Leading Japanese urban developer Tokyu has launched a strategic partnership with Vietnamese firm Danh Khoi to jointly develop projects in Vietnam, starting with a high rise in Vung Tau town.
Under an agreement signed Wednesday in Ho Chi Minh City, the two firms will cooperate comprehensively in researching and developing real estate projects in Vietnam. They will also share experiences in project development, management, and operations.
Tokyu started considering urban development in Vietnam in 2011 after learning about the plans of Binh Duong province, which borders HCMC, to relocate its administration hub.
In 2012, the Japanese giant set up a joint venture named Becamex Tokyu with Becamex, a major Vietnamese real estate developer, to take part in a mammoth project for the development of the provincial government’s new home - Binh Duong New City.
At present, Becamex Tokyu is still developing key urban facilities including high-rise condominiums, residential areas, and commercial facilities in the Binh Duong New City.
Tokyu and Danh Khoi are working together on design ideas and development of “The Meraki” high-rise, part of the Aria Vung Tau resort complex. Danh Khoi acquired Aria from Cotec Vietnam in 2020.
Envisaged as an iconic property project in the beach town of Vung Tau, about two hours’ drive southeast of HCMC, “The Meraki” would provide 525 apartments to the real estate market in the resort town.
The roughly 400 meters of seashore that Aria accesses is seen as a major advantage for the $42.7 million beachfront project.
Danh Khoi vice CEO Nguyen Huu Quang said the building would have an area of 3,000 square meters, with 29 floors, two basements and a rooftop.
Oh Dong Kun, executive director of Tokyu in Vietnam, said the partnership with Danh Khoi would be a new driving force for the Japanese firm to expand its operations in the country with new projects. Vietnam is considered to have the most vibrant real estate market in Southeast Asia.
Watanabe Nobuhiro, Japanese Consul General in HCMC, called the agreement a win-win deal that lays the foundation for joint work by both firms.