Mitsubishi Corporation announced today (23 Jan) that both the company and Nomura Real Estate Co Ltd have acquired a majority share (80%) in Phase 2 of the Grand Park project in Ho Chi Minh City, Vietnam – which is being undertaken by Vinhomes, Vietnam’s largest developer and a subsidiary of the country’s largest conglomerate Vingroup.
Phase 2 of the project will feature a housing development covering 26 ha and over 10,000 condominium units. The total cost has been estimated to reach 100 billion yen, with completion and delivery scheduled for 2022.
The Grand Park project is a township development covering approximately 271 ha in total. Upon completion, it will have offices, residences, sports and commercial facilities, schools, hospitals, and parks, creating a new town for a residential population of approximately 200,000.
The project is located in the District 9 of Ho Chi Minh City, with a distance of about 20 km from the city centre. It offers convenient access to the Long Thanh Highway, Hanoi Highway, and Route No. 3 (to be completed in 2021). City authorities are also promoting the development of high-tech parks and industrial parks in and around District 9.
The project aims to provide Vietnam’s middle class with high-quality housing optimised to local conditions. It will combine Mitsubishi Corporation's collective capabilities (including its real estate expertise cultivated in Southeast Asia and elsewhere), Nomura Real Estate’s expertise in housing and other real estate ventures, and Vingroup’s popularity in Vietnam.
Source: Trade Link Media