Minister of Construction Nguyen Thanh Nghi, Singaporean Consul General in Ho Chi Minh City Kho Ngee Seng Roy on February 28 attended a groundbreaking ceremony for a high-end housing project in the southern province of Binh Duong, which is developed by CapitaLand Group of Singapore.
Covering an area of 18.9 ha in Thu Dau Mot city, the Sycamore Binh Duong project has a total investment capital of VND18.33 trillion (over US$744 million). It comprises seven sub-areas, providing approximately 3,500 townhouses, villas, and apartments.
According to Kho Ngee Seng Roy, as one of the largest real estate developers in Singapore, CapitaLand Development entered the Vietnamese market in 1994 and has made its mark through 18 projects in Ho Chi Minh City and Hanoi. This project in Binh Duong marks the first time the corporation has expanded beyond traditional markets.
He highly values Binh Duong for its dynamism and proactiveness in implementing policies to attract foreign investment.
Speaking at the event, Vice Chairman of the provincial People's Committee Mai Hung Dung said this project aligns with the province's strategy to create high-end real estate and establish a desirable living environment for residents.
Located in Binh Duong New City, the project marks a significant milestone in the economic and urban development of Binh Duong, laying a foundation for future investment cooperation between the Vietnamese locality and Singapore, he said.
The provincial authorities will create the best conditions for investors to complete the project promptly, thus serving urban development in the locality, he affirmed.
Binh Duong has so far attracted over 4,100 foreign direct investment (FDI) projects with a total capital of over $40 billion from 65 countries and territories worldwide, becoming the second-largest locality in Vietnam in terms of FDI attraction. It has become an attractive destination for domestic and foreign investors, laying a foundation for forming high-quality urban chains in the future.
