A three-bedroom apartment of more than 140 square metres at The Vista An Phu has remained unsold since mid-September despite a VND 800 million price cut to VND 12.8 billion.
The owner is also willing to cut another VND 120 million for a direct sale without a broker, bringing the total reduction to VND 920 million.
Data from Batdongsan.com.vn showed apartment prices at the project had risen more than 37 per cent from August 2024 before falling more than four per cent from June.
Price reductions have also been recorded at other high-end projects, particularly in the secondary market.
A 75-square-metre, two-bedroom apartment at The Sun Avenue is being offered at VND 7.2 billion, down from VND 7.4 billion, with further negotiation possible.
At Eco Green Saigon in Tan Thuan Ward, an 87-square-metre, three-bedroom apartment is listed at VND 7.2 billion, more than VND 500 million below its initial asking price.
A Dantri survey found asking prices at Gateway Thao Dien had fallen 9.5 per cent from January, while Estella Heights was down one per cent from May and Diamond Island more than three per cent from May.
The Nassim Thao Dien has fallen 17 per cent from December 2025, while Imperia An Phu is down more than 18 per cent from April and Cantavil An Phu 18 per cent from February, according to Batdongsan.com.vn.
Price movements vary depending on apartment size, floor, view and furnishings, while actual transaction prices may be lower than asking prices.
The decline comes amid weaker demand. According to DKRA Consulting, the absorption rate for new apartment supply in HCM City and surrounding areas stood at about 11 per cent in August, down five percentage points from the previous month.
The firm said high lending rates were weighing on purchasing power, with buyers becoming more cautious as apartment prices remained elevated.
Nguyen Anh Que, chairman of G6 Investment and Development Group, said liquidity in the high-end apartment segment had weakened after prices rose sharply.
He said owners who had financed 60-70 per cent of their purchases through bank loans were facing growing pressure as lending rates of 13-14 per cent a year prompted some to cut prices significantly to sell their properties.
A recent property sector report by MB Securities (MBS) also said the market had entered an adjustment phase this year after strong growth in 2024-25 amid higher interest rates.
Housing transactions fell 18 per cent year on year to 239,860, according to Ministry of Construction figures cited in the report.
Developers have responded to weaker demand with incentives including interest-rate support, principal repayment grace periods, lower initial payments, extended payment schedules, discounts and furniture packages.