Indochina, Kajima launch $1b joint real estate venture
Indochina, Kajima launch $1b joint real estate venture
Indochina Capital and Kajima Corporation officially debuted the Indochina Kajima Development (ICC-Kajima) yesterday, a joint effort to invest $1 billion in the Vietnamese real estate market in the next 10 years.
The joint venture, with a capital contribution ratio of 50:50, will develop high-profile projects around Việt Nam.
Peter Ryder, CEO of Indochina Capital, was quoted by enternews.vn as saying that ICC-Kajima will initially focus on residential and hospitality projects in Ha Noi, HCM City and then Da Nang.
Over the past six months, the two companies examined dozens of potential projects, and in the next 12-15 months, the joint venture will start construction of three to four projects, worth hundreds of millions US dollars in investments, he said.
According to Keisuke Koshijima, senior managing executive officer and general manager of the overseas division of Japanese construction giant Kajima Corporation, Viet Nam's real estate market is regarded as a potential growth market for the region.
Kajima previously participated in developing several projects in Viet Nam, including Tan Son Nhat International Airport, the newspaper reported.
Indochina Capital has established itself as one of Viet Nam's leading real estate developers, and has also made a name for its advisory and finance services.
The company plans to diversify its real estate holdings though ICC-Kajima and Indochina Vanguard Hotels, a joint venture between Indochina Capital and Vanguard Hotels that will initially focus on the major urban areas of Ha Noi, HCM City and Da Nang and ultimately expand into a number of Viet Nam's secondary markets.
