Japan’s Mitsubishi jointly invests in $1.9 billion real estate project in Vietnam

By Ngoc Tuyen   July 28, 2016 | 07:30 am GMT+7
Japan’s Mitsubishi jointly invests in $1.9 billion real estate project in Vietnam
An illustrative image of The Manor Central Park in Hanoi. Photo by Vietnamplus

Mitsubishi's decision came as demand for housing in Hanoi has risen sharply in recent years.

Japan’s Mitsubishi Corp. has diversified its portfolio in Vietnam by buying into a property development project in Hanoi, which has total investment of $1.9 billion.

The Japanese company has become a partner of Vietnam’s real estate firm, Bitexco Group, after acquiring 45 percent stake in the first phase of the former’s The Manor Central Park project in the Hoang Mai District of Hanoi. Bitexco holds the remaining 55 percent.

A representative from Bitexco told VnExpress that Mitsubishi plans to pour about $285 million to build 240 low-rise buildings and two condominiums with 1,036 apartments in the first phase.

The low-rise housing will be introduced to the market in November this year while the apartments will be on sale next year, Vietnamplus reported Wednesday.

The Manor Central Park will include 17 condominiums with 7,700 apartments and 1,000 low-rise houses. Construction costs are estimated at $1.9 billion.

The project, to be developed on an area of 190 hectares, will include a park (100 hectares), commercial properties, office buildings and research facilities.

Mitsubishi's decision to invest in the project came as demand for housing in Hanoi has risen in recent years. The number of residences sold in the capital doubled to 20,000 last year, according to Vietnamplus.

Bitexco since 2000 has developed various property projects across the country, including the iconic 68-storey Bitexco Financial Tower in Ho Chi Minh City's central District 1.

Mitsubishi Corp. has representative offices in Hanoi and Ho Chi Minh City and a porfolio counting several industrial and commercial projects in Vietnam.

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