Condominium projects bloom in Binh Duong

Due to a fast population growth rate, a large number of workers, officials working in companies, many condominium projects have been introduced to meet market demands in Binh Duong province.

The proliferation of condominium projects in Binh Duong province in recent years has met the housing demands of thousands of professional and worker. Photo: Customers learned about Hiep Thanh Condominium 3 Project  (Thu Dau Mot City) in the opening ceremony on Jun 4

"Flowers" are blooming

On May 7, VSIP-Sembcorp Gateway inaugurated model apartments (1^st stage) of The Habitat Binh Duong project at VSIP 1. The Habitat Binh Duong consists 16 floors, 267 apartments with 3-layer security system, swimming pool, gym room… The 1^st stage will be completed; apartments will be handed over to customers in Mar 2017. Mr. Nguyen Phu Thinh, General Director of VSIP JV Co. said: “After 20 years, VSIP has achieved the desired results. In 2016, VSIP has cooperated with Sembcorp and Mitsumitsi Co. to launch The Habitat project, which is the first project of VSIP in housing and real estate field”.

Earlier, in Mar 2015, another remarkable condominium project was Sora Gardens of Becamex Tokyu Company. Sora Gardens comprises 24 floors including one twin towers with 406 apartments (70 - 100m2 each and bigger Penthouses). This is one of the first projects of Tokyu Corporation (Japan) in Binh Duong province with total capital of VND1.2 billion. The apartments have a total area of 9.000m2 and were designed in Japanese style. Due to its high quality, Sora Garden has attracted a great interest from customers and signed hundreds of contract.

GoucoLand Group also launched high-class apartments of The Canary project located in VSIP I, Thuan An Town. The project has 1,057 apartments. Also, in 2014, National Housing Organization Company started to sell Binh Duong First Home Premium on Binh Duong Avenue (Thuan An Town) consisting 900 low-price apartments for low-income people.

The appearance of eHome 4 invested by Nam Long Real Estate JSC and located at Vinh Phu Ward, Thuan An Town also made a hit. eHome 4 is priced at VND13.5 million/ m2 including 1 or 2 bedrooms, which has made a slight fever to provincial real estate market in two recent years. This is considered as one real estate project having good price, reasonable liquidity, creating hundreds of opportunity for low-income people to settle down.

Meeting demands of employees

Real estate market in Binh Duong has witnessed the emergence of medium- and high-class condominium projects and many projects for low-income people. For example, social housing project of Becamex IDC has more than 5,000 apartments priced from VND100 million each for low-income people.

Since 2013, Becamex IDC social housing projects has created a huge supply source of condos to workers in the province. Becamex IDC started the 2^nd stage to finish 100,000 social housing units; this proved that condos is an attractive investment channel to project development organizations.

Biconsi has also penetrated the market segment of apartments for low-income people. On Jun 4, Biconsi officially opened block A of Hiep Thanh 3 Condominium (TDM City). This condominium has 234 apartments including 24 commercial apartments being appropriate for both living and commerce. The condominium comprises 6 apartments and gardens with 51,2m2 each. This is the third blocks in 6 apartment blocks built on 12.500m2 with 892 apartments and an average height of 10 floors.

Hiep Thanh 3 Condominium provides hundreds of low-price and useful apartment for consumers. This success has motivated Biconsi to develop Phu Hoa Condominium with 300 low-price apartments to serve consumers.

The appearance of a series of condominium projects in Binh Duong proved that investors have captured the real needs of the market. After an eventful period with land transactions, along with the high population growth rate in the province, the demands for accommodation serving foreign experts, workers are very high. With low but stable

Income, workers in provincial factories can meet credit conditions to purchase apartments and repay debts in 10 to 15 years.

Mr. Nguyen Thanh Tai, Director of Department of Construction, said during 2011-2015, the province developed more than 1.2 million m2 of condominium apartments and social housing to meet demands of about 110,000 persons. This was an achievement from long-term efforts in developing accommodation for foreign experts, workers from other localities and coming to Binh Duong for working and contributing to the socio-economic development of Binh Duong.

Reported by Khanh Vinh – Translated by Ngoc Huynh