|
Mitsubishi Estate eyes Vietnam high-end condo market
The Japan-based Mitsubishi Real Estate Group (Mitsubishi Estate) Thursday released the investment plan in high-class apartment market in Vietnam.
The group will cooperate with Singaporean CapitaLand Real Estate Company and GIC Real Estate, under GIC Investment Fund of Singaporean government, to set up a joint venture with total investment capital of about $215 million for making investment in high-class apartment segment in Vietnam.
CapitaLand contributes 50 percent of the total investment capital, while Mitsubishi Estate and GIC Real Estate make up 25 percent each.
The joint venture will kick off construction projects of four high-class apartment blocks with 960 apartments in Mo Lao new urban area in Hanoi's Ha Dong District, and other residential complex of 962 apartments in Ho Chi Minh City’s District 2.
In the future, the joint venture will target large-scale commercial facilities.
Mitsubishi Estate is looking to expand overseas and is aiming to diversify earnings by developing real estate in rapidly growing parts of Asia, in addition to the US and Europe.
Vietnam is enjoying a high rate of growth even among Southeast Asian countries, encouraging real estate firms from neighboring countries to launch housing projects there.
tuoitrenews
|
