$36 mln JBIC loan to fund Grade A office building near HCMC metro station
Japan Bank for International Cooperation (JBIC) will loan $36 million to Phuong Nam 3A-1 Real Estate Business and Investment JSC to construct an office building near a Ho Chi Minh City metro station.
The loan, cofinanced with Japan-based MUFG Bank, Ltd., will take the total amount to $60 million, JBIC said in a Tuesday statement.
Leading Japanese urban developer Tokyu Corporation, which holds an indirect investment in Phuong Nam 3A-1, will work with local partner RC Real Estate Development and Finance Corporation (REFICO) and others to develop and operate the office building.
Ba Son station of HCMC's under-construction Metro Line 1. Photo courtesy of To Quoc (Homeland) newspaper.
The building will be located close to Ba Son Station on Ho Chi Minh City Metro Line 1 (Ben Thanh-Suoi Tien), HCMC's first urban railway project, which is under construction.
As one of the few Grade A office buildings in HCMC, the project will contribute to the development of a new international commercial hub, JBIC said.
As a policy-based financial institution, JBIC will continue to provide financial support to Japanese companies in expanding their overseas businesses, it added.
The legal representative of Phuong Nam 3A-1 is Tran Quyet Thang, also chairman of REFICO. REFICO is well known as the developer of many residential, commercial and tourism projects in Hanoi and HCMC.
Thang is as a former board member of Vietnamese broker Vietcap Securities, a position he left in March 2024.
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