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Thai-VN joint venture to develop townhouses
Thailand’s second largest residential developer, Preuksa Real Estate (PS), is expected to sign a memorandum of understanding this week with the Vietnamese automobile producer Hoang Huy Group to set up a joint-venture to develop town houses in the northern port city of Hai Phong.
The joint venture’s first project in Viet Nam will be townhouses built on 10ha in Hai Phong that will sell for 1.5 million baht (US$46,500) to 1.8 million baht ($55,800) each.
The project, targeted at medium-income buyers, will be launched by the fourth quarter of the year.
The Thai developer has adapted its townhouse designs to match the Vietnamese lifestyle, with parking space for motorcycles.
"The design of townhouses that we will launch there will be adjusted from our products sold here to be in line with the Vietnamese way of life and culture, especially exterior design. Interior design and function inside is quite similar to us," Preuksa CEO Thongma Vijitpongpun was quoted by the Bangkok Post as saying.
"We’re confident ours will be better and more modern than the current supply in the Vietnamese market."
Thongma said the company would learn about Viet Nam’s residential market through the first project before developing others.
The company’s management board has also approved a plan to set up two subsidiaries, Preuksa Viet Nam LLC to develop residential projects in Viet Nam, and Preuksa Viet Nam Construction to handle construction jobs. Preuksa Viet Nam LLC will be a joint-venture with Hoang Huy Group.
vietnamnews
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