Vietnam, Japan realty firms join hands for $150 mln affordable housing project
Two Japanese real estate firms – Cosmos Initia and Koterasu – have teamed up with Vietnamese developer TTCapital Investment for a $150 million affordable housing project in Binh Duong province, southern Vietnam.
The joint venture aims to build 1,000 affordable houses a year for five years, starting with 2,000 units in the province’s Di An town.
Later, it will eye developments with suitable prices and legal conditions in areas surrounding Ho Chi Minh City, which neighbors the province.
Representatives of TTCapital, Koterasu and Cosmos Initia sign a cooperation agreement in Ho Chi Minh City, southern Vietnam, December 5, 2023. Photo courtesy of Thanh Nien (Young People) newspaper.
The joint venture plans to introduce its first products mid-2024, with prices at below VND2 billion ($82,370) per unit for apartments of 50-60 square meters, or about VND35 million ($1,440) per square meter.
A release said the initiative was “a rare spark” in the ailing real estate market in HCMC and nearby areas, with Nguyen Dinh Truong, CEO of TTCapital, noting that land acquisition was especially easier in the affordable housing segment].
For Koterasu, the joint venture is its latest project in Vietnam, where it has been very active in recent years.
In January 2022, Koterasu, Van Xuan Group, a HCMC-based real estate developer, and Tokyo Business Service Capital Vietnam signed a strategic partnership in real estate development.
In September 2023, Koterasu and An Gia Real Estate Investment and Development signed an agreement under which the former would acquire secondary shares of the latter with a total value of $10 million, via put-through or order matching on the stock market.
- Related News
- Read More
New trading system KRX 'not criterion for Vietnam stock market status upgrade'
The new trading system KRX is not a condition required by rating agencies FTSE Russell and MSCI to approve a status upgrade for the Vietnamese stock market, said director of a securities firm.
Finance - Sun, May 5, 2024 | 10:28 pm GMT+7
Poor business results cast shadow over Vietnam real estate developers
A slew of Vietnamese property developers have reported poor business performance in the first months of this year despite signs of recovery in the real estate market.
Real Estate - Sun, May 5, 2024 | 2:00 pm GMT+7
Thailand’s rice exports increase in both numbers, value
Thailand exported 2.46 tonnes of rice in the first quarter of this year, up 19.4% from the same period last year, according to Charoen Laothamatas, president of the Thai Rice Exporters Association.
Southeast Asia - Sun, May 5, 2024 | 1:51 pm GMT+7
Indonesia to grow 2 million hectares of sugarcane for bio-ethanol fuel development
The Indonesian government is implementing preferential policies to develop bio-ethanol fuel in the future, reduce dependence on fossil fuels and protect the environment.
Southeast Asia - Sun, May 5, 2024 | 1:50 pm GMT+7
Rail route connects China, Laos, Thailand, Malaysia
The first China - Laos - Thailand - Malaysia express freight train recently departed from Chengdu, the capital of China’s southwestern Sichuan province, marking a significant milestone in regional trade connectivity.
Southeast Asia - Sun, May 5, 2024 | 1:49 pm GMT+7
Indonesia to launch pilot project on hydrogen-fueled vehicles
Indonesia’s directorate general of New Renewable Energy and Energy Conservation has announced a plan of hydrogen use trials for the operation of buses, trucks, and other heavy-duty vehicles.
Southeast Asia - Sun, May 5, 2024 | 1:48 pm GMT+7
Denmark jewelry maker Pandora to start building Vietnam factory this month
Denmark’s Pandora, the world’s largest jewelry brand by revenue, will begin constructing a $150-million factory in the southern province of Binh Duong on May 16.
Industries - Sun, May 5, 2024 | 10:17 am GMT+7
Vietnamese ministry warns public about online stock market investment scams
Posing as securities experts, several scammers are enticing people to join closed groups on social networks, access web links or install apps for stock investment, the Ministry of Public Security (MPS) warned.
Finance - Sun, May 5, 2024 | 9:27 am GMT+7
Bac Giang province Party chief arrested for abusing power
Duong Van Thai, Secretary of Bac Giang province's Party Committee, has been detained for abusing his positions and power while on duty.
Politics - Sun, May 5, 2024 | 8:07 am GMT+7
Danish brewer maintains Vietnam sales volume despite beer-market dip
The beer market in Vietnam remained difficult with an estimated “mid-single-digit” percentage decline in the first quarter of this year, but Danish brewer Carlsberg managed to maintain flat sales volume.
Companies - Sun, May 5, 2024 | 8:04 am GMT+7
Public investment disbursement must reach 95%: PM
Prime Minister Pham Minh Chinh has asked ministries, agencies and localities to ensure that disbursement of public investment capital reaches at least 95% this year.
Economy - Sat, May 4, 2024 | 10:02 pm GMT+7
Vietnam transport minister orders probe into domestic airfare surge
Transport Minister Nguyen Van Thang has asked the Civil Aviation Authority of Vietnam (CAAV) to investigate recent surges in domestic airfare as concerns mount over their impact on travel demand.
Travel - Sat, May 4, 2024 | 9:47 pm GMT+7
Tech giants keen on semiconductor investments in Vietnam: minister
Many global tech majors have shown keen investment interest in Vietnam’s electronics and semiconductor industries, Minister of Planning and Investment Nguyen Chi Dung said Saturday.
Economy - Sat, May 4, 2024 | 8:33 pm GMT+7
Former Government Office chairman Mai Tien Dung detained
Mai Tien Dung, former head of the Government Office, has been arrested for violations related to an eco-resort and urban project in Lam Dong province.
Politics - Sat, May 4, 2024 | 5:57 pm GMT+7
Agribank brings digital banking experience to remote areas
Agribank is a pioneer bank in investing and providing card and ATM services in Vietnam's agricultural and rural areas, meeting the needs of people in even border areas, islands, and remote areas.
Banking - Sat, May 4, 2024 | 3:50 pm GMT+7
Six miles and beyond: Vietnam draft law sets offshore boundary
Wind power plants with all turbines located six nautical miles beyond the nation’s sea area will be deemed offshore, per draft amendments to the Law on Electricity.
Energy - Sat, May 4, 2024 | 3:35 pm GMT+7
