Gamuda Land, a regional property developer, has reached a major milestone with its Eaton Park development in Thu Duc City, Ho Chi Minh City, Vietnam. In just eight months since its launch in May 2024, the project has surpassed a Gross Development Value (GDV) of RM2 billion. Phase 1, launched in May, sold out in just two days. Following this success, Phase 2 was launched in December, with bookings six times higher than the available units, showing strong confidence in Gamuda Land’s vision and execution.
“The rapid take-up of Eaton Park’s units shows the trust homeowners and investors have in our developments,” said Chu Wai Lune, Chief Executive Officer of Gamuda Land. “Achieving RM2 billion GDV in less than 10 months reflects both the market’s confidence in our vision and the strength of Vietnam’s economy, which is projected to grow by 6.5% to 7% in GDP, the highest in ASEAN, and see a 13% rise in FDI in 2024.”
“This success also shows the effectiveness of Gamuda Land’s Quick Turnaround Project (QTP) strategy. By investing in high-demand projects with a clear exit plan within 3 to 5 years, we’ve sped up our return-on-investment cycle, cutting it in half compared to the traditional township model approach. This strategy helps us provide strong value to the market while ensuring sustainable growth across our portfolio.”
Strategic Location and Growth Potential
Located just 6.5 kilometres from the central business district, Eaton Park spans 9.1 acres and is the most centrally located development site amongst Gamuda Land’s portfolio of six projects in Ho Chi Minh City. Eaton Park benefits from significant infrastructure investments and urban expansion, including the soon to be operational Metro Line No. 1, situated adjacent to the development.
According to Savills, property prices in the former District 2, now part of Thu Duc City, have risen by an average of 42% annually since 2020. This upward trajectory is expected to accelerate further with major infrastructure projects set to be completed between now and 2026. For high-end developments like Eaton Park, this trend ensures robust medium- and long-term value growth, making it an attractive choice for both homeowners and investors.
Innovative Design Meets Sustainability
Eaton Park’s appeal lies in its exceptional design and eco-conscious approach. With expansive windows, large balconies, and ceiling heights of up to 3.5 metres, the apartments offer breathtaking views of the city skyline and surrounding greenery. Over 60% of the development is dedicated to green spaces and community amenities, ensuring a harmonious living environment.
The project’s unique tower design, with its asymmetrical shapes blending into green spaces, reflects Gamuda Land’s focus on great architecture and sustainability. Additionally, the development has earned EDGE green building certifications from the International Finance Corporation (IFC), meeting global environmental efficiency standards. This sets Eaton Park’s position as one of the most sought-after developments in Thu Duc City.
Gamuda Land’s Continued Expansion in Vietnam
Following the success of Eaton Park, Gamuda Land is building on its momentum with other high-profile developments. The Meadow, located in Binh Chanh District, has already launched, with the first phase fully sold out. The second phase is set to launch this coming January. Additionally, Springville, strategically positioned near the upcoming Long Thanh International Airport, is slated for launch in 2025. These projects underscore Gamuda Land’s ability to identify and cater to high-demand markets effectively.
“Vietnam remains central to our regional strategy, driving 60% of our overseas sales,” said Chu. “With a robust pipeline of developments, including five ongoing QTP projects in Ho Chi Minh City, we are committed to delivering value-driven, sustainable communities.”
Looking ahead, Gamuda Land’s regional expansion plans include an investment of RM7.1 billion over the next five years, targeting a total GDV of RM19 billion. The company aims to achieve 40% of its global sales from Malaysia, 45% from Vietnam, and 15% from other markets such as the UK and Australia.
For more information about Gamuda Land, visit gamudaland.com.my
