CapitaLand Development (CLD), the development arm of CapitaLand Group, and Becamex IDC on December 13 organised a signing ceremony to develop Binh Duong New City. CLD will acquire a prime site from Becamex IDC for its first large-scale residential project in Vietnam, with a projected total gross development value of approximately S$1.12 billion ($796.9 million).
The site is located in Binh Duong New City within Binh Duong province. The transaction is expected to be completed by the first half of 2022.
(From left to right) Wyeren Yap, general manager of South Vietnam of CLD (Vietnam); Ronald Tay, CEO of CLD (Vietnam); Vo Van Minh, Deputy Secretary of Binh Duong Party Committee and Chairman of Binh Duong People’s Committee; Nguyen Van Loi, Secretary of Binh Duong Party Committee; Nguyen Van Hung, chairman of Board of Directors of Becamex IDC; and Pham Ngoc Thuan, CEO of Becamex IDC at the signing ceremony between Becamex IDC and CLD to develop Binh Duong New City
With a total area of 18.9 hectares, the prime residential project is expected to comprise over 3,700 freehold residential units across a mix of low-, mid-, and high-rise residential developments, providing homes for about 13,000 residents.
The project is expected to be launched over several phases and construction of the first phase of about 1,300 landed houses and apartments will start in 2022. It will be completed in 2024 while the rest of the project is scheduled for completion in 2027.
CLD’s first prime large-scale residential project in Vietnam is strategically located in Binh Duong New City
Jason Leow, CEO of CLD said that Vietnam is one of CLD’s core markets given strong economic fundamentals.
“Our first prime large-scale residential project in Vietnam will showcase CLD’s international expertise in building high-quality and vibrant communities at scale as we utilise our experience in creating iconic and award-winning integrated and urban developments in other countries,” said Leow.
He added that CLD firmly believes in Vietnam’s excellent growth prospects, and we are committed to being a long-term partner to the development of Vietnam’s real estate market.
“Vietnam’s gross domestic product is expected to expand by about 6.5-7 per cent from 2022 onwards. In addition to residential projects, we continue to explore investment opportunities in new assets such as logistics facilities, data centres, and business parks. We are also working with local partners and government authorities to seek more large-scale residential projects, master planning and urban development opportunities to expand our real estate portfolio in Vietnam,” added Leow.
Ronald Tay, CEO of CLD (Vietnam) said that this residential project is the company’s largest project in Vietnam, boosting its pipeline of residential units in the country.
“It also marks our first expansion outside the tier 1 cities of Ho Chi Minh City and Hanoi where we have a strong presence, to seize opportunities in the fast-growing secondary cities. Binh Duong province was one of the largest recipients of foreign direct investment in Vietnam, ahead of Hanoi in the first half of 2021, despite COVID-19,” said Tay.
The project is strategically located in Binh Duong New City, which has been identified by the local authorities for urban transformation into a modern and smart city focusing on science and technology. As Binh Duong New City urbanises, there will be an increased demand for international-class and well-designed homes from professionals, young families and expatriates working in the surrounding industrial hubs, business parks, as well as in other areas such as Thu Duc City.
Ronald Tay sharing CLD’s plan to acquire a prime site for its first large-scale residential project in Vietnam
The residential project is located along Hung Vuong Boulevard – one of the two main boulevards in Binh Duong New City.
It is within a five-minute drive to the Administrative Centre Building of Binh Duong province. Highly accessible, the project is a 40-minute drive via the National Highway 13 to Thu Duc City. The newly opened My Phuoc-Tan Van Expressway, which helps to alleviate traffic on National Highway 13, has shortened the drive from the project to Ho Chi Minh City’s Central Business District to about an hour.
The prime large scale residential project is one of the first projects in Binh Duong New City to face the city’s scenic central lake.
It is located next to the city’s green lung, a sprawling 700,000sq.m central public park. The 70,000-sq.m World Trade Center complex comprising an international exhibition centre, a shopping centre, offices, hotels, and a metro station of Ho Chi Minh City Metro Line 1, is a five-minute drive away. The project is also located opposite the upcoming Aeon Mall.
Residents seeking a well-designed and secure home can choose from seven residential communities within the project to suit their needs, with each community having private entrances. Two residential communities will offer spacious terraced houses, semi-detached houses, and villas with private clubhouses and gardens. There will also be a 10-storey apartment building in one residential community. Four residential communities will each have a 24-storey tower that will come with food and beverage and retail options such as convenience stores, café, restaurants, and spas.
Sustainability features will be integrated across the prime large scale residential project and within each of the residential communities. Sustainable transport infrastructure such as outdoor electric vehicle charging points will be incorporated. Bicycle lanes and pedestrian-friendly pavements will also be available to encourage residents to leave their cars at home for shorter journeys. The 10,000sq.m central park within the mid-rise development will be an ideal location for placemaking.
With the addition of the prime large-scale residential project, CLD will have more than 12,000 units across 16 residential developments located in three cities in Vietnam.