Real estate barons flock to Long Thanh Airport area
14-09-2015 09:50:58+07:00
Real estate barons flock to Long Thanh Airport area
Hundreds of real estate projects in the Long Thanh Airport area were drawn up right after the international airport project development got the go-ahead from the National Assembly.
The Long Thanh international airport project will be developed with total estimated capital of VND336.63 trillion, or $16.03 billion. The project is expected to kick off in 2018.Long Thanh airport has become a magnet for real estate developers. The land price in the area began escalating in 2008-2009, when the information about the project appeared in mass media, and skyrocketed after the project got official approval.
According to Savills Vietnam, a real estate service provider, 47 housing projects in the districts of Long Thanh and Nhon Trach and the city of Bien Hoa were drawn up, covering an area of 4,850 hectares.
The Long Thanh Airport project has been surrounded by hundreds of real estate development projects, large and small scale, developed by the big companies such as Sonadezi, Tin Nghia, DIC Corporation, Khang Dien, Dinh Thuan and DonaCorp.
Sonadezi is well known for its industrial zone (IZ) development and residential quarters in Dong Nai province. The company has injected money into nine IZs, including the Long Thanh IZ (488 hectares), Amata (494 hectares), Bien Hoa 2 (365 hectares), Bien Hoa 1 (335 hectares), Nhon Trach 2 (347 hectares).
Sonadezi Long Thanh, a subsidiary of Sonadezi, is developing a 36 hectare Tam An project, just 20 kilometers from Long Thanh Airport, while D2D, another subsidiary, is developing the Loc An project.
Tin Nghia is also a big landlord in Dong Nai with its land fund of 3,500 hectares and large projects such as Nhon Trach 3 IZ (700 hectares), Tam Phuoc IZ (323 hectares), Nhon Trach 6 (300 hectares), and Bau Xeo (500 hectares).
Having succeeded with IZs, Tin Nghia is meeting difficulties with Dong Sai Gon urban area with a land fund of 942 hectares and investment capital of $6 billion.
According to FPT Securities, there are 15 listed real estate companies develop projects in areas within 40 kilometers from Long Thanh Airport. Within the radius of 10 kilometers, there are projects developed by D2D, DIC Corp and Dong Tam Company with Detaco Nhon Trach project, covering an area of 47 hectares.
There are also projects developed by unlisted real estate firms. These include Ruby Town (1.6 hectares), Blue Topaz (4.5 hectares), Aquamarine Town (20 hectares), Victoria City (50 hectares), Long Thanh Center (7 hectares), and Thung Lung Xanh (45 hectares).
A series of projects have been designed for the areas 20-30 kilometers from Long Thanh. These include Khang Dien’s Mega, covering an area of 70 hectares along the HCM City – Long Thanh – Dau Giay Highway.
