The People’s Committee of Binh Duong Province in southern Vietnam has approved the transfer of 18.9 hectares of land worth over US$242 million to Sycamore Company, a subsidiary of Singapore-based CapitaLand Group.

The land lot in the Becamex IDC-invested Binh Duong New City will be used to build an urban area and housing complex, a provincial official told Tuoi Tre (Youth) newspaper on Wednesday.

The deal was first publicized in December 2021 when leaders of the provincial Party Committee and People’s Committee witnessed the signing of a memorandum of understanding on cooperation in Binh Duong New City between CapitaLand, one of Asia's largest real estate developers, and Becamex IDC.

The project, named the Tan Thanh Binh Duong Urban and Housing Complex, lies along a main road which connects to the provincial administrative center.

The complex is expected to house 12,500 residents and carry a price tag of over VND13.6 trillion ($564 million).

Currently, several facilities and houses already sit on the land plot, which is opposite an apartment building developed by Japan’s Tokyu.

Tokyu started its operation in Binh Duong New City in 2012. It currently boasts projects covering a combined 110 hectares.

Binh Duong Province began deploying a Binh Duong industry-service-urban complex project in 2004.

The complex spans over 4,000 hectares and includes Binh Duong New City – an urban area measuring nearly 1,000 hectares – as well as several industrial parks.

Binh Duong New City is located in Hoa Phu and Phu Tan Wards under Thu Dau Mot City.

The province’s concentrated administrative center was relocated to Binh Duong New City in February 2014.

Becamex IDC has also constructed roads, schools, and international convention and exhibition centers in Binh Duong New City, while calling on local and foreign investors to develop other property projects.

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