(Construction) - Becamex Tokyu, a subsidiary of Japanese railway company Tokyu Corporation, and NTT Urban Development Co., Ltd. have established a joint venture in Vietnam to construct 1000-unit condominiums "Midori Park The Glory" in Binh Duong New City, Binh Duong Province.
|Japan’s Tokyu to build Condo in Binh Duong, Vietnam|
The companies announced on October 7th that construction will start in December. It has 24 floors and the total floor area of 130,000 square meters. It is scheduled to be completed in 2023. It was designed by FUJINAMI CONSTRUCTION CONSULTANT, and the contractor is soon to be selected.
Tokyu has been developing urban functions such as housing, commercial facilities, schools, and medical facilities since 2012 in Binh Duong's New City, which has total area of 1000 hectares in suburban Ho Chi Minh City. NTT Urban Development is participating in real estate development projects in the United Kingdom and the United States, making it the first project in the Asian region. The company and Becamex Toku established "H9BC INVESTMENT" in July. Becamex Tokyu has 70% of the stake, and NTT Urban Development Group's "NTT UD ASIA" has 30%. Taking advantages of their technological capabilities and know-how, the companies will promote high-value urban development. Becamex Tokyu is co-invested by Becamex, the local real estate developer of Vietnam.
Midori Park The Glory targets the upper middle class, adopting a high-class design and enhanced common facilities. The condominium occupies 48-108 square meters. It will be sold from about 7.5 million yen per room. (2020/10/08)
The Daily Engineering and Construction News of Japan