A visualisation of Eaton Park in Thu Duc City, Vietnam.
VIETNAM: Regional property developer Gamuda Land has hit a milestone with its Eaton Park development in Thu Duc City, Ho Chi Minh City, Vietnam. Launched in May 2024, the project has exceeded a gross development value (GDV) of RM2bil within eight months. Phase 1 sold out in two days while Phase 2 launched in December saw bookings six times higher than available units, reflecting strong market confidence.
“Achieving RM2bil GDV in less than 10 months reflects both the market’s confidence in our vision and the strength of Vietnam’s economy, which is projected to grow by 6.5% to 7% in GDP and see a 13% rise in foreign direct investment (FDI) in 2024,” said Gamuda Land chief executive officer Chu Wai Lune.
“This success also shows the effectiveness of Gamuda Land’s Quick Turnaround Project (QTP) strategy. By investing in high-demand projects with a clear exit plan within three to five years, we’ve sped up our return-on-investment cycle, cutting it in half compared to the traditional township model approach,” he continued.
Eaton Park spans 9.1 acres and is located just 6.5km from the central business district. The development benefits from ongoing infrastructure projects, including the upcoming Metro Line No 1. Property prices in the area have increased by an average of 42% annually since 2020, ensuring long-term value growth.
The project features eco-friendly designs with expansive windows and over 60% dedicated to green spaces, earning EDGE green building certifications. Following Eaton Park's success, Gamuda Land is also developing The Meadow and Springville.
“Vietnam remains central to our regional strategy, driving 60% of our overseas sales. With a robust pipeline of developments, including five ongoing QTP projects in Ho Chi Minh City, we are committed to delivering value-driven, sustainable communities,” said Chu.
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