A series of long-awaited property projects east of Ho Chi Minh City are set to give the area a huge development boost.

The breaking of ground for the Eaton Park project is a sign of the awakening of the potential land east of Ho Chi Minh City with a series of large transforming projects such as Rach Chiec Sports Complex and the Global City.

Gamuda Land, the property arm of Malaysia’s Gamuda Berhad in December broke ground on the first high-end flagship project east of Ho Chi Minh City, namely Eaton Park.

Set to launch in the second quarter of 2024, Eaton Park is one of the outstanding projects located in the golden land plot in Thu Duc city, which is also home to other outstanding projects.

In November, Ho Chi Minh City People’s Committee Chairman Phan Van Mai assigned the city’s zoning and architecture leaders to collaborate with relevant bodies to organise a competition to choose the ideal design for Rach Chiec Sports Complex.

Located next to Eaton Park, Rach Chiec Sports Complex is another project that has waited for many years due to the difficulties in land clearance and compensation. This move is the latest green light from the city committee to wake up a project in this golden land area.

The Rach Chiec Sport Complex is in a 212 hectare land plot with six subprojects investors are interested in, including an infrastructure system, futsal and sports stadiums, outdoor velodrome and motorbike racing combined with a 50,000 seat stadium, football training institution, and services area.

Meanwhile, the nearby Global City project from Masterise Homes is in its high-seed implementation phase, with a range of construction being finished.

The Global City is a rare project in this area, with a large scale of over 117 ha. The project is designed and planned according to international standards.

Meanwhile, the long-awaited Saigon Sports City (SSC), a project that was to be jointly developed by Keppel Land and Keppel Urban Solutions, was slated to a 64-hectare integrated community-centric township situated in the area.

Envisaged to be Vietnam’s first-of-its-kind sports-oriented township, SSC is now in construction and will feature comprehensive facilities such as a one-stop lifestyle hub for sports, entertainment, shopping and dining offerings, as well as pedestrian-friendly public spaces such as a waterfront boulevard and a multipurpose town plaza.

Two major metro lines near the development will be operating soon and will provide further convenience to residents as well as drive up property values.

In recent years, Thu Duc has become a focus for investment and infrastructure development. There are signs of the city centre being shifted to new economic areas, such as with the development of Long Thanh International Airport, new schools, international hospitals, and commercial centres.

Thu Duc is a magnet with abundant growth potential, and the Ho Chi Minh City High-Tech Park will create a further premise for real estate development in the area.

Dr. Tran Nguyen Minh Hai, a real estate expert in the city, pointed out three reasons why Thu Duc will become the most attractive investment market in Ho Chi Minh City in the next two years.

“Thu Duc is a trillion-dollar infrastructure site with a series of projects that are continuously promoted for investment such as roads, bridges, and intersections. It is not hard for professional investors in the business community in the region to identify the commercial potential and advantages of long-term business development in this area, as a new opportunity to make early investments in the new centre of Ho Chi Minh City,” Hai said.

Investors believe that this area has all the elements to become a place to promote the commercial development of the region, Hai added.

Thu Duc People’s Committee predicts that in 2025 the city will welcome a wave of immigration of more than 50,000 people. By 2030, the population of the entire city could reach about 1.5 million.

Vietnam Investment Review