In its Decision 3622/QD-UBND dated November 30, the Committee allowed Becamex IDC to transfer the entire Tan Thanh Binh Duong Urban Housing Complex project in a total area of 18.9 ha.

Notably, the Committee of Binh Duong province requires that no later than 30 days from the date of receipt of this Decision, the transferor and transferee must sign a transfer contract and complete project handover according to regulations. Thus, according to this regulation, Becamex IDC will complete the transfer before December 30.

With an estimated investment capital of approximately S$1.12 billion ($796.9 million), Sycamore plans to build CapitaLand’s first large-scale residential project in Vietnam with more than 460 low-rise villas and about 3,300 apartments, with a total construction area of about 593,000 sq.m.

The residential project is located along Hung Vuong Boulevard – one of the two main boulevards in Binh Duong New City. It is strategically located in Hoa Phu Ward, Thu Dau Mot City, Binh Duong New City, which has been identified by the local authorities for urban transformation into a modern and smart city focusing on sci-tech.

It is within a five-minute drive to the Administrative Centre Building of Binh Duong province. Highly accessible, the project is a 40-minute drive via the National Highway 13 to Thu Duc City. The newly opened My Phuoc-Tan Van Expressway, which helps to alleviate traffic on National Highway 13, has shortened the drive from the project to Ho Chi Minh City’s Central Business District to about an hour.

As Binh Duong New City urbanises, there will be an increased demand for international-class and well-designed homes from professionals, young families and expatriates working in the surrounding industrial hubs, business parks, as well as in other areas such as Thu Duc city.

The acquisition was announced by CapitaLand in the closing days of 2021 by obtaining and developing possible available land for the construction, and it is its first large-scale residential project in Vietnam.

In March, CapitaLand acquired a portion of the Vinhomes Smart City project located in the Nam Tu Liem district of Hanoi, in Tay Mo ward and Dai Mo ward.

In November, CapitaLand announced a luxury apartment project called Lumi Hanoi, with a total investment of more than 1 billion Singapore dollars (approximately $760 million). With a total land area of nearly 5.6 ha, the project is expected to start construction in the first quarter of 2024.

Lumi Hanoi is deployed in several phases, providing about 4,000 units across nine 29-36 storey towers.

CapitaLand Group is one of Asia’s largest diversified real estate groups. Headquartered in Singapore, CapitaLand’s portfolio spans diversified real estate classes which include integrated developments, retail, office, lodging, residential, business parks, industrial, logistics and data centres.

With a presence across more than 260 cities in over 40 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the US.

CapitaLand Development (CLD) is the development arm of the CapitaLand Group, with a portfolio worth S$20.8 billion as at 30 September 2023.

Focusing on its core markets of Singapore, China and Vietnam, CLD’s well-established real estate development capabilities span across various asset classes, including integrated developments, retail, office, lodging, residential, business parks, industrial, logistics and data centres.