Leading Japanese property developers jointly explore Vietnam market
HO CHI MINH CITY, NNA - Mitsubishi Estate Group and Tokyu Group will jointly enter the booming property market in Vietnam, the first time that Japan's second and fourth largest developers by revenue have collaborated in the Southeast Asian nation’s estate market.
Becamex Tokyu Co., a joint venture between Japan's Tokyu Corp. and Vietnam's Becamex IDC Corp., and Mitsubishi Jisho Residence Co., a unit of Mitsubishi Estate Co., set up a joint venture last month to launch a condominium development project, "SORA gardens II," next spring in the southern province of Bing Duong, according to a statement on Thursday.
The development of 24 floors, consists of about 560 high-quality condominiums, fitted with smart home systems and other equipment to provide a new living experience, while the lower levels will house commercial premises, according to the statement.
SORA gardens II is expected to commence sales in the summer of 2019, with completion and handover scheduled for summer 2021.
The latest plan follows the success of Becamex’s “SORA gardens I” project, entailing the construction of 406 condominiums, which attracted approximately 600 wealthy people from 28 countries, according to the statement.
The joint venture between Tokyu Group and Mitsubishi Estate Group, which leads the SORA gardens II project, has a paid-in capital of 220 billion dong ($9.4 million). Becamex Tokyo holds a 55 percent stake and MJR Investment Pte. Ltd., a Singapore subsidiary of Mitsubishi Jisho Residence, holds the remaining 45 percent.
Binh Duong has a population of over two million people and ranks third behind Ho Chi Minh City and Hanoi in terms of foreign direct investment, with 3,000 projects, according to Becamex Tokyu.