CapitaLand Development acquires prime site in Binh Duong New City for 1st large residential project in Vietnam

Update: December, 15/2021 - 17:17

On 13 December, CapitaLand Development (CLD), the development arm of CapitaLand Group, and Becamex IDC signed an agreement to jointly develop Binh Duong New City.                                

CLD will acquire a prime site from Becamex IDC for its first large residential project in Vietnam at an estimated cost of S$1.12 billion (VND18,330 billion).

The site is in Binh Duong New City in Binh Duong Province, and the transaction is expected to be completed by H1 2022.

(From L-R) Mr Wyeren Yap, General Manager, South Vietnam, of CLD (Vietnam); Mr Ronald Tay, CEO of CLD (Vietnam); Mr Vo Van Minh, Deputy Secretary of Binh Duong Province Party Committee and Chairman of its People’s Committee; Mr Nguyen Van Loi, Secretary of the Binh Duong Party Committee; Mr Nguyen Van Hung, Chairman of Becamex IDC; and Mr Pham Ngoc Thuan, CEO of Becamex IDC at the signing ceremony between Becamex IDC and CLD for developing Binh Duong New City

With a total area of 18.9 hectares, the 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 around 13,000 people. The project is expected to be launched in phases and construction of the first phase consisting of about 1,300 landed houses and apartments will be in 2022-2024.

The rest is scheduled for completion in 2027.

CLD’s first prime large-scale residential project in Vietnam is strategically located in Binh Duong New City

Mr Jason Leow, CEO of CLD, said: “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.

“We are committed to being a long-term partner to Vietnam’s real estate market. In addition to residential projects, we continue to explore investment opportunities in new economy 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."

Mr Ronald Tay, CEO of CLD (Vietnam), said: “This residential project is our largest project in Vietnam, boosting our pipeline of residential units in the country. It also marks our first expansion outside the tier one cities of Ho Chi Minh City and Hanoi, where we have a strong presence, to seize opportunities in the fast-growing secondary cities.

“The project is strategically located in Binh Duong New City, which has been identified by local authorities for transformation into a modern and smart city focusing on science and technology.

“As Binh Duong New City urbanises, there will be increased demand for international-class and well-designed homes from professionals, young families and expatriates working in the surrounding areas.”

Mr Ronald Tay, CEO of CapitaLand Development (Vietnam) shares CLD’s plans to acquire a prime site for its first large residential project in Vietnam

Highly accessible, the large residential project will be situated on Hung Vuong boulevard, one of the two main ones in Binh Duong New City.

Seven residential communities are secure and well-designed with each community having a private entrance. 

Two of them 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 others will each have a 24-storey tower that will come with food & beverage and retail options such as convenience stores, cafés, restaurants, and spas.

Sustainability features will be integrated across the project and in each of the residential communities.