Construction starts on Singapore’s $553mn property project in Vietnam’s Binh Duong
Thursday, February 29, 2024, 15:26 GMT+7
Singapore-based CapitaLand, one of Asia’s largest real estate groups, has turned the first sod at its US$553 real estate project to build a residential, commercial, and service complex that can accommodate 13,000 people in Binh Duong Province, southern Vietnam.
The groundbreaking ceremony for the high-end real estate project named Sycamore took place in the province’s Binh Duong New City on Wednesday with the attendance of Vietnamese Minister of Construction Nguyen Thanh Nghi, consuls general of Singapore and Malaysia in Ho Chi Minh City, leaders of Binh Duong, and other participants.
To develop the Sycamore project, CapitaLand cooperates with UOA Group, one of the leading property groups in Malaysia, according to e-magazine VietnamFinance.
The development project, with an estimated cost exceeding VND 13,600 billion ($552.7 million), is situated on a land expanse exceeding 18.9 hectares along Hung Vuong Avenue in Phu My Ward, Binh Duong New City.
This lot of land was previously acquired by CapitaLand from Binh Duong-based Becamex IDC Corporation, a leading industrial and urban real estate developer.
The project is expected to provide approximately 3,500 townhouses, villas, and apartments, which can house about 13,000 people.
In addition, it will have other facilities including a trade center, swimming pool, garden, school, playing ground, and other utilities, according to the project’s website.
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| This image shows the entrance to the US$553mn Sycamore complex project site in New Binh Duong City of southern Vietnam’s Binh Duong Province. Photo: Ba Son / Tuoi Tre |
The initial housing offerings within the complex will consist of low-rise houses, with their anticipated debut scheduled for the second quarter of this year.
The construction of the entire project will be completed in 36 months, according to CapitaLand.
Chairman of the provincial administration Mai Hung Dung hailed the project and promised that local authorities would create favorable conditions for it to be completed as scheduled.
Along with many foreign direct investment (FDI) projects previously launched in Binh Duong, the newly introduced CapitaLand project is expected to further contribute to the province's socio-economic development, the official said.
Singaporean Consul General Kho Ngee Seng Roy said CapitaLand has developed 18 real estate projects in Hanoi and Ho Chi Minh City since it began investing in Vietnam in 1994, the Vietnam News Agency reported.
The Sycamore project marks the first time the group has expanded operations beyond these two traditional markets, he added.
He also lauded the province as one of the dynamic localities that have adopted policies to attract FDI.
Binh Duong hosts more than 4,200 FDI projects valued at over $40 billion, originating from 65 countries and territories.
This positions the province as the second-highest recipient of FDI in Vietnam, trailing only Ho Chi Minh City, according to official data.
From the beginning of the year until February 20, Singapore has emerged as the leading foreign investor in Vietnam, with a cumulative investment of $2.08 billion.
The figure constitutes 48.5 percent of the country's total FDI and reflects a remarkable 2.1-fold increase compared to the same period last year, according to the Vietnamese Ministry of Planning and Investment.
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