Land prices soar in Binh Duong Province
Land prices soar in Binh Duong Province
Land prices have recently shot up by 30-40 per cent in the southern province of Binh Duong after a series of major housing and other property projects got under way there, according to analysts.
The projects include the US$1.2 billion Japanese-invested Tokyu Binh Duong Urban Area, N.H.O's VND600 billion First Home Premium, and Gloucco Land's The Canary.
Besides, Singapore's VISP has begun work on the 4,300ha Binh Duong Industry-Service-Urban Complex, which has reportedly helped attracting foreign investors to Binh Duong.
The analysts said that since 2014 the province's property market has showed distinct signs of recovery.
Land prices have risen consistently, particularly near the Binh Duong Industry-Service-Urban Complex, which along on major routes to HCM City and provinces in the south-east and Central Highlands regions.
Explaining the Binh Duong market's early recovery, they pointed to the fact that the province has been in the forefront of attracting domestic and foreign investors.
Last year it attracted $1.53 billion in foreign investment, a majority of which flowed into the property market.
To date the province has attracted FDI worth $20 billion.
Strong development of social and transport infrastructure is one of the main reasons for Binh Duong's attractiveness for foreign investors.
It has an excellent road network that makes it very easy to get around for business purposes.
In addition to important highways like DT 742, Vo Van Kiet, Nguyen Van Linh, and National Highway 13, Binh Duong also plans to develop seven metro routes that will connect the province with HCM City and other cities and provinces in the Southern Key Economic Zone.
The provincial administration's priority for investment in clean industrial parks such as Hi-tech Mapletree, VSIP I, and VSIP II has also made a significant contribution to attracting foreign investors.
As for social infrastructure the province has all kinds of services and facilities of good enough quality to meet even foreigners' demands.
They include schools (Kindleworld International School, Mien Dong International School and Viet-Duc International University), hospitals (Binh Duong General Hospital and the 512 General Hospital), major malls and supermarkets (Metro, Saigon Coop, Lotte Mart, Aeon, Big C, Citi Mart) and parks.
New Binh Duong City would become a centrally-administered city by 2020, another reason for the province to become attractive to foreign investors, especially those in the property sector, the analysts said.
