An artist’s impression of Eaton Park in Ho Chi Minh city.

PETALING JAYA: Property developer Gamuda Land celebrated milestones in its expansion to Vietnam, where the first two towers of Eaton Park were fully taken up during the preview over the weekend, while the Elysian apartment achieved a take-up rate of 93% for two out of the four towers, and the Artisan Park recorded sales of 80%, further solidifying the company’s strong foothold in the Vietnamese market.

Eaton Park is a mixed-use development located in District 2 of Ho Chi Minh City, nestled near the city centre, yet distanced from the hustle and bustle of it, making it a very appealing address for potential customers. The development comprises 1,968 exclusive apartments, 12 penthouses, 51 podium shops, and 21 shophouses spread across six towers, with a gross development value (GDV) of USD1.1bil (RM5.16bil)

Elysian is located in Thu Duc, comprising 1,398 apartment units and eight shop lots with a total GDV of USD253mil, while Artisan Park in the neighbouring province of Binh Duong, comprises 349 townhouses and shop-houses and has a GDV of USD131mil (RM614.7mil). 

Chief executive officer Chu Wai Lune said Vietnam is a key market to Gamuda Land given its strong average economic growth rate of 6% in the last two decades and the prospect of becoming one of the fastest-growing Asian countries. 

“Buoyed by this achievement, we are thrilled to announce our upcoming launch in Ho Chi Minh City, Gamuda Land’s fourth quick turnaround project (QTP) – The Meadows, a low-rise residential development in Binh Chanh District, the Western corridor of Ho Chi Minh City. This upcoming launch is poised to meet the growing demand for premium real estate in this vibrant district,” Chu said.

The Meadows encompasses 212 townhouses and villas spread across more than 12.3-acre land site, meticulously curated with quality design and master planning that is the hallmark of Gamuda Land. The project is expected to meet the high demands for landed products, given the scarcity of housing supply in Ho Chi Minh City. The GDV for The Meadows is USD82mil.

Gamuda Land’s upcoming and fifth QTP, Springville is in the pipeline to be launched by end 2024. Springville presents a compelling opportunity in the growing Nhon Trach District, Dong Nai province, strategically located near key existing and upcoming infrastructure developments. It is close to the future Long Thanh International Airport, the Nhon Trach Industrial Park – the largest in Dong Nai — the Long Thanh-Dau Giay Expressway, National Road 51, and the Ring Road 3, which is set to be completed in 2025.

Spanning 44.9 acres, Springville is an integrated mixed-use township with a GDV of USD393 mil (RM1.84bil). It features 426 townhouse/shophouse units and 2,504 high-rise apartments, as well as a clinic, kindergarten, market/neighbourhood centre, public park, social housing, and transportation facilities.

Gamuda Land has been focusing on its QTP strategy in Vietnam in the last two years through the deployment of capital in diversified projects with an exit time frame of 3-5 years, compared to the township strategy with a longer investment horizon of 10-20 years.