Binh Duong Property Market: Warming up

2:19:57 PM | 17/8/2010

The real estate market in Binh Duong province revived following a doldrums caused by the economic slowdown. In favourable districts like Ben Cat and Thu Dau Mot, the real estate is heating up day after day as the demand is very high.
Binh Duong currently has more than 15,000 domestic and foreign specialists and hundreds of thousands of worker living without their own houses. To meet up with the demand, many Binh Duong province-based companies have built many real estate projects.
Ben Cat in the limelight
The Myland real estate trading floors in Ho Chi Minh City and Binh Duong province owned by Binh Duong Trade and Development Joint Stock Company (TDC) were full of buyers and sellers since late July after the company announced to sell apartments and villas in the ecological Moon River villa village in Thoi Hoa urban zone (My Phuoc 4), Ben Cat district. This eco-village has a total area of 10 hectares, 284 apartments and villas. The company said it received more than 200 orders from customers. Shortly before that, TDC announced to sell its Phu My apartments in Thoi Hoa commune, Ben Cat district at prices ranging from VND173 - 500 million per 50-105-square metre apartment. Within the first week, 80 percent of 270 apartments divided into 9 blocks have been booked for purchase. At present, the company has raised the selling price by 10 percent. Mr Nguyen Thi Loan, a real estate investor, said: “The price rise is not very big because market prices have jumped 10-30 percent. Ben Cat is presently a good investment channel.
Not far from TDC’s projects, SetiaBecamex’s EcoLakes ecological urban zone is also very boisterous. Villas are sold at VND2.7 billion, street-side apartments are offered at VND1 billion and high-rise building apartments are priced VND600 million. SetiaBecamex General Director Khoo Teck Chong said: “The Binh Duong real estate market has revived.”
Attractive Thu Dau Mot
Many ongoing projects in Thu Dau Mot Town are also very attractive to customers. IJC Aroma high-grade project is selling 500 apartments with an individual area of 70 - 152 square metres at nearly VND800 billion each. Sunflower villa complex with 110 villas cost more than VND1,300 billion for construction. These market segments are mainly for high-income earners like experts and company managers. The demand is very high although the price tends to go up. Gold Town commercial and service mall invested by Becamex IDC and Phu Loc An Company is in the stage of production preparation but all 112 apartment units have been sold out. Many apartments have been booked in underway TDC Plaza.
Why are real estate projects still attractive although prices are high? Giving reasons for this, Mr Le Quoc Hung, Director of Becamex IDC Corporation, said: “Currently, important projects in Binh Duong province are being quickly carried out, including political, administrative, financial, banking and high-tech centres. In the next few years, Binh Duong will become one of the most modern cities in the country.”
Mr Nguyen Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association, said: "Binh Duong is now a good real estate market. The province has attracted many domestic and foreign investors to do business. They are also the drive for the development of the property market. According to Mr Chau, the strategic location in the southern key economic zone is important and attractive elements.