Investors seek Binh Duong property

Property investors are flocking to southern Binh Duong Province because of the locality’s rapid economic growth and increased demand for housing, a city official has said.

Le Viet Dung, deputy director of the province’s Department of Planning and Investment, said the number of investment license applications for multi-million dollar property projects had soared in recent months.

The development of the industrial sector in the province has created a huge demand for housing and trade centres.

Dung said the department had recently granted investment certificates to a Taiwanese and Vietnamese joint-venture company for a US$1.7 billion urban project in Thu Dau Mot town.

Earlier this year, the Investment and Industrial Park Development Corporation (Becamex IDC) began construction on a VND2.5 trillion ($149 million) urban centre called Becamex City Center, which covers a 6.1ha-area in Thu Dau Mot town.

The centre includes office buildings, upscale apartments, a trade centre and an entertainment area.

Construction on several property projects has begun, including the $800 million Ecolakes My Phuoc project invested in by SetiaBecamex Company, a joint-venture between Becamex IDC and Malaysia-based SP Setia Berhad Corporation.

Work has also begun on the Canary project, an urban office-residential project developed by Guoco Land Binh Duong Property Co.Ltd, a subsidiary of Singapore property developer Guoco Land Limited.

The Viet Nam-Singapore Urban and Industrial Park Development Joint-Stock Company is also building a 1,000ha urban area project in the province.

Demand for housing continues because many apartment and villa projects have sold out. Most of the buyers of the new apartments are employed by companies located in the province’s industrial parks.

Khoo Tech Chong, general director of SetiaBecamex Company, said the property market in the province would become even more lively after the completion of many infrastructure projects.

New roads and highways would reduce travelling time between the province and neighbouring cities and provinces, he added.

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