Binh Duong addresses are sought after

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Southern Binh Duong province’s property market is heating up with a series of properties finding customers after launching.

In mid-September 2011 the Tac Dat Tac Vang Joint Stock Company offered for sale the Green River, a trade centre and regional market complex. Several hundred people attended the launching ceremony and more than 50 customers dropped deposits.

The 130 hectare Green River is a component of the waterfront Green City project in the province’s My Phuoc 4 urban area.

The Green River consists of two street facing commercial housings, around 200 market kiosks and a trade centre with hi-end restaurants, cafes, fashion, electronic and jewel shops. Once in place, the area would become one of Binh Duong’s most bustling business areas.

“The project’s biggest advantage is it faces Thi Tinh River in three sides and what’s on sale is the project’s core part,” said Tac Dat Tac Vang Company’s general director Hoang Anh Tuan.

After two launching sessions, around 200 project items were sold out with prices averaging VND1.7 to VND2.5 million ($82-$120) per square metre, said Tuan.

In early September An Cu Lac Nghiep Real Estate Company rolled out 100 land plots in My Phuoc town’s IJC Commercial Town.

The VND450 billion ($21.7 million) project, a component of the new Binh Duong city project developed by Technical Infrastructure Development Joint Stock Company (Becamex IJC), covers 43,923sqm with around 300 land plots.

According to the project’s exclusive distributor An Cu Lac Nghiep Co, customers registered to buy over 85 per cent of products proposed for sale in the first rollout.

Also in early September, the City Garden project first phase developed by Kim Oanh Real Estate Joint Stock Company and Binh Duong Trade and Development Joint Stock Company (TDC) was open for sale.

Around 60 per cent of land plots were ordered by customers, said Kim Oanh Company’s deputy general director Le Tien Vu.

According to industry insiders, soft prices and good infrastructure were core reasons why Binh Duong properties were being hunted.

In pricing terms, most of properties recently sold in the province have prices ranging from VND1.7 million to VND2.5 million per square metre with payment by installments.

The province features a developed infrastructure, with a pipeline of highway projects is now under intensive construction such as My Phuoc-Tan Van, Ho Chi Minh City-Chon Thanh expressways, national highway 13, beltways 3 and 4.

Most recently, the Industrial Investment and Development Corporation (Becamex IDC) reported its elevated highway plan to the provincial authorities and competent agencies.

According to developer Becamex IDC, the 31.5 kilometre elevated highway, to be built over existing National Highway 13, will be 18 metres wide with four lanes.

Construction is slated to kick-off in 2012 and consists of two phases with total investment of more than $830 million. Once completed, the elevated highway would receive 50,000-60,000 cars per day.