Sun Casa Square, one of the final legally complete projects in the area, is attracting the attention of investors.
Macro Drivers: Binh Duong Enters a New Phase of Growth
According to the General Statistics Office of Vietnam, the country’s GDP in the first half of 2024 reached 6.42%, marking a significant recovery from the gloomy period in 2023. Notably, Binh Duong’s GRDP in 2024 is expected to surge by approximately 7.5%, while the urbanization rate has already surpassed 85% (Binh Duong Statistics Office, Q1/2024)
The next boost comes from FDI: In the first quarter of 2025, Vietnam attracted $4.96 billion in foreign investment, a 7.2% increase compared to the same period last year. Specifically, Binh Duong’s cumulative FDI by the end of 2024 reached $42.4 billion, placing it among the highest in the country.
Scarcity of Clean Land in the Industrial Core
The simultaneous enforcement of three new laws (Land Law, Housing Law, and Real Estate Business Law) from August 1, 2024, is tightening the conditions for new project deployments. In this context, urban areas with ready legal frameworks and clean land resources like Sun Casa Square have become a rare commodity.
VSIP – a joint venture between Becamex and Sembcorp – is currently one of the few investors ensuring progress, legal compliance, and high occupancy rates. For instance, Sun Casa Central has witnessed a price increase of roughly 30% just three years after its completion, with rental yields surpassing 5% per annum. Furthermore, some villas are rented out with specific furniture requirements for up to VND 35 million per month.
Breakthrough Infrastructure: Ring Roads 3 and 4, Metro, and National Highway 13 for Inter-regional Connectivity
Strategically located within the VSIP II Industrial Park, the Sun Casa Square project directly benefits from the key infrastructure developments in the southeastern region of Binh Duong.
Notably, the Ring Road 3, which commenced construction in mid-2023, will significantly reduce travel time from VSIP II to Thu Duc City to around 55 minutes, down from the current 90 minutes, upon completion. Meanwhile, Ring Road 4 has also been included in the construction plans, with the section passing through Binh Duong undergoing land clearance and PPP investment attraction.
In parallel, the Suoi Tien-Binh Duong Metro project, spanning approximately 29 kilometers, is expected to break ground in 2027 and be completed by 2031. The nearest station to VSIP II is planned in Vinh Tan Ward, less than 3 kilometers from the project, and is anticipated to substantially enhance regional connectivity.
Additionally, the two main roads, National Highway 13 and DT742, are undergoing upgrades, including lane expansion and intersection improvements, to strengthen the connection between VSIP II and Thu Dau Mot City, as well as neighboring urban areas such as Ben Cat and Bac Tan Uyen.
The completion of this infrastructure not only increases land values but also stimulates residential demand in the area.
Ring Road 3 Route. Graphic: Khanh Hoang
VSIP II Occupancy Rate and Real Housing Demand
In the VSIP II urban area, over 1,200 townhouses have been introduced to the market, with a completion rate of 93.82%. This area has garnered significant interest from investors due to its advantage of being adjacent to a large-scale industrial park, which employs tens of thousands of engineers and experts, thereby creating a sustainable demand for the townhouse segment.
The neighboring Sun Casa Central project has already achieved over 50% occupancy. With the presence of an established community, new products like Sun Casa Square are assessed to be commercially viable immediately, without the need to wait for population accumulation.
Ocean Park at Sun Casa Square Project
Mid to Long-Term Prospects: Population Decongestion from Ho Chi Minh City and Northern Urbanization
Effective from September 1, 2025, the policy to merge Ho Chi Minh City, Binh Duong, and Ba Ria-Vung Tau will take effect. Accordingly, Tan Uyen is envisioned to become a population decongestion area for Ho Chi Minh City’s eastern region. Along with the completion of Ring Roads 3 and 4, the VSIP II area will no longer be a peripheral region but will transform into a pivotal link between the central urban area and the northern industrial economic belt.
Sun Casa Square Project
As per the master plan, by 2030, this area could accommodate an additional 600,000-650,000 residents, mainly comprising experts and young workers, who represent a substantial group of homebuyers with genuine housing needs.
Expert Assessment
According to Mr. Nguyen Van Loc, a planning expert in the Southeast region: “In the satellite city model, areas like Tan Uyen – VSIP will play a crucial role, similar to that of Eastern Saigon a decade ago. Infrastructure development precedes land price increases. Projects with completed legal frameworks, established communities, and favorable locations will have a distinct advantage in this new race.”
