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HO CHI MINH CITY, VIETNAM, Jan 23, 2020 - (JCN Newswire) - Mitsubishi Corporation and Nomura Real Estate Co., Ltd. have agreed to jointly participate in a housing development project in Ho Chi Minh City, Vietnam. The project falls within a larger development called the "Grand Park Project" which is being undertaken by Vinhomes, Vietnam's largest real estate developer.
The GP Project is a township development project (All blocks to be completed in 2023) covering approximately 271 hectares in total. Its objectives are to develop offices, residences, sports and commercial facilities, schools, hospitals, and parks, thereby creating a new town with a residential population of approximately 200,000 people. It is located in the 9th district of Ho Chi Minh City, with a straight-line distance of approximately 20 km (40 min. by car) from the center of Ho Chi Minh City. and has convenient access to the Long Thanh Highway, Hanoi Highway, and Route No. 3 (to be completed in 2021). City authorities are also promoting the development of high-tech parks and industrial parks in and around the 9th district.
MC and Nomura Real Estate acquired a majority share (80%) in Phase 2 of the GP Project, which covers 26 hectares and over 10,000 units of condominiums. The total project cost of Phase 2 has been estimated at 100 billion yen, with completion and delivery scheduled for sometime in fiscal year 2022).
Vinhomes is Vietnam's largest real estate company and a core subsidiary of the country's largest conglomerate, Vingroup. Its main businesses are condominium development and leasing of residential properties, and it has a strong track record in township development.
As announced in Midterm Corporate Strategy 2021, MC is strengthening its service and downstream businesses to optimize its business portfolio. Through this project, MC aims not only to develop condominiums, but also to combine various services and functions that will enhance the town's value and its own urban-development operations.
Nomura Real Estate Group has positioned the overseas business as one of its growth fields. Under its new medium- to the long-term management plan, which runs until March 2028, the company plans to invest approximately 300 billion yen in overseas businesses. Meanwhile, Nomura Real Estate is looking to aggressively expand its own overseas businesses, both by breaking into new countries and stepping up developments in countries where it already has a strong presence, such as Thailand, Vietnam, the Philippines, and China.
The objective of this project is to provide Vietnam's middle class with high-quality housing optimized to local conditions. It will combine MC's collective capabilities (including its real estate expertise cultivated in Southeast Asia and elsewhere), Nomura Real Estate's expertise in housing and other real estate ventures, and Vingroup's high trust in Vietnam. Looking forward, MC and Nomura Real Estate will pursue opportunities to develop smart cities that take full advantage of the latest technologies and facilities, thereby generating economic, societal and environmental value through its businesses.
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Real Estate & REIT
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From the Asia Corporate News Network
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