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FDI boosts property sector in Binh Duong

Update: November, 18/2013 - 08:57
Tokyu Binh Duong Garden City project— File Photo

BINH DUONG (VNS)— An influx of foreign direct investment projects is warming up the real estate market in southern Binh Duong Province.

According to the province's Department of Planning and Investment, the many foreign-invested projects currently underway.

These include a Taiwanese-invested project capitalised at US$1.7 billion, a $1.2 billion-Tokyu Binh Duong Garden City project developed by Becamex Tokyu Co and the $170 million EcoXuan project financed by Malaysian Setia Lai Thieu Co.

Detailed planning, improved infrastructure and streamlined administrative procedures made the province an attractive destination for foreign investors, local experts said.

Binh Duong's lower prices as compared to its neighbour HCM City also make it an attractive destination.

Nguyen Thi Hong, a buyer from HCM City, said that she had come to Binh Duong because of the low prices, which ranged from VND3 million ($143) to VND3.5 million ($167 million) per square metre.

Demand for housing remained strong despite the frozen real estate market, said Tac Dat Tac Vang Corporation general director Nguyen Vu Khoi.

However, local people found it difficult to buy into these projects because the prices were much higher than their income. — VNS

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