Binh Duong defies trend with more housing projects

News - Southern Binh Duong Province's residential property market is continuing to buck the trend of falling prices that is clouding the horizon for the real estate sector elsewhere in Viet Nam.

The province hopes to further develop the property market in new residential zones in Binh Duong City.

Le Minh Tam, deputy director of Becamex TDC, the company in charge of developing infrastructure in the Binh Duong New City zone, said most of the infrastructure work was completed, including building of inner roads and IT systems.

Houses and apartments in the city have been up for sale, although no land plots would be on the market, said Tam, adding that the city would develop its social infrastructure, including education and health care services.

In the third quarter of this year five new apartment and residential land projects were launched in Binh Duong offering more than 1,400 units.

This made the number of units available in the southern province to around 24,400 across 71 projects, a study released early this month by property service provider Savills Viet Nam said.

Three-quarters of the projects are located in Ben Cat District, Di An town and Binh Duong New City, with Ben Cat alone accounting for 43 per cent.

The average asking price was US$1,100/sq.m for an apartment, $900 for villas and town houses, and $120 for land.

With its relatively cheaper prices compared to HCM City and Ha Noi, Binh Duong's residential segment attracts not only local buyers but also those from other cities and provinces, especially from the country's two largest cities.

Eighteen projects are expected to hit the market soon with more than 8,800 units across all segments.