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Sunday, July 21, 2024

Gamuda Land starts construction of Eaton Park’s substructure phase 1

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Malaysia’s leading investor Gamuda Land and its construction partner Unicons just held the groundbreaking ceremony for the substructure works phase 1 of Eaton Park (towers A5 and A6), marking the next important milestone in the construction process. This project is the latest development by this foreign real estate developer in Ho Chi Minh City.  

The event was held at the project premises on Mai Chi Tho Boulevard, An Phu Ward, Thu Duc City (formerly District 2), Ho Chi Minh City, with the participation of local authorities, representatives from business partners, consultants, constructors, and the developer’s staff.

Speaking at the ceremony, Mr. Teoh Chin Siang, General Director of Gamuda Land (HCMC), said: “The preparation and commencement of ground works had taken place back in December last year. After 3 months, Eaton Park has started making its shape on ground as what we can observe today with exceptionally fast construction progress. With the full passion and contribution from our workforce and construction round the clock, we are confident that Eaton Park would soon be completed in accordance with the commitment to customers, and make its skyline standing firm in very near future from now.”

The general contractor assigned to undertake this package is Unicons, one of the largest construction firms in the country, which has been participating in the development process of many prominent large-scale projects such as The Landmark 81, Vinhomes Central Park, and Midori Park. It is known that each component package of Eaton Park must go through an extremely rigid evaluation and bidding process among the leading general constructors in Vietnam, under the control of Gamuda Land Headquarters from Malaysia.

Located in the central area of former District 2 of Thu Duc City, this is one of the projects with the most prime locations in the real estate market in Ho Chi Minh City today. It is situated right in front of Mai Chi Tho Street, only 15 minutes by car from the center of District 1. Covering a total land area of 3.77 hectares, the project is planned with 6 towers ranging from 29 to 39 floors high. It will provide 2,052 products to the market, including 1,968 luxury apartments with 1 to 3 bedrooms, 12 penthouse apartments, 52 podium service stores, and 21 shophouses. The estimated total development value (GDV) is more than US$1.1 billion.

Panoramic view of the bustling Eaton Park construction site from above

Besides its “golden location,” Eaton Park boasts an architectural design inspired by the rhythmic movement of rolling waves and the sculptural language of geological formations. Its noble and elegant appearance will bring pride and honour to its deserving homeowners. With a height of up to 39 floors, once completed, the project will stand as a towering landmark in the eastern skyline of Ho Chi Minh City. It is a home that homeowners can be proud of which is able to be seen from above with the naked eyes.

With enthusiasm and attention to every detail in the master plan, Eaton Park is expected to establish a new standard of urban life. It will bring not only an upscale lifestyle but also a comprehensive, rich, and exciting life, according to the developer.

Although not yet officially open for sale, Eaton Park has caused a stir throughout the Southern real estate market, attracting a lot of attention from real home buyers and investors in recent times. This is the only project on the “golden land” axis at the Eastern gateway to the CBD of Ho Chi Minh City having good legal status being launched at the present.

Eaton Park possesses a prime location and unique architecture

Gamuda Land is one of the prominent foreign investors that has been present in the Vietnamese real estate market for a long time, through many ups and downs. When entering the market in 2007, this developer boldly spent nearly VND8,600 billion in initial investment capital for the 292-hectare Gamuda City urban area in Hoang Mai District, Hanoi, and VND3,600 billion for Celadon City, which is 82 hectares wide in Tan Phu District, Ho Chi Minh City. To date, these two projects have become the most prominent model international green urban areas in these two markets.

Following those successes, Malaysia’s leading real estate enterprise is showing strong ambition to enhance its position in Vietnam with impressive moves in recent times. Specifically, in 2022 alone, Gamuda Land successfully carried out two large-scale M&A deals in a row, causing a stir throughout the southern market. The first is the acquisition of the Artisan Park commercial townhouse project in Binh Duong New City from TDC. This deal is worth up to US$54 million, among the Top 10 most typical M&A deals of the year. Next, Gamuda Land merged with a domestic company to own the Elysian high-end apartment complex project with an estimated GDV of over US$250 million in Thu Duc city, Ho Chi Minh City.

Eaton Park is the third project in a row within 2 years, with land transfer costs alone reaching US$315.8 million (approximately VND7,200 billion). It is known that the condition to convince this famous foreign developer to invest money is, on the one hand, the strategic location of the land, and on the other hand, legally, this project has obtained all necessary licenses to start construction immediately.

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