PROPERTY MARKET HEATS UP IN BINH PHUOC

The property market in the southern province of Binh Phuoc is expected to heat up because of industrial zone planning from now to 2030, according to experts.

The province plans to establish 35 industrial clusters in its 11 districts and towns by 2030, whose combined capital requirement will be VND5.9 trillion (US$260 million).

Of the 35 clusters, 21 will be built on ​​583 hectares of land in the 2020-25 period as well as Hoa Lu Border Economic Zone with a total area of 28,000ha.

From 2025 to 2030, another 14 industrial clusters will be set up across another ​​580 hectares.

Industries that will be developed within these clusters include agro-forestry product processing, and manufacture of rubber and plastic products, metal products, electronic products, engine vehicles, textiles and apparel. These clusters are expected to create around 30,000 jobs.

The demand for residential areas is expected to grow because of the new industrial zones.

Of the new residential projects, the Asian Holding Real Estate Company has invested in the Asian Lake View project in Dong Xoai City.

The project, located on 4.7ha, includes a residential area, shophouses and entertainment area.

Another residential project is the 92.7ha Cat Tuong Phu Hung Complex Urban Area in Dong Xoai City with total investment of US$ 70 million.

The project will have residential areas, land plots and two shopping malls with total area of 4.2ha.

Binh Phuoc will focus on attracting high-tech projects and organic agriculture, and forestry product processing, with the key products rubber, cashew nuts, pepper, and fruits.

In the first seven months of 2018, Binh Phuoc attracted 22 projects with total registered capital of $314 million. Of these, seven new projects were located in Becamex Binh Phuoc Industrial Park with registered capital of $272 million.

Source: VIR