Southern Binh Duong Province is experiencing a rapid economic growth along with a surge in activity in the residential property segment.
Between April and July, the province, which is near HCM City, saw four new residential projects enter the market for sale, with a total of 555 units including apartments, villas/ townhouses and land plots.
Currently, there are 20 projects with around 7,600 units in the primary market and 30 projects with around 10,600 units in the secondary market, comprising apartments for sale, villas/ townhouses and land plots, according to property-service firm Savills Viet Nam.
In addition, the 11-ha Eco Xuan, which broke ground in August by Malaysian company Setia Lai Thieu, will have a total of 1,500 apartments and houses, apart from other facilities over five years.
Di An District has the largest market share, with 46 per cent of the total primary market, and Ben Cat District, at 19 per cent, is ranked second.
In the primary market in July, the average price of apartments was US$654 per square metre.
The villa and townhouse sector achieved approximately $200,000 per unit and land lots about $359 per square metre.
The secondary price for the land-lot sector, however, has fallen approximately 16 per cent to $173 per square metre.
In the next few years, about 15 residential projects with about 5,800 units are expected to be launched.
Future supply continues to be concentrated in Di An and Thu Dau Mot districts, accounting for around 70 per cent of market share, due to the advantage of infrastructure and proximity to HCM City and the planned Binh Duong New City.
The supply of future apartment projects accounted for the highest market share, with 86 per cent of the total future supply.
Binh Duong Province’s population has grown to 1.5 million, half of whom have migrated from other parts of the country. The figure has almost doubled from what it was in 2000.
The population growth rate is nearly double HCM City’s population growth rate, which has been 3.5 per cent per year recently.