Malaysia’s Gamuda Land Group has broken ground on a residential housing project in Vietnam’s southern economic hub Ho Chi Minh City to provide about 2,000 high-end apartments for the market next year, amid the decline in local accommodation supply.
Gamuda Land and its main contractor, Hanoi-based Foundtech., JSC, conducted the ground-breaking ceremony for the project named Eton Park in the metropolis’ Thu Duc City on Friday.
Located in an area of 3.77 hectares on Mai Chi Tho Street in Thu Duc’s An Phu Ward, the project will cover six towers of 37-39 storeys each, providing 1,968 high-class apartments, 12 penthouses, 51 shops at the ground and first floors and 21 shophouses.
The project owns a series of resort amenities such as infinity pool, jacuzzi, international standard fitness center, modern golf room, family-friendly facilities, and lush green campus.
The Malaysian real estate developer bought the land for this project for over US$315 million in July this year, in its third consecutive successful million-dollar deal in Vietnam.
The project is estimated to cost $1.1 billion and its products will be offered for sale at a price from $7,000 per square meter.
Teoh Chin Siang, the project manager, said that Eaton Park is Gamuda Land's first high-end project in the eastern area of Ho Chi Minh City, and its fifth project in Vietnam.
The project is part of Gamuda Land’s quick-turnaround-project strategy as it is expanding its business scale in the country, Siang said, adding that the project is scheduled to offer for sale in the second quarter of 2024.
Both the investor and contractor have paid special attention to the Eaton Park as it is a large-scale project seated in a prime location of the city, Xay Dung (Construction) newspaper, cited Vu Cong Van, general director of Fountech., JSC, as saying.
“We always put safety above all else during the construction process, and will try our best to ensure the progress as well as the quality of the work,” Van pledged.
Upon completion, the project will provide more accommodations in Ho Chi Minh City, which is suffering a decline in housing supply.
However, Eaton Park apartments are in the high-end segment of Gamuda Land, so they are suitable for customers who are foreigners with high income or Vietnamese with average to high income.
Established in 1995, Gamuda Land is the property development arm of Gamuda Berhad, one of the leading engineering, construction and infrastructure groups in Malaysia.