Photo: The Company/Courtesy
Leading real estate corporation developing new HCMC complex with Japanese investors.
The Phu My Hung Development Corporation, one of Vietnam’s leading real estate companies, has recently introduced its Midtown complex project, which it is developing in a joint venture with three Japanese investors - Daiwa House Industry Company, Nomura Real Estate Development Group, and Sumitomo Forestry Company - in the south of Ho Chi Minh City.
This is the first condominium project where Phu My Hung has worked with renowned real estate corporations from Japan, in the Phu Hung Thai JSC joint venture.
“This is the most expensive project built by Phu My Hung for three years,” a representative from Phu My Hung Corporation told VET. She did not, however, give specific investment figures for the project. “The complex will be completed within 2019,” she said.
The project is aimed at the luxury customer segment. Most construction materials are imported from Europe and all design and construction units come from leading companies in the region.
Phu My Hung Midtown is located on the two main boulevards of Nguyen Luong Bang and Tan Phu in the Phu My Hung urban area. The strategic location links the busy international and commercial area with the high-end Nam Vien residential area.
With an administrative area, schools and multi-function buildings (an office, hotel and service complex), Phu My Hung Midtown also boasts a large green space.
The complex has four buildings connected together on a total area of 56,331 sq m. Residents have access to conveniences such as a swimming pool, a barbecue area, a garden and yoga space on the rooftop terrace, a library and rooms for community activities.
The investors have set aside a strip of land next to the northern river bank for Sakura Park, which is being built in line with the idea of cherry blossom parks in Japan. There will also be a play area for children and a multi-purpose sports field.
“We aim to make the Midtown complex a public space similar to that in The Crescent and be a new landmark in Ho Chi Minh City,” the company representative said.
Founded in 1955, Daiwa House Industry Company is Japan’s largest homebuilder, specializing in prefabricated houses. It also is engaged in the construction of factories, shopping centers, and healthcare facilities, and the management and operation of resort hotels, golf courses, and fitness clubs.
The Nomura Real Estate Group is one of the largest real estate investment management companies in Japan, with over $8.4 billion in assets under management.
The Sumitomo Forestry Company is a comprehensive housing and wooden products corporation engaged in various housing-related businesses, such as wooden custom-housing and building materials manufacturing, distribution and sale via a global network.