This is the second announcement of future home sales this year, with 1,322 units belonging to K1 (Towers A1, A2, A3, and A4). Previously, in July, there were 678 units in the A5 and A6 apartment buildings. Thus, with two batches, the project is allowed to sell all 2,000 units.
Eaton Park, developed by Tam Luc Real Estate Joint Stock Company, is located on a site of nearly 37,700 sq m (with residential land accounting for over 26,200 sq m) in An Phu Ward, Thu Duc City. The project comprises 2,000 apartments, including 1,322 units in Zone 1 (A1, A2, A3, and A4 towers) and 678 units in Zone 2 (A5 and A6 towers).
The project received investment policy approval from the Ho Chi Minh City People’s Committee in January 2021. The Land Use Right Certificate was granted by the Department of Natural Resources and Environment in October 2022, valid until 2072. The construction permit was issued by the Department of Construction in February 2023, with expected completion in Q3 2027.
In the announcement of permission for future home sales, the Department of Construction noted that on November 15, Tam Luc Real Estate Company committed not to mortgage assets as security for the land use right, housing, and other assets attached to the land of the project at any bank or organization or individual.
In mid-July, the developer signed a contract for a guarantee of future home sales with the Bank for Investment and Development of Vietnam (BIDV) – Nam Ky Khoi Nghia Branch, including a maximum guarantee amount of VND 3,500 billion, but not exceeding 70% of the total value of the actual sales and purchase contracts between the investor and each buyer/lessee of future homes in the project (sales and purchase contracts) and not exceeding the amount that the buyer/lessee has prepaid to the investor according to the sales contract by depositing or transferring to the investor’s account at BIDV.
In mid-May 2024, Tam Luc also signed a contract for a guarantee of future home sales with Vietnam Prosperity Joint Stock Commercial Bank (VPBank, HOSE: VPB) within the scope of VPBank’s guarantee for the investor in the sale and lease-purchase of future homes at Eaton Park, with a maximum amount of VND 3,500 billion. The validity of the guarantee limit is 60 days.
Project progress as of October 2024. Source: Unicons
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Located on the frontage of Mai Chi Tho Street, Eaton Park’s six towers position themselves in the luxury apartment segment with a total development value (GDV) estimated at over $1.1 billion. In the first batch released in May, the A5 and A6 apartments were offered at prices ranging from VND 125-145 million/sq m (excluding VAT). Penthouse prices are estimated at VND 18-25 billion/unit; three-bedroom units are priced at VND 9.6-11 billion/unit; two-bedroom units at VND 6-8 billion/unit; and one-bedroom units at VND 4-4.9 billion/unit.
In 2023, through the acquisition of Tam Luc Real Estate for nearly $316 million, Gamuda, a Malaysian real estate giant, officially took over the Tam Luc housing project and renamed it from The Riverdale to Eaton Park.
“Eaton Park Enchants: 99% of Second Batch Sold in a Week”
Nearly all the units in the Eaton Park development, launched in early December, were sold within a week, an extraordinary occurrence in Ho Chi Minh City’s real estate market.
Bamboo Realty – Premier Brokers for Eaton Park
Bamboo Realty is proud to announce that we have been named the Top Agent for the Eaton Park project, and we are thrilled to share that five of our outstanding team members were recognized in the Best Sales Performer category at The Gala Night. This prestigious event, hosted by Gamuda Land on July 28, 2024, at The Grand Ballroom in Landmark 81, celebrated and honored the top-performing sales partners of the Eaton Park project. It was a night of recognition and celebration for Bamboo Realty as we continue to strive for excellence in the real estate industry.
