Sun Group seeks support to accelerate 2 urban area projects in southern Vietnam

Sun Group, a leading real estate developer in Vietnam, on Thursday asked Binh Duong province authorities for more support to speed up its two major urban area projects.

The projects are the Bac An Tay Urban Area and the Dong An Tay Urban Area in Ben Cat town of Binh Duong, Sun Group’s chairman Dang Minh Truong said at a working session with Vo Van Minh, Chairman of the provincial People’s Committee.

The developments will include residential areas featuring apartment buildings and townhouses designed for mixed-use purposes, which will be integrated with commercial and service facilities such as office buildings, shopping centers, supermarkets, and restaurants.

They also feature educational institutions (kindergartens, primary and secondary schools), healthcare facilities, and public infrastructure like parks and green spaces, Truong added.

In response, Minh requested concerned officials to focus on resolving obstacles for the projects so as they can be implemented in line with approved master plans.

Located in An Tay ward and Phu An commune, the Dong An Tay Urban Area has an investment capital of VND13.56 trillion ($533 million), excluding compensation and resettlement costs (VND9.91 trillion).

The 288.84-hectare project is expected to include 7,100 housing units and accommodate around 14,300 residents.

The investor is required to complete the entire construction within 12 years from the date of official investor selection or approval.

Also located in An Tay commune, the Bac An Tay Urban Area is expected to cost a total of VND11.13 trillion ($437 million), including VND8.24 trillion for construction and over VND2.89 trillion for compensation and resettlement.

The project will develop approximately 3,090 housing units across 70 hectares, providing accommodation for about 10,000 people. It is required to be completed within eight years from the date of investor selection or approval.

As of the end of 2024, Sun Group’s consolidated total assets stood at over VND43.26 trillion ($1.7 billion). The group reported an after-tax profit of nearly VND849 billion ($32.7 million) for the year, up 155% year-on-year.

As of December 31, 2024, its long-term work-in-progress assets were recorded at VND3.22 trillion ($124 million), down 27.9% from the previous year.

Tangible fixed assets increased by 44.3%, rising from over VND7.54 trillion in 2023 to more than VND10.87 trillion ($418.82 million).