3 Japanese investors join $1bn property project in Vietnam’s Binh Duong
3 Japanese investors join $1bn property project in Vietnam’s Binh Duong
Three major Japanese firms will join a Vietnamese real estate company to develop a US$1 billion urban area project in Binh Duong Province, southern Vietnam.
The ‘The One World’ urban area project, formerly known as the Hoa Lan urban area, will cover some 50 hectares in Binh Duong Province, southern Vietnam upon completion. Photo: Quang Dinh / Tuoi Tre |
The ‘The One World’ urban area project, set to cover some 50 hectares of land at the gateway of the province, was awarded an investment certificate on Wednesday.
Officials from the provincial People’s Committee and Masuo Ono, Consul General of Japan in Ho Chi Minh City, witnessed the signing of a cooperation agreement to pour capital into the project between the Japanese companies and the Vietnamese firm at the Binh Duong Convention & Exhibition Center on the same day.
Vo Van Minh, chairman of the provincial administration, said that the province had issued decisions approving the project and its investors.
The urban area project comes with a price tag exceeding US$1 billion, with three Japanese firms – Sumitomo Forestry, Kumagai Gumi, and NTT Urban Development Company – contributing capital to the project with a combined stake of 49 percent.
Meanwhile, Vietnamese property developer Kim Oanh Group will hold a 51-percent stake in the project.
AEON Vietnam, under Japanese retail group AEON, also announced that it would open a large-scale shopping mall in the projected ‘The One World’ urban area.
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| Japanese firms and a Vietnamese company sign a deal to develop the US$1-billion ‘The One World’ urban area project in Binh Duong Province, southern Vietnam. Photo: Ba Son / Tuoi Tre |
Masuo Ono, Japanese Consul General in Ho Chi Minh City, affirmed that the support from local authorities and the partnership between Vietnamese and Japanese firms will contribute to sustainable development in the province.
The ‘The One World’ urban area project is located in Thuan An City, which borders Ho Chi Minh City.
The underway Ring Road No. 3, designed to connect Ho Chi Minh City and three neighboring provinces Dong Nai, Binh Duong, and Long An, is set to run across the urban area.
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| Vo Van Minh (L), chairman of the Binh Duong People’s Committee, awards an investment certificate to the investor of the ‘The One World’ urban area project in the province. Photo: Ba Son / Tuoi Tre |
Many foreign investors have shown their interest in the real estate market in Binh Duong Province over the past few months.
In particular, Singapore’s CapitaLand broke ground on a $500-million housing project in late February.
Malaysia’s Gamuda Land started work on a shophouse and townhouse project with a total capital of $117 million in the province in August last year.
Japan’s Tokyu Corporation injected over $1.2 billion into the province to develop a real estate project and operate green bus routes in 2023.
