Japanese firms eye VN property sector

Tuesday, Mar 24, 2015 16:12

Representatives of Japanese companies Hankyu Realty and Nishi-Nippon Railroad and Nam Long Investment Company at the signing ceremony in HCM City. — VNS Photo

HCM CITY (Biz Hub) — Japanese companies Hankyu Realty and Nishi-Nippon Railroad on March 24 signed agreements with the HCM City Stock Exchange-listed Nam Long Investment Company to invest in an apartment project.

The two will invest VND125 billion (US$5.8 million) each in the VND500 billion Flora Anh Dao Apartments, which will be completed in 15 months' time, according to Nam Long chairman Nguyen Xuan Quang.

The 16-floor apartment block in District 9 will offer 500 units, a Japanese-style garden, community club, children's playground and other amenities.

Speaking at the signing ceremony, Toshihiro Matsuo, executive officer of Nishi-Nippon's housing division, said the Japanese firms chose to invest because of the project's location in HCM City, which was near Singapore and other ASEAN countries.

He also cited HCM City's high economic growth rate compared with the national average, its growing population, especially of young people, and improving infrastructure.

Nam Long is a leading housing developer in Viet Nam, having sold more than 3,000 affordable units at its Ehome project, he said.

Flora Anh Dao marked the two firms' entry into Viet Nam, he said, adding he expected them to invest more in the housing sector. — VNS

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