(Binh Duong) local real estate absorbs FDI capital flow
With a lot of potentials and advantages, Binh Duong’s real estate market is receiving great attention from foreign investors.
Flourish: Located in the southern key economic zone with a well-built infrastructure system, Binh Duong has absorbed many investors in the real estate field. Upon this, many experts said that Binh Duong’s real estate market will have stronger development potentialities in the coming time.
Among foreign projects investing in the real estate field in the province, the Sora Garden project is the most noticeable with a total investment capital of US$1.2billion. The Japanese-style apartment-trade complex commenced construction from November 2012. The phase 1 of the project in Binh Duong new city has just been inaugurated. Accordingly, Sora Garden I stage covers 9,082 square meters with more than 400 apartments launched.
Realizing that Binh Duong has a great potential for the real estate market, so Japan’s Tokyu Group spent US$1.2billion on building the Tokyu Binh Duong Garden City project of more than 700 hectares. According to the latest announcement of the group, around 10,000 apartments under the project will be developed within 20-30 next year.
A part of the Sora Garden project invested by Becamex Tokyu Joint Venture Company
Another noticeable project is the IJC@VSIP commercial urban area invested by a joint venture between Becamex IDC and Singapore. The project covers 128 hectares with a total investment capital of more than VND1.02trillion. So far, it has reached perfection in terms of the infrastructure systems and absorbed great attention from clients.
Singapore’s Guoco Land has also poured approximately US$45million into Binh Duong to develop the “The Canary” project since 2006. Covering 175,000 square meters, the project comprises of 1,057 high-grade apartments with enough conveniences. This year, Guoco Land continues launching “Canary Heights” hi-grade apartments.
Making the best of opportunities: Binh Duong last year absorbed more than US$3.3billion in FDI capital. Noticeably, the real estate field herein continued being an attractive investment channel for FDI capital flow.
Lawrence Tham, CEO of Korean firm National Housing Organization said that seeing Binh Duong’s economic growth potentials, especially in the real estate field in a visit to the province eight years ago, he pursued investment funds from Singapore, Korea…to pour capital into the province. To date, Binh Duong has become one of Vietnam’s first localities selected by the company to make the investment with the First Home Premium project, including 900 apartments in Thuan An town.
After a period of rapid development in industrial and service fields, Binh Duong now has a great demand for housing among laborers. According to the latest statistics by CBRE Vietnam, Binh Duong is now home to around 2,500 experts and hundreds of thousands of laborers. The province only has a total of 146 serviced apartments, 834 hotel rooms, and 2,092 apartments for rent. All showed that Binh Duong is an attractive investment channel for FDI capital flow into real estate.
As of August 2013, there were 49 housing projects, supplying the province with 11,000 apartments and land plots. Most of them are mainly in Thu Dau Mot City and towns of Di An, Ben Cat, Tan Uyen and Thuan An. With the current situation, building hi-grade apartment buildings with convenient services in Binh Duong, especially around industrial parks is a strategic pace that foreign investors are interested in.
Source: Binh Duong newspaper
