Tokyu starts realty management business in Vietnam

31, Oct. 2019

An illustrated image of nanoco building in Vietnam. (Image courtesy of Tokyu PM Vietnam)
An illustrated image of nanoco building in Vietnam. (Image courtesy of Tokyu PM Vietnam)

HANOI, NNA - Japanese railway-to-property conglomerate Tokyu Corp. has launched a high-end property management business in Vietnam to capitalize on growing office building and housing demands.

The Tokyu group established two joint ventures in Ho Chi Minh City in March and April and started full-fledged operation on Oct. 1, according to a statement released Tuesday.

The two are Tokyu PM Vietnam Co., an equally owned joint venture between Tokyu and its property management arm, Tokyu Community Corp., with capital of 68.3 billion dong ($2.9 million), and Nozomi Residential Management Joint Stock Co., owned 65 percent by Tokyu PM and the remainder by local firms with capital of 20 billion dong.

Tokyu PM aims at managing a total 80,000 square meters of office buildings and commercial properties by 2022, starting off with the newly built 10-story “nanoco” building with a total floor space of 1,990 sq. meters, its spokeswoman told NNA on Tuesday.

Nozomi specializes in residential buildings, aiming at contracting a total of 12,000 units by 2022, initially managing two condominiums.

The units' launch in Vietnam is the second overseas business for Tokyu Community based in Tokyo after establishing a local arm in Indonesia in 2017. (NNA/Kyodo)