Sky Garden 1, 2, 3 in 2026: Opportunity to Bottom-Fish and Renovate Aging Units or Capital Entrapment Risk Due to Deterioration?

(VHouse Vietnam) – Entering February 2026, the District 7 real estate market witnesses an interesting paradox: While newly launched riverside luxury projects command prices over 100 million VND/m², at the “Korean capital” Sky Garden, transactions are bustling in a segment priced at just one-third of that figure. With nearly two decades of existence, is Sky Garden a “gold mine” for investors specializing in purchasing old units for renovation (house flipping), or is it a cheap “trap” concealing irreversible infrastructure deterioration risks?

1. Sky Garden’s 2026 Appearance: What Marks Has Time Left?

Mention Sky Garden, and one immediately recalls the first symbol of civilized condominium living in Phu My Hung. However, by 2026, the buildings here (especially Sky Garden 1 and 2) have reached 18-20 years of age.

VHouse Vietnam’s post-Tet field survey reveals two contrasting aspects of this project:

Physical Depreciation
Undeniably, this “veteran” has aged.

• Parking Basements: During peak hours, Sky Garden 1 and 2’s parking basements are frequently overloaded. The ventilation systems are outdated, creating stuffy sensations.

• Elevators: Despite maintenance, elevator speeds in some blocks cannot compare with newer projects like The Horizon or Sunrise Riverside.

• Technical Systems: Water pipes and waterproofing are the most headache-inducing issues. Many owners must spend money treating leaks from upstairs toilets or seepage through external walls.

Irreplaceable “Heritage” Value
However, Sky Garden possesses what 2026’s new projects cannot buy with money:

• Elevated Sky Walk (2nd Floor): This remains a unique “specialty”—a nearly 1km community connection space, absolutely safe for children and elderly, free from vehicle smoke and dust.

• Service Ecosystem: Everything is steps away: K-Markets, BBQ restaurants, kindergartens, laundromats. All have operated smoothly for 20 years.

2. 2026 Price Analysis: The Final Lowland in Phu My Hung

While District 7 real estate has established average price benchmarks of 60-80 million/m², Sky Garden transacts at extremely attractive levels.

• Sky Garden 1: Approximately 30 – 35 million/m². (71m² units around 2.3 – 2.5 billion VND)

• Sky Garden 2: Approximately 35 – 38 million/m².

• Sky Garden 3: Newest and highest quality, ranging from 40 – 45 million/m².

Assessment: With under 3 billion VND capital, finding a 2-bedroom apartment offering international-standard living environment, 24/7 security, and complete amenities like Sky Garden is extremely difficult in HCMC 2026. This factor sustains the project’s liquidity.

3. 2026 Investment Strategy: “New Wine in Old Bottles” (Renovation Strategy)

In 2026, the “Buy Old – Renovate – Lease/Resell” investment trend is gaining prominence. Sky Garden is the prime candidate for this strategy.

Renovation Cost Analysis (Real Case Study)

Mr. Nguyen Van B., a professional investor in District 7, just closed on a Sky Garden 2 corner unit (81m²) in January 2026 for 3.1 billion VND (original condition, dilapidated furniture).

Mr. B.’s financial plan:

• Purchase cost: 3.1 billion VND

• Renovation cost: 400 million VND (Complete redo of wooden floors, toilets, kitchen, wall painting, electrical/plumbing system)

• Total investment capital: 3.5 billion VND

Cash Flow Exploitation Scenario
Post-renovation, Mr. B.’s apartment transformed completely, featuring modern Minimalist style.

• Rental price: Achieved 18 million VND/month (significantly higher than the old-unit market rate of 14 million/month). Tenant: A newly arrived Korean expert.

• Rental yield: (18 mil x 12 months) / 3.5 billion = ~6.1% per annum

Conclusion: A 6.1% yield is a dream figure given 2026 savings interest rates around only 5-6%. Additionally, the beautifully renovated apartment’s value increased; if resold, it could achieve 3.8 – 4 billion VND.

4. Risks to Anticipate Before Committing Capital

However, VHouse Vietnam warns investors not to “close their eyes and plunge.” Purchasing aging units like Sky Garden in 2026 harbors the following risks:

1. Legal Risk – Ownership Duration:
Carefully verify the Pink Book. Most Sky Garden units have long-term ownership, but some shop or penthouse units may have different legal status. Additionally, the building has exceeded 20 years, meaning remaining useful life before comprehensive renovation (under the new Housing Law) is shorter than newer projects.

2. Hidden Maintenance Costs:
During renovation, issues may arise such as building water pipes too old for connection, or strict Management Board construction regulations (drilling only during office hours, large deposits).

3. Competition from New Projects:
Young tenants (Gen Z) typically prefer infinity pools and full-glass gym projects like Sunrise Riverside or The Ascentia. Sky Garden primarily attracts families or older Koreans. Decorating units too youthfully (Neon, Gaming) may misalign with potential tenant profiles.

5. Comparison: Which Sky Garden to Buy—1, 2, or 3?

• Sky Garden 1 (No pool): Cheapest. Suitable for tight budgets (<2.5 billion) for personal residence or low-end rental. Drawbacks: outdated design, dark hallways.

• Sky Garden 2 (Has pool): Balance between price and amenities. Most bustling area with numerous shops. Suitable for short-term rental (Airbnb) investment as tourists appreciate convenience.

• Sky Garden 3 (Most upscale): More modern design, nicer lobby. Highest price. Suitable for long-term residence or high-end expatriate rental.

6. “Hard-Won” Advice from VHouse Vietnam

If you decide to choose Sky Garden as your 2026 investment harbor, remember three principles:

“Location, Location, Location”: Choose units with internal views (pool, tennis court) or facing District 1. Avoid low-floor units directly facing Nguyen Van Linh Boulevard, as 2026 container traffic remains heavy, causing noise and dust.

Thoroughly Check Waterproofing: When viewing units, inspect toilet ceilings and external wall corners. If yellowing stains are visible, negotiate aggressively or walk away.

Don’t Skimp on Renovation: Don’t just paint superficially. 2026 tenants are sophisticated. Invest heavily in Kitchen and Toilets—these two elements determine rental value.

Summary

In 2026, Sky Garden District 7 is not an investment channel for expecting land prices to double. It is an “Effort-for-Profit” investment channel.

If you diligently hunt for well-priced old units, invest effort and aesthetic sense in renovation, Sky Garden will deliver stable passive cash flow exceeding bank interest rates. This is a playground for battle-tested, diligent investors who understand foreign tenant needs.