The Phú Mỹ Hưng Crescent Lake renovation project officially broke ground in March 2026, with a total intervention area of around 20,000m² and an investment budget of more than USD 11 million. The project is being delivered in two parallel groups of works: upgrading technical infrastructure, including the roadway, pavements and embankment; and building a chain of artistic experience spaces along Love Road with 4 symbolic highlights. The entire construction programme runs for 13 months and is expected to be completed in April 2027.
In terms of property impact, 5 projects in the area benefit directly, divided into two clear groups: those with a direct view, namely The Regency and Triton Crown; and those benefiting through the amenity ecosystem, namely The Sculptura, The Horizon and Casa Luna. According to CBRE data, property with a river or lake view in Ho Chi Minh City is offered at 24% to 81% more than equivalent products without a view in the same area.
In addition, this project also carries long-term strategic values that investment figures cannot fully reflect, including a model of preserving the original ecology and a programme of public art that has never appeared in any other urban area in Ho Chi Minh City. Below is all the detailed information on the works, the schedule and the investment impact of this key item within the Phú Mỹ Hưng 2.0 strategy.
What is the Phú Mỹ Hưng Crescent Lake renovation project?
The Phú Mỹ Hưng Crescent Lake renovation project is the largest urban landscape upgrade in the Phú Mỹ Hưng 2.0 strategy, invested in directly by Phu My Hung Development Corporation with a budget of more than USD 11 million across an area of around 20,000m² in The Crescent area.
To understand the background to the project’s creation more clearly, it is worth looking back at the overall strategy that Phú Mỹ Hưng is implementing. After more than 30 years of development from a wild marshland in southern Saigon into Vietnam’s leading model urban area, Phú Mỹ Hưng has entered phase 2.0 with a clear direction: rather than continuing to expand its land bank, it is focusing on comprehensively upgrading quality of life for its existing population of more than 100,000 residents to international standards.
The project’s core objective is to transform Crescent Lake from a familiar landscaped landmark into a cultural and entertainment destination for Ho Chi Minh City as a whole. Phú Mỹ Hưng has clearly identified its direction of serving residents’ growing demand for cultural and artistic enjoyment, particularly given that 95% of residents in the Crescent Lake area are foreign nationals with very high living standards and expectations for public space.
In particular, the Crescent Lake renovation project builds directly on the success of the Canal Area, the predecessor project completed in early 2024 at a cost of more than USD 2 million. This progression reflects Phú Mỹ Hưng’s systematic investment thinking: regenerating the entire landmark axis of the Canal, Starlight Bridge and Crescent Lake in a sequential roadmap with progressively increasing budgets. At 5.5 times the investment of the Canal, the Crescent Lake project shows that this is the item PMH has identified as its foremost strategic priority within the entire current urban upgrade programme.
What works does the Crescent Lake renovation project include?
The Crescent Lake renovation project includes 2 main groups of works by function: the technical infrastructure group and the themed experience space group along the Love Road chain, of which the experience space group is the element that creates outstanding value compared with any ordinary urban renovation project.
Specifically, the technical infrastructure group includes the coordinated renovation and refurbishment of existing structures within the 20,000m² area. The entire roadway, pavements and lakeside embankment are upgraded to the new standard, creating visual continuity and coherence across the whole area. A completely new smart lighting system is installed, designed specifically for different lighting effects by day and by night in order to optimise the landscape experience at each time of day. In addition, the lake’s water treatment and environmental systems are also invested in as a whole to ensure that surface water and surrounding air quality are maintained at the highest level.
More importantly, the themed experience space group creates value that the infrastructure group cannot: it turns public space into a destination with reasons to return again and again. The chain of highlights is connected by Love Road, running continuously from the Tôn Dật Tiên and Hoàng Văn Thái junction to the foot of Starlight Bridge, integrating artistic sculpture, performance space and ecological observation points into one coherent, guided journey.
Which highlights does Love Road along Crescent Lake connect?
