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Binh Duong attracts property developers

Update: September, 21/2013 - 09:47
Clients take a look at an appartment model in Viet-SingII in the southern province of Binh Duong.— VNA/VNS Photo Duong Chi Tuong

HCM CITY (VNS)  — Long-term investors seeking capital gains or rental income are increasingly looking to the Binh Duong Province housing market, according to a survey by property services provider Savills Viet Nam.

The province has been a leader in attracting foreign direct investment, with almost 2,200 such projects with total capital of more than US$18 billion. Its population last year was around 1.69 million people, of which 75 per cent were of working age, revealing the potential of its residential market.

As of August, there were 49 apartment and villa/townhouse projects in both the primary and secondary markets, supplying around 11,000 dwellings – an 11 per cent average annual increase since 2009. All residential projects are located in the five main areas of Thuan An, Di An, Thu Dau Mot, Ben Cat and Binh Duong New City.

This year 18 additional projects are expected to hit the market with more than 11,800 apartments, villas and townhouses. Approximately 77 per cent are apartments. In that segment, the price of active projects is $800-1,200 per square metre and unit prices range from $80,000 to $120,000. In the landed property segment, prices range from $550 to $1,000 per square metre.

The average price in Binh Duong New City is $1,500-2,100 per square metre, higher than in other areas. The prices at popular townhouse projects in New City range from $200,000 to $260,000 per dwelling, while comparable houses in other areas sell for $50,000-110,000.

The most common household size in Binh Duong is two to four people, with 73 per cent falling in that range, making two-bedroom units the most appropriate. — VNS

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