Vietnam Singapore Industrial Park Joint Venture, or VSIP JV, which is well known as an industrial real estate developer in Vietnam, celebrated the structural topping-out of its first ever residential development in the country last week.
The Habitat Binh Duong is located at the gateway to VSIP 1 at Huu Nghi avenue in the southern province of Binh Duong’s Thuan An district. The project has been undertaken by VSIP-Sembcorp Gateway Development Company Ltd.
According to Nguyen Phu Thinh, general director of VSIP JV, the development is part of VSIP’s integrated township and industrial park concept. The aim here is to allow communities to flourish near their workplace, and to provide a safe haven for their families.
“Previously, tenants have used leased land to set up facilities and accommodation for their workers. As VSIP pursues the new concept, we decided to develop residential projects in line with our standards to provide complementary services and amenities for the people working in the park,” Thinh said. “Once the Habitat Binh Duong becomes successful, we will replicate this model in other VSIPs nationwide.”
The initial phase of the Habitat Binh Duong comprises two high-rise towers with 267 units offering two- and three-bedroom units, ranging from 58 to 103 square metres, and 15 dual-key apartments.
Designed by Singapore’s award-winning RSP Architects, the project has the distinction of being the only residential development with dual-key apartments which comprise two separate units within: a two-bedroom unit and a studio unit.
Daniel Lim, general director of RSP Architects Planners and Engineers Vietnam, said that “these apartments provide flexibility for a family to live together with their parents while maintaining privacy. Alternatively, they allow the owner to live in the larger unit and generate rental income from the studio unit at the same time.”
Although this residential development caters to the mass market segment, VSIP also provides many value-added facilities, including a swimming pool, a gym, and security features for each tower.
In addition, with more than 30 per cent of the site set aside for landscaping, the residences are nestled in an aesthetically pleasing environment. The garden itself is artfully designed with clusters of flowers accentuating a wide selection of lush foliage.
Residents of the Habitat Binh Duong are offered peace of mind by virtue of the gated development’s security guardhouse, closed-circuit television cameras in public areas, and card-controlled access to the two high-rise towers. The apartments come with amenities and standards befitting a premium condominium.
The story of VSIP is similar to Singapore’s early years: creating jobs for the people and homes in safe environments for communities to spread their roots and raise their families; encouraging provincial growth with wealth that is funnelled back into the community to improve infrastructure such as schools and hospitals; and finally, fostering environments where businesses can flourish and investments can pour in.
VSIP is a joint venture between Vietnam’s Becamex IDC Corporation and a Singaporean consortium led by Sembcorp Development. There are seven VSIPs nationwide with a total area of 6,153 hectares of land. The VSIPs are integrated townships and industrial parks. There are about 616 tenants employing 160,000 workers, and boasting a combined investment capital of more than $8.5 billion.
By Thanh Van / Vietnam Investment Review