Love Road connects 4 artistic highlights in journey order: Love Ring at the Tôn Dật Tiên junction, Sunset Theater, Bird Watching and Jazz Corner at the foot of Starlight Bridge.
The journey along Love Road runs from west to east of the Crescent Lake area, with each stop carrying a completely different artistic theme and experience:
Stop 1: Love Ring
Love Ring is the starting point of the entire journey, located at the Tôn Dật Tiên and Hoàng Văn Thái junction. The design is inspired by the image of a ring as a symbol of beginnings and lasting connection. This is not simply an outdoor sculpture but also a spatial orientation point, where residents and visitors begin their journey of discovering the whole lakeside area in a guided and meaningful sequence.
Stop 2: Sunset Theater
Sunset Theater is designed as an open-air theatre model, where the waters of Crescent Lake, the South Saigon sunset, sculptural artworks and community activities blend within a single experiential space. Unlike conventional parks that only provide seating and resting areas, Sunset Theater is specifically planned to host cultural performances, art exhibitions and outdoor community events on a regular, organised basis.
Point 3: Bird Watching Observatory (Bird Watching)
Bird Watching is the most distinctive ecological stop along the Love Road series, combining an artistic shelter with an information system about the natural bird species on the ecological island in the middle of the lake. This highlight directly draws on the value of the existing 4,500m² conservation island, where precious bird species such as the Oriental darter have naturally chosen to live for many years. Through Bird Watching, Phu My Hung Development Corporation is transforming an existing ecological asset into an educational and recreational experience of lasting value for residents and visitors.
Point 4: Music Performance Corner (Jazz Corner)
Jazz Corner is the final stop before the journey ends at Starlight Bridge, located right at the foot of the bridge and designed for music activities and community interaction in a characteristic lakeside setting. This space is specifically planned for live music performances ranging from jazz to contemporary genres, particularly in the evening when the lakeside lighting landscape achieves its most beautiful effect. Jazz Corner aims to build a regular outdoor music culture, similar to the model of cultural walking streets in many major Asian cities.
How will Starlight Bridge be redesigned under the renovation project?
Starlight Bridge is the landscape highlight concluding the entire Love Road series, with a completely new appearance based on a decorative structural system evoking drifting clouds by day and a sparkling starry sky over a waterfall by night.
More specifically, the existing Starlight Bridge is a pedestrian bridge over 1.5 km long, which has been part of the memories of many generations of residents and Saigon visitors since its inauguration. In this renovation project, Phu My Hung Development Corporation is not replacing the original structure but adding an entirely new external decorative structural system, creating a new aesthetic layer with visual effects that change with the time of day. By day, the decorative structure evokes floating clouds drifting across the lake, creating the light, romantic feeling characteristic of a waterside space. By night, the lighting system combined with the waterfall creates an effect reflecting a starry sky onto the lake surface, turning the bridge into a vivid, visually rich work of light art. Phu My Hung Development Corporation expects the renovated Starlight Bridge to become a new iconic check-in landmark of Ho Chi Minh City, generating additional tourism value that attracts people from across the city to visit and experience it.
What is the construction progress of the Crescent Lake renovation project?
The Crescent Lake renovation project broke ground in 03/2026, with a total construction period of 13 months across an area of around 20,000m² and expected completion in 04/2027.
To better understand the strategic significance of this timeline, the milestones should be placed in their specific context. 03/2026 is the groundbreaking date, coming immediately after Phu My Hung Development Corporation completed the preparation and master design stage for the entire Love Road series. The decision to break ground was made in the context of the predecessor project, the Canal District, having operated stably for over 2 years and shown a positive response from both residents and visitors. This continuity reflects Phu My Hung Development Corporation’s sequential and measured approach: delivering each component, evaluating actual results, then deploying the next component on a larger scale.
The total 13-month construction period is significantly longer than for the Canal District. This difference is entirely consistent with the complexity of the new components, particularly the design and installation of the artistic decorative structure for Starlight Bridge, the construction of 4 themed highlights within the Love Road series and the integration of a smart lighting system across the area, all carried out while maintaining the normal operation of the commercial area and lakeside circulation.
