Realty firm Phat Dat begins work on central Vietnam urban area

Phat Dat Real Estate Development JSC has begun work on the VND2.34 trillion ($95.33 million), 43.16-hectare Bac Ha Thanh urban area in the central province of Binh Dinh.

In a Thursday announcement, Phat Dat, listed on the Ho Chi Minh Stock Exchange (HoSE) as PDR, said it received the land and construction certificates from provincial authorities in October.

With a prime location in downtown Tuy Phuoc district next to National Highway 19, the project, also under Quy Nhon town’s Northwestern expansion plan, is highly rated for its connectivity with Binh Dinh province’s key areas and well-developed traffic infrastructure.

With Binh Dinh designed to become a hub of maritime economy, science, technology and tourism, as also a linkage between Vietnam’s central coastal region and north-central region, the new urban area will provide easy access to the province’s craft villages, eco-tourism areas, sea-based tourism spots and industrial clusters.

While Binh Dinh province is facing a shortage of large-scale projects with completed plans and utilities, the Bac Ha Thanh project is expected to supply a diversity of products to fulfil high demand among residents of Binh Dinh and other localities in Vietnam’s central and Central Highlands regions.

Another advantage is that the project is located on the banks of the Ha Thanh river, which, apart from aesthetic factors, also corresponds to fengshui requirements.

Following the global trend of eco-friendly urban areas, the project will have plenty of greenery suiting the locality and will promote local values in many aspects. Together, the riverside location and traditional values combined with modern living spaces will make this project an ideal long-term investment for customers.

PDR has affirmed the project is a top priority expected to fetch large revenues that will facilitate further development of strategic projects. The firm will focus on building licensed sections to put them on the market as soon as possible, senior executives of the firm said.

In upcoming developments next year, PDR is set to develop mega projects in the southern provinces of Binh Duong and Ba Ria-Vung Tau, and the central city of Danang. With large land banks in highly sought after markets, PDR stands ready to deploy projects at a rapid pace as soon as the real estate market recovers, the execs added.