The joint venture between Becamex IDC (stock code BCM) and CapitaLand (Singapore) has commenced the constructi...
The joint venture between Becamex IDC (stock code BCM) and CapitaLand (Singapore) has commenced the construction of the first phase of the Sycamore project with a scale of over 18,000 billion Vietnamese dong in Thu Dau Mot City, Binh Duong province.
The Sycamore Binh Duong project covers an area of 18.9 hectares with a total investment of 18,330 billion dong.
On February 28, the joint venture between Becamex IDC (stock code BCM - HoSE exchange) and CapitaLand Group (Singapore) held a groundbreaking ceremony for The Orchard zone within the Sycamore Binh Duong project.
This project covers an area of 18.9 hectares, located in Phu My Ward, Thu Dau Mot City, Binh Duong Province, with a total investment of 18,330 billion dong. The project consists of 7 zones, offering approximately 3,700 townhouses, villas, and apartments to the market. Specifically, The Orchard zone comprises 368 units (90 - 370 m2 per unit).
CapitaLand is one of the largest real estate groups in Asia. In the Vietnamese market, the group has been developing over 16 high-end residential projects, mainly in Ho Chi Minh City, such as Zenity (District 1), De La Sol (District 4), d'Edge Thao Dien (Thu Duc District), The Vista (Thu Duc District)...
Meanwhile, Becamex IDC primarily operates in industrial park development, civil real estate, and infrastructure. In the civil real estate sector, Becamex IDC holds a land bank of up to 3,100 hectares in Binh Duong province; among which, the remaining commercial land area ready for exploitation is 1,000 hectares.
Becamex IDC has also collaborated with CapitaLand Group in previous projects. In mid-December 2023, the Binh Duong Provincial People's Committee allowed Becamex IDC to transfer the New Urban Area Project (on lots B8, B9, B10, B12, B13, B14, B15) within the Service - Urban Complex Industrial Park of Binh Duong (also known as Tan Thanh Binh Duong mixed-use urban area), in Hoa Phu Ward, Thu Dau Mot City, to Sycamore - a company under CapitaLand. The total investment for this project is 13,645 billion dong.
Trading volume and price trend of Becamex IDC's BCM shares from the beginning of 2023 to present. (Source: TradingView)
The deal is believed to have contributed to an "impressive" business performance in 2023 for Becamex IDC. Specifically, Becamex IDC recorded total revenue of nearly 8,200 billion dong and after-tax profit of over 2,441 billion dong, increasing by 25% and 43.5% respectively compared to 2022. This is also the highest profit level in 8 years for Becamex IDC.
Previously, at the Annual General Meeting of Shareholders in 2023, the leadership of Becamex IDC stated that the transfer of the New Urban Area Project to CapitaLand Group could help the company achieve revenue of $242 million (about 6,000 billion dong) and a profit of 2,000 billion dong in 2023.
In the stock market, as of February 27, the closing price of BCM shares reached 63,400 dong per share.
Via Tap chi Cong thuong