Daiwa House Joins Japanese, Vietnamese Firms to Launch "Midtown Project"
OSAKA, Japan, Oct. 6, 2015 /PRNewswrie/ --
- Japanese Firms Partake in Real Estate Development in Vietnam's Phu My Hung Area for First Time -
Daiwa House Industry Co., Ltd. (hereinafter "Daiwa House"), Nomura Real Estate Development Co., Ltd. (Head office: Shinjuku-ku, Tokyo, President: Seiichi Miyajima, hereinafter "Nomura Real Estate"), and Sumitomo Forestry Co., Ltd. (President and Representative Director: Akira Ichikawa; Head Office: Chiyoda-ku, Tokyo hereinafter "Sumitomo Forestry"), will collaborate with a major local developer, the Phu My Hung Development Corporation (hereinafter, Phu My Hung Co.), to launch the "Midtown Project" (provisional name), a real estate development project in Phu My Hung, District 7 in Ho Chi Minh City in the Socialist Republic of Vietnam (hereinafter, Vietnam). (*1)
The "Midtown Project" is a plan to sell condominiums in the Phu My Hung area in two phases. The project calls for the development of a total of approximately 2,100 units. Phase 1 development will involve the development of five condominiums offering approximately 1,100 units. This phase will be followed by development for Phase 2.
In the Phu My Hung area where Phu My Hung Co. conducts real estate development, this will be the first real estate development project by Japanese companies.
(*1) Currently filing for investment registration certificate (IRC), etc. (as of September 29, 2015).
Points
- First development by Japanese companies in "Phu My Hung Area," Vietnam's largest affluent residential area.
- Large-scale project will offer 1,100 units in five condominiums (Phase 1).
- Main target customers are company executives, senior professional people(*2) and expatriates in Vietnam.
(*2) Accountants, lawyers and medical doctors, etc.
- Background behind project launch
Together with Sojitz Corporation and Kobelco Eco-Solutions Co., Ltd., Daiwa House has been involved in industrial park development and facility construction in Dong Nai Province in southern Vietnam since 2011. Since 2012, Daiwa House has operated an outsourcing business in the capital city of Hanoi. In March 2015, Nomura Real Estate established Nomura Real Estate Asia Pte. Ltd. as a local subsidiary in Singapore to serve as a base of operations for real estate development in Southeast Asia and from which to create business opportunities. In 2010, Sumitomo Forestry established Vina Eco Board Co., Ltd. as a local subsidiary in Vietnam to begin the manufacturing and sale of particle boards. (*3)
(*3) Particle board is an engineered wood product, which is formed mainly from wood particles by hot pressing with adhesives.
As Vietnam continues to enjoy economic growth, the need for condominium housing is growing. And with the enactment of the Revised Housing Act in July 2015, the restrictions on real estate purchases by foreigners have been eased, which is expected to lead to further growth in the housing market.
Daiwa House, Nomura Real Estate, and Sumitomo Forestry partnered with major local developer Phu My Hung Co. to launch a condominium development project targeting company executives, senior professional people and expatriates in Vietnam.
Phu My Hung Co. began a major urban development project in District 7 of Ho Chi Minh City in 1993. Today, the area stands as the most developed district in Ho Chi Minh City. We will combine the knowledge and know-how of Daiwa House, Nomura Real Estate, and Sumitomo Forestry with Phu My Hung Co.'s experience in the Vietnam to provide high-end value-added residential living unlike anything the region has ever seen.
Daiwa House, Nomura Real Estate, Sumitomo Forestry and Phu My Hung Co. will use this project as a launching point for future business expansion.
- Project overview (Phase 1)
| Name: |
"Midtown Project" (provisional name) |
| Location: |
District 7, HCMC, S.R. Vietnam |
| Phase 1 units: |
Approx. 1,100 units (Phase 1 & 2 total : Approx. 2,100 units) |
| Phase 1 land area: |
Approx. 28,000 square meters |
| Phase 1 GFA: |
Approx. 180,000 square meters |
| Structure: |
Reinforced Concrete |
| Floor plans: |
2 bedrooms, 3 bedrooms |
| Construction period: |
January 2017 - November 2019 (planned) |
| Start of sales: |
January 2017 (planned) |
| Total investment: |
approx. US$220million |
About Daiwa House Industry Co., Ltd.
Head Office: Osaka
President: Notake Ohno
SOURCE Daiwa House Industry Co., Ltd.
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