch in Q3 2026, with developer-planned handover in Q1 2028.

Sources

• Law on Housing (Law No. 27/2023/QH15): [https://vbpl.vn](https://vbpl.vn)
• Decree 95/2024/ND-CP detailing the implementation of the Law on Housing: [https://chinhphu.vn](https://chinhphu.vn)
• Official project disclosure documentation from An Khai Hung Investment JSC

Expert Reviewer: Vietnam Real Estate Legal Consultant (Legal Advisory Division)