Along with acceleration of many FDI projects in industrial manufacture, province-based FDI projects on real estate have recently hastened their progress of construction to meet market demands.

After more than two years of construction, Setia Lai Thieu One-Member Co.Ltd. under Malaysia’s SP Setia Berhad has begun handing terraced houses in the phase 1 of EcoXuan new urban project in Thuan An town over clients. According to Setia Lai Thieu One-Member Co.Ltd., the phases 2 and 3 of the projects with terraced houses and detached villas is expected for completion in the middle of 2014. Many other products of EcoXuan new urban project will be implemented in the coming time.

The project is designed perfectly on an area of 10.8ha with the total investment capital of US$177mil. EcoXuan is away 16km from HCMC. The large-scale project has been implemented very quickly, showing the ability of the investor and the great demand for real estate in Binh Duong. Leong Swee Chow, CEO of Setia Lai Thieu One-Member Co.Ltd. said his company handed houses of the project over clients one month earlier than planned.  

Terraced houses under the phase 1 of EcoXuan project were handed over to clients

Binh Duong has also lured many other FDI real estate projects with great investment capital. For example, the US$200mln Canary urban complex invested by Guocoland Real Estate Co.Ltd. of Singapore in Thuan An town with total area of 17.5 hectares has been basically fulfilled. Or, Korea South Korea's Charm Engineering Group has spent US$200mln on building the Charm Plaza property project. After completion, Charm Plaza will include 2,700 apartments, commercial center and other facilities. So far, the phase 1 of the project has been put into operation.

In Q1 2013, provincial People’s Committee also granted an investment license to the Binh Hoa-Binh Duong VSIP complex project. The US$199.6 million project is built on an area of 6.8 hectares in VSIP I by VSIP Joint Venture Company. Construction of the project, consisting of a residential area with offices for rent, apartments and accommodations for specialists, is also being hastened.

The US$1.2 billion Tokyu Binh Duong Garden City project is seen as a top real estate project in Binh Duong. The real estate project is developed by a joint venture between Vietnam’s Becamex IDC and Japan’s Tokyu Corporation. Once completion, it will provide 7,500 apartments and houses, plus recreational and service facilities, and offices for lease, contributing to the sustainable development of Binh Duong New City.

Construction of the “Sora Gardens 1” segment valued at more than VND400mln under the Tokyu Binh Duong Garden City project was also commenced. This is the first project of the Tokyu Binh Duong Garden City. After completion, Sora Garden 1 will be one of the province’s top apartment buildings in accordance with Japanese standards. It is expected for completion in October 2014.

Province-based FDI projects in real estate have actually made a strong change for the local real estate market. With advantages in terms of urban development and financial ability, province-based FDI projects have reached a quick capital disbursement, creating many projects for clients. Also thanks to having many useful recreational and service facilities, they are always attractive to clients, especially domestic and foreign experts working in Binh Duong.

Reported by V.Giang-Translated by K.T