The 04/2027 completion milestone carries important strategic significance when set alongside the handover schedule of property projects in the area. The Regency is scheduled for handover in 12/2027 and Triton Crown is scheduled for handover in Q4/2028, meaning the Crescent Lake landscape will be complete before residents of PMH’s most prestigious projects officially move in. This calculated sequencing ensures that when the first residents of The Regency receive handover, the public space on their doorstep will already meet the international standard committed by Phu My Hung Development Corporation.
During the construction phase from 03/2026 to 04/2027, commercial activities at Crescent Mall and the lakeside amenities will be maintained. However, some lakeside walkways and areas around the foot of Starlight Bridge may be subject to temporary circulation adjustments during specialist construction stages requiring localised closures.
Which property projects benefit directly from the Crescent Lake renovation?
There are 5 property projects benefiting directly from the Crescent Lake renovation, divided into 2 groups by level of impact: the direct-view group comprising The Regency and Triton Crown; and the group benefiting through the amenity ecosystem comprising The Sculptura, The Horizon and Casa Luna.
Below is a comparative summary table of the projects benefiting from the Crescent Lake renovation, classified by level of impact and locational characteristics:
| Beneficiary group | Project | Position | Level of impact |
| Direct view | The Regency (CR8-3) | Adjacent to Crescent Lake and Starlight Bridge | Highest |
| Direct view | Triton Crown (CR9) | Tran Van Tra Street, Crescent Lake area | Cao |
| Indirect benefit | The Sculptura (H14-3) | Canh Doi area, adjoining the ecosystem | Above average |
| Indirect benefit | The Horizon | Right in the Crescent Lake area, overlooking the conservation island | Above average |
| Indirect benefit | Casa Luna | Within the Phu My Hung ecosystem | Average |
The table above classifies the level of benefit for each project against two criteria: distance to the lakefront and the likelihood of a direct view once the renovation is completed in April 2027.
The Regency is the most clearly and directly benefiting project. With only 114 apartments of 100m² and above, all with direct views over Crescent Lake and Starlight Bridge, this property sold out completely upon its launch in November 2025, reflecting very high market expectations for the impact of the renovation project. Triton Crown on lot CR9, Tran Van Tra Street, is positioned by Phu My Hung directly as a project “right in the centre of the Crescent Lake area”, with a groundbreaking ceremony on 20/5/2026 and an official launch planned for November 2026.
The indirect beneficiary group, comprising The Sculptura, The Horizon and Casa Luna, all enjoy a spillover effect through a clear mechanism: when Crescent Lake becomes a city-level cultural destination, the entire surrounding catchment increases in value, not just apartments with a direct view. Moreover, an improvement in the quality of external amenities is always reflected in rental prices in the medium term and in selling prices in the long term for all properties within the same urban ecosystem.
How does the Crescent Lake renovation affect the value of lakeside property?
The Regency leads on a direct lake-view premium, Triton Crown benefits from a central lakeside location and access to Love Road, and The Sculptura is optimal in terms of value relative to investment; all three projects benefit from the same mechanism: a landscape upgrade drives higher footfall, which in turn pushes up rents and lifts asset values over the cycle.
Specifically, the impact mechanism follows a clear chain of cause and effect. When Crescent Lake is comprehensively upgraded, the area becomes more attractive to residents across the city, and visitor numbers increase significantly. Higher footfall creates stronger demand to rent commercial space and apartments. Stronger rental demand pushes up rents, which in turn has a direct impact on the asset value of both beneficiary groups.
According to CBRE figures, properties with a river or lake view in HCMC are offered at 24% to 81% higher than comparable properties without such a view in the same area. This differential does not yet factor in a landscape that is being proactively and methodically upgraded, as in the case of Crescent Lake, which will create an additional premium once the project is completed in April 2027.
