Together with FDI capital on sharp rise, Binh Duong province has absorbed a lot of the great real estate groups from countries in the world over the past four years. This indicates that the province’s investment climate has not become attractive to FDI businesses in industrial manufacture, but also showed many potentialities for real estate investment and development.
Growth both in quality and quantity
In 2007, SetiaBecamex, a joint venture between SP Setia Berhad, a top real estate developer in Malaysia and Vietnam’s State-owned Becamex IDC Corporation began construction of the EcoLakes My Phuoc project of 226 ha with a total investment capital of more than US$620mln. This was seen as an impressive start for FDI capital to develop real estate market in the province.
Following this project, many other real estate projects with FDI capital have continued flowing into the province, including an urban estate project “The Canary”, which is located in front of the VSIP 1. Covering 17.5ha, the urban estate includes around 1,200 apartments, a shopping mall of 82,000 sq.m, a four-star hotel, an international school… and is invested by Singapore’s Guocoland Co.Ltd. with a total investment capital of US$200mln. It is expected for completion by 2015.
Aside from investors from Malaysia, Singapore, Charm Engineering Co. of South Korea has recently worked out the Charm Plaza project in Di An district. With total construction area of 362,000 sq.m, the project is a complex with 6 blocks, including 2,700 apartments of 46sq.m or 176sq.m each, a supermarket, a plaza, an international kindergarten, a swimming pool…According to the investor, a total investment capital of the project amounts to nearly US$200mln.
Many real estate investors have also got involved in investment expansion. For example, SP Setia Berhad Corporation has continued to start construction of the EcoXuan multi-functional urban estate project of 10.8ha with a total investment capital of US$177mln in Thuan An district, which is expected to be offered on sale in Q1 2011.
Attractive climate for real estate development
According to Savills Vietnam, the leading property service provider, Binh Duong’s economy has gained quick growth with great FDI capital. This success has created a great demand in terms of construction, real estate development together other services relating to the housing field. Binh Duong has recently been focusing on infrastructure development, especially the Binh Duong new city project of 1,000 ha, the Tan Van-My Phuoc highway…
Also according to the assessment of investors, Binh Duong now has a lot of advantages for real estate development. Particularly, Binh Duong has great demand for accommodation, “clean” land, i.e the land after the site clearance and favorable location that is next to HCM city, a top economic hub of the whole country.
Thanks to the above-mentioned advantages, the implementation of the EcoLakes My Phuoc project has so far gone on smoothness, said Khoo Teck Chong, General Director of SetiaBecamex. The first phase of the project with 251 apartments will be fulfilled in December 2010, three months earlier than planned.
Whilst, Jeon Yong Ho, Director of DCT Partners Vietnam Co.Ltd., a legal entity of Charm Engineering in Vietnam said that the successful capacity when making real estate projects in Binh Duong is very great as Binh Duong has a favorable location that is next to HCM city…
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