Gamuda Land’s Eaton Park in Vietnam achieves RM2 bil GDV in eight months

• Eaton Park is located 6.5km away from HCMC central business district. The 9.1-acre development offers 1,968 exclusive apartments, 12 penthouses, 51 podium shops, and 21 shophouses across six towers.

KUALA LUMPUR (Dec 12): Gamuda Land, the property division of Gamuda Bhd (KL:GAMUDA), announced that Eaton Park, its latest mixed-use development located at Thu Duc City, Ho Chi Minh City (HCMC) in Vietnam, has surpassed a gross development value (GDV) and total sales of more than RM2 billion in eight months since its maiden launch in May.

Eaton Park is located 6.5km away from HCMC central business district. The 9.1-acre development offers 1,968 exclusive apartments, 12 penthouses, 51 podium shops, and 21 shophouses across six towers. It is the most centrally located development site among Gamuda Land’s portfolio of six projects in HCMC. 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.

The first phase of Eaton Park was fully sold within two days of the launch. Following the success, the developer launched the second phase in December, with bookings six times higher than the available units.

“The rapid take-up of Eaton Park’s units shows the trust homeowners and investors have in our developments. 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 [gross domestic product], the highest in Asean, and see a 13% rise in FDI [foreign direct investment] in 2024,” said Gamuda Land CEO Chu Wai Lune in a press statement issued on Wednesday.

He attributed the success of the project to the effectiveness of Gamuda Land’s Quick Turnaround Project (QTP) strategy. “By investing in high-demand projects with a clear exit plan within three to five 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.

“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,” the developer revealed.

Following the success of Eaton Park, Gamuda Land is building on its momentum with other high-profile developments in Vietnam, such as Meadow, a low-rise residential development located at Binh Chanh District and its first phase was fully sold. The second phase is set to launch this coming January; and Springville, a 18.2-hectare mixed-use township development located near the upcoming Long Thanh International Airport, which is slated for launch in 2025.

“Vietnam remains central to our regional strategy, driving 60% of our overseas sales. With a robust pipeline of developments, including five ongoing QTP projects in HCMC, we are committed to delivering value-driven, sustainable communities,” said Chu. 

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.

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