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CapitaLand launches second phase of Sycamore residential project in Vietnam

/ EdgeProp Singapore |

August 1, 2024 1:05 AM SGT

The 24-storey twin blocks of Orchard Hill at Sycamore in Binh Duong New City will have 774 residential units (Picture: City Development Limited)

Joint venture partners Singapore's CapitaLand Development (CLD) and United Overseas Australia Group launched the second phase of Sycamore, its large-scale residential project in Binh Duong New City. Situated within Binh Duong province, it is 30km from Ho Chi Minh City, the largest city in Vietnam.

The second phase of Sycamore is the twin residential towers of Orchard Hill, with a total of 774 units. The launch of Orchard Hills follows the strong sales achieved in the first phase, when over 70% of the units at the low-rise development, The Orchard, were taken up.

Sitting on an 18.9 ha site, Sycamore will have 3,500 freehold residential units and an estimated 13,000 residents when completed by 2028. The project has a total gross development value (GDV) of over $1 billion (VND 18 trillion).

"As a large-scale project, Sycamore plays a key role in CLD's target to achieve a residential portfolio of 27,000 units in Vietnam by 2028," says Ronald Tay, CEO of CLD (Vietnam). Tay adds that CLD has been in Vietnam for 30 years and has become a trusted developer of choice in the country.

Semi-detached houses at The Orchard, which will be a gated community with a mix of terraced houses, semi-detached and detached villas (Picture: CapitaLand Development)

Sycamore will have a mix of low-, mid-, and high-rise projects that will be launched in phases over time. The Orchard and Orchard Hills are the first two phases. It is also set to become Binh Duong New City's first electric vehicle (EV)- ready development, with all plots supported by EV charging stations.

The Orchard is a gated community on a 9.1ha site. It features a mix of terraced houses, semi-detached, and detached villas with sizes from 90 (969 sq ft) to 370 sqm (3,983 sq ft). Units booked were priced at an average of about VND 100 million psm, which translates to $492 psf. The project is expected to be completed in 3Q2025.

Sycamore's second and latest phase, Orchard Hill, has twin 24-storey towers on a 1.1ha site. The 774 residential units range from one-bedroom apartments of 56 sqm (603 sq ft) to 112 sqm (1,206 sq ft), with duplexes and penthouses. CapitaLand says the units are targeted at nuclear families, newlyweds, and expatriates working in Binh Duong. Orchard Hill is scheduled to launch in 4Q2024 and be completed in 4Q2026.

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