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Vietnam Business » Vietnam Real Estate Market News » Positive outlook for Binh Duong real estate market

Positive outlook for Binh Duong real estate market

The property market in southern Binh Duong Province has the potential to develop strongly and even match the major cities of Ha Noi and HCM City in the rental segment, says real estate services provider Savills Vietnam.

Savills Vietnam has said it sees a positive outlook across the office, retail, hotel and housing sectors as the southern province is "among Viet Nam's leaders in attracting foreign indirect investment." The office market segment is still new to the province. There are six projects offering over 3,500sq.m of office space each with the provincial town of Thu Dau Mot representing almost half of this and the remaining ones located in the districts of Thuan An and Di An. These three localities are the most developed in Binh Duong. Meanwhile, demand is still limited as most companies, both domestic and foreign ones, have their offices inside industrial parks. In February, the average rental rate was US$10 per square metre per month with an occupancy of 47 per cent with four of the six put in use recently. Another five projects are planned in this segment, according to the report. There are 12 supermarkets in the province at present, run by leading retailers like Vinatex, Fivimart, Citimart and BD Mart. Four trading centres ' the Saigon Factory Outlet Mall, Thanh Le, Minh Sang Plaza and the Binh Duong Centre ' are in operation. Together the supermarkets and trading centers offer 49,000sq.m of retail space. Di An and Thu Dau Mot account for 45 and 38 per cent respectively of total retail acreage. Construction of the first Metro Cash & Carry Centre is expected to kick off later this month in Thu Dau Mot and become operational in October. Nine new projects: five trading centres; three supermarkets; and one hypermarket, are planned but their expected completion dates have not been announced. Five of these projects will be in Thu Dau Mot, and the districts of Thuan An and Ben Cat Districts will host two each. There are currently no four or five-star hotels in the province. However, one four-star hotel is expected to come on line later this year in Thuan An District. Eightprojects, most of them catering to tourists, are calling for investment. There are 12 hotels of one to three-star standards offering 950 rooms. The three-star hotels, mostly located in Thu Dau Mot, Di An and Thuan An, have 440 rooms on offer. The room rate is US$24.2 per night for three-star hotels and US$11 and US$10.4 for the two and one-star hotels respectively. According to the report, more entertainment services will help boost the hotel industry in the province that hosts many industrial parks. As of last month, Binh Duong had 17 primary projects on offer, with six of them having more than 4,800 housing land lots, another six with 1,650 villas and row houses and five apartment projects of over 1,000 units. The average price per square metre is US$608 for apartments, US$447 for land lots and US$132,000 for a villa or a row house. Twenty-six other projects have already sold out their products. Eight apartment complexes have sold 1,750 units, 14 villa and house combination projects have sold 3,600 units and the four remaining projects have sold 4,400 land lots. The report says that within a few years, around 12 projects with 5,200 apartments, two villa/house projects with 440 units and one project with 500 land lots will enter the market. Binh Duong has the highest population growth rate in Viet Nam, it has good infrastructure systems, its industrial parks attract a strong workforce and its policy to attract competent people will create strong housing demand in the near future, according to the report.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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