With the policy of rolling out the red carpet to welcome foreign investors, Binh Duong Province is one of five localities with the largest amount of foreign direct capital. The economy of Binh Duong has quickly improved. As a result, the housing, entertainment and service demand will be higher.
By the end of November 2007, GuocoLand started construction on a luxury urban zone, the Canary. This is the first project of GuocoLand in Vietnam and first world-class commercial and serviced project in Binh Duong.
GuocoLand is a member of the Singapore-based Guocoland Limited, which is a member of Hong Kong Stock Exchange listed Guoco Group. Guoco Group operates in four core businesses: Proprietary Asset Management; Property Development and Investment; Hospitality and Leisure Business; and Financial Services.
“In fact, we spent much time studying the Vietnamese market. Then, we chose Binh Duong to approach the southern Vietnamese market,” said Mr Lawrence Peh, General Manager of GuocoLand Vietnam, the developer of the Canary.
“The Canary is an ideal place to stay as it is located next to Vietnam-Singapore Industrial Park (VSIP). Each day, I have to spend nearly two hours going from the workplace to my home in Ho Chi Minh City, said Lee Wen Chin, director of a company in VSIP, said. “The distance from downtown Ho Chi Minh City to VSIP is only 17 km, but the traffic congestion takes time. Once there is good accommodation near VSIP, I will not have to rent a house in Ho Chi Minh City; thus saving time, energy and travel cost,” Lee added.
The Canary is a 17.5-hectare luxury complex. The Canary will have 1,200 high-grade apartments, modern commercial centres, hotels and international schools. Besides, it also has sport and commercial areas. Initially, the urban zone will focus on building houses and then retail commercial centres. “Our project is close to Song Be Golf Course. We also hope to develop other projects in Vietnam,” said Lawrence.
GuocoLand stepped into the Vietnamese property market after many years operating in Hong Kong, China, Singapore, Malaysia and the United Kingdom. In 2007, GuocoLand was awarded Green Mark Platinum Award for the ecologically friendly Goodwood Residence, a luxury condominium in Singapore, by the Singaporean Ministry of Construction.
Phan Thanh
Vietnamese
