IT MIGHT still be a work in progress, but District 7 has already been touted to be the best living area in the city, say property experts.

Its successful urbanisation is driven mainly by Phu My Hung Corporation - a joint venture between Taiwan-based CT&D and Vietnamese government agency Tan Thuan Industrial Promotion.

Also known as Saigon South, the district is a mixed residential and commercial urban development covering 3,300ha south of Ho Chi Minh City. Many mid- to high-end housing projects have sprouted in the residential township of Phu My Hung, and the area is characterised by a certain harmony with its surrounding, dominated by green trees, canals and swimming pools.

The deputy managing director of property consultancy Savills Vietnam, Mr Neil MacGregor, said demand for residential units in the area is very high.

'Their projects are achieving up to US$2,000 per sq m, and can sell out within a matter of hours,' he said. That amount is about S$3,010.

Many international schools, foreign-developed offices and apartments have developed across the district, not excluding the numerous retail and food outlets that give it a lively buzz. The location is popular with upper-income locals and the expatriate community but demand for quality homes is driven mainly by locals as foreign ownership is restricted.

Foreigners can buy only residential properties with a 50-year lease if they have a working visa.

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