Nishinippon Railroad Company (Nishitetsu) announced it will begin a joint condo development project in Ho Chi Minh City, Vietnam with Osaka-based Hankyu-Hanshin Holdings and a major Vietnamese property developer. The three companies will invest ¥2.8 billion to build a 15-story, 500-unit condo about 10 km outside of downtown Ho Chi Minh City. The average floor area of each unit will be 57 m2 and the target market is upper-middle class families whose heads of household are in their thirties and forties. The units will cost ¥5~8 million and the building is slated for completion in July 2016. An official from Nishitetsu said the company plans to accumulate condo development know-how in Vietnam before moving into Singapore and other fast-growing Southeast Asian countries. Source: Nishinippon Shimbun 3/23
(photo for image purpose only – not directly related)
