Gamuda Land’s Eaton Park project sees 99% of second batch sold in a week

Ho Chi Minh City’s property market has exhibited improvements throughout 2024, but the supply of new properties remained constrained, primarily limited to select projects from major developers. Data from CBRE highlights that the third quarter saw just 127 new apartments and 132 townhouses / villas introduced to the market.

Year of significant breakthroughs

Most of this new supply came from ongoing developments, with The Meadow, a new townhouse / villa project from Gamuda Land in Binh Chanh district, being a rare exception. Earlier, around 1,200 new apartments were launched in the second quarter, concentrated in eastern and southern districts, including two entirely new projects, one of which was Eaton Park in Thu Duc city from Gamuda Land.

Projects like Eaton Park and The Meadow have gained attention for their strategic location, thoughtful planning, and comprehensive amenities; features that have contributed to Gamuda Land’s growing reputation in the market. Areas such as Binh Chanh and parts of Thu Duc city, where Gamuda Land’s projects are situated, have emerged as desirable locations in Ho Chi Minh City’s real estate market.

Located on Mai Chi Tho Boulevard in central Thu Duc city, Eaton Park has garnered significant attention amid a market poised for recovery. The project benefits from recent land price adjustments, having established its pricing earlier, and stands to gain from upcoming infrastructure developments expected between 2024 and 2026. Notably, Eaton Park is one of just a few projects in the eastern region to have completed legal clearance for launch this year, setting it apart as many competitors delay their plans until 2025 due to regulatory hurdles.

Premium investment and residential choice

Eaton Park has made a significant impact on Ho Chi Minh City’s real estate market, quickly becoming one of the most notable developments of the year. Within a week of launching its second phase, 99 per cent of the available units were sold, signaling the high demand and strong market interest in the project.

This success followed the launch of the Alpine and Forest towers on December 1, which saw over 2,500 attendees. The number of bookings during the launch was six-times greater than the number of units available. Eaton Park’s first phase had already sold out in May, with all units being taken within a month, further solidifying the project’s appeal.

With prices starting at VND115 million ($4,600) per sq m (excluding taxes and discounts), Eaton Park has attracted both homebuyers and investors. This price is notably lower than the minimum land price in the Mai Chi Tho area of Thu Duc city, which has recently been adjusted to VND132 million ($5,280) per sq m.

Compared to other developments in the central Thu Duc city area, Eaton Park’s pricing is seen as an “exceptional opportunity”. For example, similar projects in neighboring areas like Thu Thiem, set to launch in 2025-2026, are expected to be priced between VND177 million ($7,080) and VND253 million ($10,120) per sq m, according to data from Batdongsan.com.vn.

In addition to its competitive pricing, the second-phase sales policy has contributed to Eaton Park’s popularity. Gamuda Land offers five flexible payment plans, starting with a 5 per cent initial payment. The payment period extends over four years, with only 30 per cent of the total due in the first two years. Additionally, the developer has partnered with banks to offer loan packages covering up to 70 per cent of the apartment’s value, with interest rates capped at 7 per cent per year and a 24-month principal deferral period.

Many experienced investors see these financial terms as highly attractive. According to the latest market report from Savills, apartment prices in the former District 2 area have grown at an average annual rate of 12 per cent since 2020, further increasing the investment potential for Eaton Park.

Eaton Park presents strong opportunities for commercial and service development, alongside attractive investment returns. Located on the prestigious Mai Chi Tho "billion-dollar boulevard" and near the access road to the Rach Chiec National Sports Complex, the project stands to benefit from increased demand for both short- and long-term rentals. This demand will come from the influx of domestic and international professionals, senior staff, and athletes once the sports complex is operational.

Moreover, the commercial potential is promising, with retail spaces on the podium and riverside shophouses as part of the development’s master plan. Eaton Park’s innovative design, high-quality finishes, and significant profit potential have made it highly attractive to buyers and investors nationwide. This added appeal, combined with the project’s limited availability (with only about 500 primary units remaining following the success of phase 2), is expected to create a competitive market. Eaton Park stands out due to its prime location, legal standing, and quality, making it one of the most unique offerings in today’s market.