Local real estate market strongly attracts foreign investors

Update: 20-04-2024 | 09:06:50

Not only attracting FDI enterprises in the industrial sector, the province is also strongly luring the world’s prestigious FDI enterprises in the real estate field.

Japanese investors’ choice

Owning a vital traffic system and being located between 3 cities, including Ho Chi Minh city, Di An and Thu Dau Mot cities, Thuan An city is currently emerging as a bright spot in the real estate market of Binh Duong province.

Sora Gardens apartment building is invested and built by Becamex Tokyu in Binh Duong New City

Recently, the “The One World” urban area project with a scale of nearly 50 hectares, has been signed for investment by four leading businesses from Japan, namely Sumitomo Forestry, Kumagai Gumi, NTT, AEON in collaboration with Kim Oanh Group with total capital of more than US$ 1 billion. The project is located between arterial roads, comprising of National Highway 13, Nguyen Thi Minh Khai, belt road 3 of Ho Chi Minh city in Thuan An city’s Thuan Giao ward. The project and its investors have been approved by provincial People's Committee. It includes shop houses, townhouses, villas and apartments... along with a series of high-class amenities.

Speaking at the ceremony to hand over the decision to approve the investment policy of the project, Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee assessed that The One World project has a large scale in terms of area and investment capital, an important position in Thuan An city, with the goal of becoming an urban highlight, a model residential area where people can easily access a full range of high-quality amenities and services.

Mr. Minh expressed his belief that with the experience and potential of Kim Oanh Group and reputable investors from Japan, the project will ensure progress and quality, contributing to changing the image of Thuan An city in particular and the southern urban area of the province in general. The province’s government has committed to creating the most favorable conditions within the legal framework throughout the development, construction and operation process of the project.

Ono Masuo, Consul General of Japan in Ho Chi Minh city emphasized that the project with the combination of 4 corporations with strengths in construction, technology and retail market will develop a large-scale urban area, contributing to promoting the city's sustainable development, further improving people's quality of life through providing safe and quality accommodations. The project will also contribute to helping Binh Duong achieve its goal of building up a smart, environmentally friendly city.

According to Dang Thi Kim Oanh, CEO of Kim Oanh Group, the project is divided into 6 component projects, expected to be built important amenities in advance, including convention - exhibition center, AEON trade center, 5-star hotel, international multi-level school. It officially introduces its products to the market in 2025. According to the signed agreement, Kim Oanh Group holds 51% of the shares while 3 Japanese partners, namely Sumitomo Forestry, Kumagai Gumi and NTT, account for 49% of the shares. Particularly, AEON Vietnam will develop and operate a large-scale high-class shopping center in The One World urban area.

Binh Duong New City has also welcomed large real estate investors. Noticeably, Tokyu Group has been present in Binh Duong since 2012 with total investment of US$ 1.2 billion. Over the past 10 years, Becamex Tokyu has invested in building up typical projects such as "Sora Gardens SC" commercial center with an area of 5,000m2, Sora Gardens I&II apartment building, Midori Park, The View, public bus system, Hikari food court... in Binh Duong New City.

Attraction of new city

Along with attracting large corporations from Japan, Binh Duong province’s real estate market has been strongly invested by reputable investors around the world. Capitaland Development Group (Vietnam) has just started construction on the Syca more project in Binh Duong New City. Sycamore is Capitaland's first large-scale housing project of 18.9 hectares in Vietnam, with nearly 3,500 apartments, meeting the needs of about 13,000 residents. The project’s total development value is about VND 18 trillion.

Provincial leaders witness the signing ceremony of investment cooperation for The One World project between Kim Oanh Group and 3 Japanese partners

Ronald Tay, General Director of CapitaLand Development (Vietnam) said: “The Sycamore project is a testament to our belief in the real estate market of Binh Duong, with a strategic location, a favorable business environment plus a high-quality infrastructure system. Binh Duong is one of the dynamically developing localities, strongly attracting FDI capital. The project is deployed in a strategic location of Binh Duong New City, the central area of a modern and smart city".

Mai Hung Dung, Member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee said that the large-scale Sycamore project has a very important position in Binh Duong New City. Singapore’s Capitaland Group has extensive experience in developing the housing sector. The investment and formation of this project will contribute to the development of the new city, further tightening the investment cooperation relationship between Binh Duong and Singaporean partners.

In August 2023, Malaysia’s Gamuda Land Group held a groundbreaking ceremony for the Artisan Park project with total investment of US$ 117 million. The project has a total area of 5.6 hectares with about 350 townhouses and shop houses, with a structure of 3 to 4 floors. The project aims at creating a modern, comfortable urban area with great development potential in the future. It is believed that many FDI projects in real estate will promote the sustainable development of the local real estate market, contributing to the local economic development.

With a scale accounting for 1/4 of the area of Binh Duong Industrial - Urban - Service Complex with 4,200 hectares, Binh Duong New City serves the residential needs of nearly one million residents with many housing types belonging to different segments as well as many types of services, utilities and infrastructure facilities with high standards. Binh Duong New City is selected as the core area of Binh Duong Smart City and Binh Duong Innovation Region.

Reported by Phuong Le-Translated by Kim Tin

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Local real estate market strongly attracts foreign investors

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