CapitaLand breaks ground at luxury housing project in Binh Duong

A breaking-ground ceremony for the VND18.33 trillion ($730 million) Sycamore Binh Duong luxury housing project from Singapore’s CapitaLand Development and Vietnamese industrial and urban real estate developer the Becamex IDC took place on February 28 in the southern province of Binh Duong.

On 18.9 ha in Phu My ward in Thu Dau Mot city, the project comprises seven precincts offering approximately 3,700 townhouses, villas, and apartments. The Orchard precinct alone features 368 units ranging from 90 to 370 sq m each. The project will be constructed over 36 months, with a low-rise area, The Orchard, scheduled for handover in the first quarter of 2025. The high-rise area, The Heights, is expected to be completed by the first quarter of 2027.

Speaking at the breaking-ground ceremony, Singaporean Consul General in Ho Chi Minh City Kho Ngee Seng Roy highlighted the enduring partnership between Singapore and Vietnam, which has seen numerous achievements in trade, investment, education, tourism, and defense and security. As one of Singapore’s largest real estate developers, CapitaLand Development has been active in Vietnam since 1994, leaving its mark through 18 projects in Ho Chi Minh City and Hanoi. However, this project in Binh Duong province marks the group’s expansion beyond traditional markets. He also praised Binh Duong Province as one of the most dynamic provinces and proactive in applying policies to attract foreign investment.

For his part, Mr. Mai Hung Dung, Deputy Permanent Chairman of the Binh Duong Provincial People’s Committee, commended the real estate investment initiative in Binh Duong’s new city. This endeavor aligns with the province’s vision of establishing premium real estate values, creating an appealing residential environment. Positioned strategically within Binh Duong’s new city, the project signifies a pivotal juncture in economic growth, urbanization, and diplomatic relations, fostering future investment ties between Binh Duong and Singapore. The province pledges optimal conditions for investors to promptly complete the project, facilitating urban expansion while prioritizing modern urban infrastructure, thus advancing Binh Duong’s pursuit of smart, sustainable urban development.

CapitaLand is a major real estate conglomerate in Asia. In Vietnam, it has developed over 16 luxury residential projects, primarily in Ho Chi Minh City, including Zenity (District 1), De La Sol (District 4), d’Edge Thao Dien (Thu Duc city), and The Vista (Thu Duc city).

Becamex IDC primarily operates in industrial park development, residential real estate, and infrastructure. In residential real estate, it holds a land bank of up to 3,100 ha in Binh Duong, with 1,000 ha of commercial land ready for development.

Becamex IDC has previously collaborated with CapitaLand on various projects. Mid last December, the Binh Duong Provincial People’s Committee approved the transfer of the New Urban Area Project (at lots B8, B9, B10, B12, B13, B14, B15) within the Binh Duong industrial-service-urban complex to Sycamore, a CapitaLand-affiliated enterprise. Total investment in the project is VND13.645 trillion ($533.6 million).