Capitalising on Vietnam’s growth: Gamuda Land’s expansion in Southeast Asia’s fastest-growing economy

With foreign direct investment boosting the real estate sector, the market presents growth opportunities for developers with a long-term vision.

The Vietnamese government has also prioritised infrastructure development to enhance connectivity between provinces and key cities. Major projects like the newly opened Ho Chi Minh City metro and Hanoi’s Ring Road No 4 are driving urban expansion and helping to ease population density in congested city centres, further enhancing the appeal of property investments in these hubs. 

Recognising its potential early on, Gamuda Land entered Vietnam in 2007 with its flagship Gamuda City, one of the country’s largest urban developments, spanning 274ha. 

Since then, Gamuda Land has completed Celadon City in Ho Chi Minh City, an 82ha township near Tan Son Nhat Airport featuring 6,600 homes with a gross development value (GDV) of US$1 billion (S$1.37 billion). Chosen for its accessibility and proximity to key business and transport hubs, Celadon City underscores Gamuda Land’s ability to identify high-potential locations and transform them into thriving communities.

The economic impact of Gamuda Land’s developments has been significant. In Celadon City, for instance, land prices have surged in response to long-term planning and infrastructure investments. On Vuon Lai Street, prices have climbed from US$1,172 per sqm in 2016 to around US$1,562 today, while small plots have doubled in value.

Beyond real estate, Gamuda Land’s developments have generated substantial economic spillover effects that benefit local communities. Celadon City alone has created over 10,000 jobs across sectors such as construction, services, education and retail. The township has also strengthened education infrastructure, with five schools now serving up to 10,000 students. These efforts have not only enhanced residents’ quality of life but also fostered a strong sense of belonging and boosted property values.

Building on this success, Gamuda Land has since developed several large projects in Vietnam, including Eaton Park, a luxury mixed-use development in Ho Chi Minh City’s Thu Duc City. Located across the Saigon River in District 2 – a 10-minute drive from the bustling central business district – this sprawling estate boasts a “city within a city” model designed to enhance urban planning. Within eight months of its early 2024 launch, the project surpassed a GDV of US$450 million, underscoring strong market demand. 

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