Attracting $31 billion worth of FDI (foreign direct investment), Binh Duong Province is the workplace for thousands of foreign specialists. However, their homes are not in Binh Duong, but in HCM City.
Every day, thousands of specialists working in the industrial zones (Izs) of Thu Dau Mot City in Binh Duong province spend two hours travelling from HCMC to Binh Duong and back.
Expats, especially high-ranking executives at foreign invested enterprises located in Binh Duong, want to buy or lease high-quality houses convenient to their office.
But they have to find the houses in HCM City. Some mid-end apartment projects have been developed in Binh Duong province. However, as they are not located in the central area, they cannot attract buyers. The apartments are not high quality and lack amenities.
| Every day, thousands of specialists working in the industrial zones (Izs) of Thu Dau Mot City in Binh Duong province spend two hours travelling from HCMC to Binh Duong and back. |
The real estate market has developed strongly in the northern part of Binh Duong, including the districts of Tan Uyen and Ben Cat, where there are many IZs. However, there is only land and there are no apartments in the area.
Thus, expats would rather live in HCMC, especially in the districts of Thu Duc, 2, 9 and 7 to enjoy modern utilities and developed services.
Binh Duong leads the country in competitiveness in attracting FDI. By the end of March 2018, it had attracted $31 billion worth of FDI.
Ranked second in terms of FDI attraction, just to HCM City, Binh Duong has attracted thousands of specialists and workers.
According to CBRE Vietnam, about 8,500 foreign workers out of total 15,000 expats working for IZs had registered their temporary residence by March 2018. This means high demand for the real estate market in Binh Duong.
It is estimated that Binh Duong every year needs 30,000-40,000 more workers to develop local trade, services, education and entertainment services.
Soon after Thu Dau Mot City was upgraded into a first-class urban area, many real estate developers accelerated the implementation of projects.
These include apartment projects, namely The Habitat Binh Duong, ECO Xuan, Sora Gardens, Roxana Plaza, Citadines Central, First Home Premium and Metro Tower, Marina Tower and Samsora. There are also house and villa projects such as Golden Center City, Mega and Midori Park.
Duong Thuy Dung from CBRE Vietnam said many real estate firms have realized great potential in Binh Duong and are moving ahead with projects. These not only include domestic but also foreign investors from Asia.
By Mai Chi, Vietnamnet