The Canal District is the most recent practical precedent. Following completion of its upgrade in early 2024, properties within the immediate vicinity recorded a significant price increase, particularly shophouses and apartments with a direct canal view. With a budget 5.5 times larger and a far greater scale of intervention, Crescent Lake is forecast to generate a stronger and longer-lasting uplift than the Canal District precedent has demonstrated.
Is this the right time to invest in property around Crescent Lake?
Yes, this is a suitable time to consider investing in property around Crescent Lake for 3 main reasons: the renovation project is under construction, allowing buyers to buy in ahead of the post-completion price cycle; the PMH 2.0 strategy is triggering multiple concurrent upgrade waves, creating a combined effect; and remaining supply in this area is at the lowest level in Phu My Hung’s history.
The first reason: buying during the construction phase means buying before the full landscape value is reflected in selling prices. When the project is completed in April 2027 and media coverage spreads, prices will adjust sharply in a market reflex. The second reason: the PMH 2.0 strategy includes not only the Crescent Lake project but also the simultaneous activation of the USD 30 million Art Center, Tam Anh Hospital, Wellspring Saigon South School and many other amenity items, creating a dual effect on values across the area. The third reason: Phu My Hung’s residential land fund now stands at below 15%, meaning new supply is increasingly limited while long-term demand is undiminished.
However, investors need to weigh a number of accompanying risk factors. Prices at many projects such as The Regency have risen sharply at the pre-sale stage to levels of VND 200 million/m² or more, requiring substantial capital and the capacity to withstand the market over the long term. The legal standing of each project should be checked independently, particularly progress on title issuance and the payment policy before making any financial commitment.
What sets the Crescent Lake renovation apart from the earlier Canal District upgrade?
Crescent Lake surpasses the Canal District in investment budget (USD 11 million versus USD 2 million), depth of public art integration and scope of ecological conservation; while the Canal District focused mainly on upgrading technical infrastructure and purely landscape works.
A detailed comparison between the two projects reveals three core differences. In financial terms, Crescent Lake has received a budget 5.5 times that of the Canal District, reflecting a fundamental difference in ambition and expected impact. In design philosophy, the Canal District took a practical amenity-upgrade approach, whereas Crescent Lake integrates regular public art through the Love Road series, turning public space into a venue for recurring cultural activities. In strategic positioning, the Canal District primarily serves residents within PMH, while Crescent Lake aims to become a Ho Chi Minh City-level destination, attracting both visitors and residents from other districts.
Will the 4,500m² Conservation Island in the middle of Crescent Lake be affected during the renovation?
No, the 4,500m² Conservation Island will not be affected during the Crescent Lake renovation. Phu My Hung is preserving the entire island and integrating it into the Bird Watching experience series as an existing ecological asset of lasting value.
The conservation island dates back to the initial planning stage carried out by Owings and Merrill (USA), when a branch of Rach Thay Tieu was retained and 10 ha of water surface formed Crescent Lake. Phu My Hung has deliberately preserved the full original habitat character of the former South Saigon land, including duoc and ban trees and its rare natural bird ecosystem. In the 2026 renovation project, the island is connected to the onshore Bird Watching observatory, transforming an existing ecological asset into a sustainable educational and recreational experience for the community.
What makes the public art model at Crescent Lake different from other urban areas in Ho Chi Minh City?
Crescent Lake stands out from other urban areas in Ho Chi Minh City by simultaneously integrating three elements never before seen together in one area: permanent outdoor sculpture (Sunset Theater), regular live art performances (Jazz Corner) and interactive architectural landscape (the Love Ring and the new Starlight Bridge).
Major urban areas such as Vinhomes Grand Park and Masteri Thao Dien all have parks and external amenities built to standard, but they remain at the level of conventional park amenities and have yet to develop a public art ecosystem with regular, ongoing programming. After renovation, Crescent Lake aims for a model similar to successful public art spaces in Singapore (Gardens by the Bay) and Seoul (Cheonggyecheon Stream), where landscape and art become the reason residents return time and again rather than visiting just once.
