‘Blockbuster’ Eaton Park sells out just one week after launch

Although the supply of new properties in Ho Chi Minh City has seen some improvement in 2024, the overall increase in supply remains limited, with new offerings primarily emerging in a select few projects from large-scale developers like Malaysian-backed Gamuda Land.

Eaton Park is the new flagship project of Gamuda Land in Ho Chi Minh City’s eastern area. Photo: Gamuda Land

According to real estate consultancy firm CBRE, during the third quarter (Q3) this year, the residential market in Ho Chi Minh City saw just 127 new apartments and 132 town houses/villas offered for sale.

Most of the new supply originated from ongoing projects, with only one new townhouse/villa development in Binh Chanh district, The Meadow by Gamuda Land, being offered for the first time.

Before this, in Q2, approximately 1,200 new apartments were introduced, predominantly in the eastern and southern districts, with only two entirely new projects, one of which was Eaton Park in Thu Duc city, also developed by the prestigious Malaysian developer.

With its substantial advantages in location, master planning, and amenities, developments such as The Meadow and Eaton Park have helped Gamuda Land establish a strong market presence.

Consequently, areas like Binh Chanh and the former District 2, featuring Gamuda Land’s ‘premium projects’, have become some of the most sought-after locations in the Ho Chi Minh City real estate market in 2024.

Situated along the prime ‘golden land’ of Mai Chi Tho Boulevard, in central Thu Duc city, Eaton Park has been regarded as a ‘phenomenon’ of the year, a key highlight in a market that is showing signs of recovery.

Moreover, it stands poised to capitalise on the emerging market cycle, particularly during the 2024-2026 period when key transportation projects surrounding the development are expected to be completed.

Eaton Park is also the only project in the eastern region with comprehensive legal standing being launched in 2024, while many other developments have postponed their launches to 2025 due to legal complications.

Within less than a week of launching its second-phase, 99 per cent of the available units at Eaton Park were swiftly absorbed, leaving many market observers astonished by the overwhelming demand for the project.

Some may have even anticipated this outcome following the launch of the Alpine and Forest towers on December 1 in Ho Chi Minh City, which attracted over 2,500 attendees and recorded a booking amount six-times higher than the number of units available.

Eaton Park had already experienced a successful grand launch in May, selling out all first-phase units within the month, further emphasising the project's strong appeal.

Thousands compete to secure bookings at the launch of Alpine & Forest towers on December 1. Photo: Gamuda Land

With prices starting from $4,790 per square metre (excluding taxes) after discounts, Eaton Park has created substantial demand from both homebuyers and investors.

This price point is notably lower than the minimum land price in Mai Chi Tho area also in Thu Duc city, which, according to the most recent administrative land price list, has been significantly adjusted to $5,500 per square metre.

The favourable pricing adds further value to Eaton Park in comparison with other projects in the same market segment and central Thu Duc city.

The current pricing is considered an ‘unprecedented opportunity’ when compared to neighbouring areas such as Thu Thiem, where similar developments are projected to be priced between $7,375-$10,540 per square metre in 2025-2026, according to surveys from Batdongsan.com.vn.

In addition to competitive pricing, the sales policy for the second phase, designed by the developer, has further contributed to its attractiveness. Gamuda Land has implemented five flexible and comprehensive payment options catering to a wide range of customer profiles.

With a 5 per cent initial payment, buyers can sign the purchase agreement, with payment plans extending over four years, and only 30 per cent of the total amount due within the first two years.

These features, among others, have been highlighted as key advantages in the financial packages. Furthermore, the developer has partnered with banks to offer loan packages covering up to 70 per cent of the apartment value, with interest-rate support capped at 7 per cent per annum and a 24-month principal deferral period.

Many experienced real estate investors have recognised this sales policy as one of the most attractive currently available in Ho Chi Minh City, offering substantial growth potential for buyers as according to the latest market report from Savills, apartment prices in the former District 2 area have experienced an average annual growth rate of 12 per cent since 2020.

Eaton Park's riverside shopping road holds immense potential for commercial exploitation. Photo: Gamuda Land

In addition to the appealing investment returns, Eaton Park offers high potential for commercial and service exploitation.

Positioned on the prestigious Mai Chi Tho ‘billion-dollar boulevard’, the project enjoys the added advantage of being located on the access road to the Rach Chiec National Sports Complex.

This unique positioning is expected to generate substantial demand for both short- and long-term rentals, driven by the influx of both domestic and international experts, senior personnel, and athletes arriving once the sports complex comes into operation. Additionally, the commercial and service exploitation potential is promising, with retail spaces on the podium and riverside shophouses integrated into the development’s master plan.

The innovative master-planning, high-end finishing standards, and significant profit growth potential have contributed to Eaton Park’s widespread appeal, attracting buyers and investors from across the nation.

This further enhances the project’s value, particularly in light of its limited availability, as following the success of phase 2, approximately just 500 primary units remain.

This restricted supply is expected to lead to highly competitive buying conditions, as many industry experts believe no other projects on the market currently combine the critical factors of location, legal standing, and quality that Eaton Park offers.

Gamuda Land signs strategic cooperation agreements for Eaton Park project On January 11, Gamuda Land (Ho Chi Minh City), the investor of the Eaton Park project, signed 17 strategic distribution agreements.

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