Construction has started on the first phase of the ambitious $1.2 billion township project in Binh Duong province to pave the way for sales to be launched next year.
Toshiyuki Hoshino, general director of Becamex Tokyu – developer of the $1.2 billion Tokyu Binh Duong Garden City project, said that the first phase would be a Japanese-style apartment development called C18, located near the entry gate of the township. After completion expected in the early of 2014, the first phase will comprise 413 units on 24 floors with a height of 90 metres.
Hoshino said that the firm had signed a cooperation agreement with CB Richard Ellis Vietnam to help Becamex Tokyu determine the most effective design of the project and lead its marketing and sales.
Marc Townsend, director of CBRE, said condominium sales were expected to begin in 2013 and the targeted customers would be from middle to high-income earners.
Hoshino told Vietnam Investment Review that he understood that Binh Duong province’s current population is not high and the market is dull. However, “the conditions are offering Becamex Tokyu a rare opportunity,” said Hoshino.
“With the clear economic master plan and the high growth rate of infrastructure development, Binh Duong province should not be considered as a suburb of Ho Chi Minh City anymore,” Hoshino said.
“We believe the province can independently exist and reach its targets by itself. Those live in Ho Chi Minh City and would like to own a home in the province would occupy a small part in our target customer strategy.”
He continued: “The major target customers would be potential workers, experts working in industrial parks which are strongly developing around Binh Duong New City project and local residents who are attracted by the Binh Duong New City’s development of several educational institutes, sports and leisure facilities, already operational and more planned offices, business opportunities and of course the movement of administrative offices too.”
Hoshino emphasized that he believed in the recovery of the realty market in the near future and this time offered the firm a good opportunity to recognise what home-buyers needs.
In addition, he confirmed that the firm will not come and go. “Besides the Tokyu Binh Duong Garden City, which lasts around 25 years of construction, we plan to develop more ecological townships in Vietnam,” said Hoshino.
Covering 110 hectares in Binh Duong New City project, after completion, the Tokyu Binh Duong Garden City will provide more than 7,500 houses, commercial and business facilities.
Becamex Tokyu is an alliance formed by Japan-backed Tokyu Corporation and Becamex IDC Corp, the largest real estate company in Binh Duong province.
Vietnam Investment Review