The Binh Trung Dong Ward residential project is an exciting new low-rise housing development located in Binh Trung Dong Ward, Thu Duc City, Ho Chi Minh City. With a total area of 57,700m² and an investment capital of nearly VND 3,748 billion, this project promises to be a significant addition to the area.
The project includes 30,962m2 of rice fields, of which 6,080m2 were granted land-use certificates before 2003 (double-crop rice fields). As per the 2019 Public Investment Law, the project is classified as a new, Group A project (with an investment capital of over VND 2,300 billion) and requires an environmental impact assessment due to its sensitive environmental factors, including the conversion of rice fields.
In 2022, KDH approved the transfer of land-use rights in Binh Trung Dong Ward, Thu Duc City, to its subsidiary, Real Estate Investment and Business Binh Trung Company, for the development of this project. With a total investment of VND 865 billion, the company plans to build 159 low-rise houses on a 57,700m2 area.
The project has received several important approvals, including the technical infrastructure and transport design appraisal from the Ho Chi Minh City Department of Construction in 2021 and the investment feasibility report appraisal for the construction of 159 low-rise houses in 2022. The project was approved by the Binh Trung Company in Decision No. 03/2022/QD-BT dated March 20, 2022, and the Thu Duc City People’s Committee granted the construction permit for technical infrastructure in December 2022.
According to a report by the New Binh Trung Company (dated August 1, 2023), the company contributed capital in the form of land-use rights to establish the New Binh Trung Company, which was registered for land-use right changes by the Ho Chi Minh City Land Registration Office on June 15, 2023. The People’s Committee of Ho Chi Minh City approved the adjustment of the investment policy and approved the investor in Decision No. 3014/QD-UBND dated July 25, 2023. The adjustments included changing the investor’s name to New Binh Trung Real Estate Company and increasing the total investment capital to nearly VND 3,748 billion.
In April 2023, KDH, through its subsidiary International Company, established a new company called New Binh Trung Real Estate Company, with International Company holding a 99.9% stake.
The New Binh Trung Company has a charter capital of VND 3,390 billion, of which VND 3,387 billion, or 99.9%, was contributed by Binh Trung Company in the form of land-use rights for the project in Binh Trung Dong Ward. In July 2023, the group of companies transferred 49% of its capital contribution in New Binh Trung to a partner enterprise for a total value of VND 1,661 billion, resulting in a profit of nearly VND 875 billion.
Mr. Lee Leong Seng
|
As of June 30, 2024, the New Binh Trung Company maintained its charter capital of VND 3,390 billion, with KDH indirectly owning 50.95% and a voting rate of 51%. The company is chaired by Ms. Nguyen Thuy Duong, who is also the Vice President of KDH, and Mr. Lee Leong Seng, the Director of Residential Property Development at Keppel Vietnam and the General Director of The Infiniti project in District 7, Ho Chi Minh City, serves as the General Director.
What does the project entail? The Binh Trung Dong Ward residential project is located in the southeast of Rach Ba Queo, across from which lies vacant land. To the northeast is more vacant land, while the southwest borders Rach Ba Queo, and the northwest borders the residential area project of Van Lang Construction and Housing Business Company.
Project progress as seen on Google Maps, September 14, 2024
|
The project is expected to accommodate approximately 636 residents. The linked housing area with a garden covers 11,020m2 and is expected to house about 344 people in 86 units. The villa area spans 14,107m2 and is designed for approximately 292 people in 73 villas. Construction began in the fourth quarter of 2023, with completion and trial operation expected in the fourth quarter of 2024, and stable operation by the fourth quarter of 2025.
According to KDH’s records, the Binh Trung cluster includes two projects: the Binh Trung Dong Ward residential project (BTĐ1), with a scale of nearly 5.8 hectares mentioned above, and BTĐ2, spanning 6 hectares. Both projects are located near Vo Chi Cong Street in Binh Trung Dong Ward, Thu Duc City, and are being developed in collaboration with Keppel Group (Singapore). The construction of infrastructure for these projects is currently underway.
As of the end of June 2024, KDH’s inventory value for the BTĐ1 project exceeded VND 1,117 billion.
 Villa rendering at the project
|
Thu Minh
The Ultimate Drive: Gumball 3000’s Inaugural Journey to Vietnam – A Convoy of Over 100 Supercars, Traversing 5 Nations, with Celebrities Galore
Alongside providing entertainment, Gumball 3000 demonstrates its commitment to community and charity by organizing a special auction to raise funds for relief efforts in Northern Vietnam, which has been impacted by natural disasters.
The Great F&B Expansion: Vietnam’s Culinary Conquests Abroad
The influx of international F&B brands into Vietnam has been a well-observed phenomenon, but the reverse journey has proven challenging for Vietnamese brands looking to conquer the global market.
Why is Vietnam Spending $1 Billion to Import from Cambodia a Commodity that the Country Exports Top in the World?
In just the first seven months of 2024, Vietnam spent over $1 billion to secure 95% of this commodity from Cambodia.
Deputy Prime Minister: Comprehensive Environmental Impact Assessment of the Can Gio ‘Mega Port’
As the Can Gio port project is associated with Vietnam’s first-ever World Biosphere Reserve, it holds immense value and significance for Ho Chi Minh City and the region. Due to its potential environmental implications, Deputy Prime Minister Tran Hong Ha has emphasized the need for a thorough and comprehensive assessment of its environmental impact.
