Mitsubishi taps into Viet Nam's real estate market
Mitsubishi taps into Viet Nam's real estate market
Japan's Mitsubishi Corp will join hands with Vietnamese Bitexco Group to develop a large-scale real estate project worth up to 200 billion yen (US$1.9 billion) in Ha Noi, to meet the increasing demands of Asia's middle class.
The project covers 190ha on Nguyen Xien Street. It is expected to provide about 7,700 condominium units, as well as 1,000 low-rise housing units. It will also include garden space, commercial properties, office buildings and research facilities.
Mitsubishi will sell 240 low-rise units and roughly 1,000 high-rise units in the initial phase, with project costs estimated at about 30 billion yen, the Nikkei Asian Review reports.
The low-rise housing will become available in November, while units in two condominium high-rises will hit the market in early 2017, according to the news website.
Mitsubishi is also developing middle-class housing in other Asian countries, such as China, Indonesia and the Philippines.
