Japanese real estate company and railway operator, Tokyu Corp., has set up a joint venture with Vietnam-based developer, Becamex IDC Corp., to build a Japanese town in Binh Duong, Ho Chi Minh City.
The partnership was formed in March 2011 after the company got the attention of top officials from Binh Duong during the development along the Denentoshi Line. Tokyu initially planned to construct high-rise buildings for 1,500 households by 2014. Other residential structures, office buildings, commercial establishment and schools are expected to be finished on the 110 hectare of land by 2012.
According to reports, the cost of high-rise units will be priced at 8-12 million yen targeting companies and Japanese executives working near the venue, an industrial zone where a large number of Japanese companies operate.
Aside from the said structures, Tokyu is also planning to have a bus network that will lead potential clients in the area in southern Vietnam. According to Shiro Yazawa, spokesman for Tokyu Corp., they are focusing on a Japanese-style town which will be the first of its kind for Tokyu. The company is also continuously looking for business opportunities in Vietnam and in other South Asian countries. It is said that more development projects are on its way in the coming years.
