Mitsubishi teams up with Vietnamese developer Bitexco for realty JV

Rendering of the completed The Manor Central Park project.

Tokyo-based Mitsubishi Corporation will join hands with Vietnamese property developer Bitexco in a joint venture to develop a residential development project in Hanoi.

The project is part of The Manor Central Park, a mixed-use development project being undertaken by Bitexco, the realty group widely known for its tallest building in Ho Chi Minh City – Bitexco Financial Tower.

Mitsubishi will hold a 45 per cent stake in the joint venture while Bitexco will hold the remaining 55 per cent, with the total investment cost estimated to be 30 billion yen (almost $285 million) for the first phase, the Japanese firm said, in a statement on Wednesday.

This project marks the first partnership with a foreign group in the real estate business of Bitexco.

The Manor Central Park covers an area of nearly 90 hectares, aimed to be facilitated with multiple urban functions including residential, commercial, office, school and sporting facilities. With the local authorities planning to merge this area with the adjacent 100-hectare memorial park, it will become the largest real estate development project in Hanoi, according to Mitsubishi’s announcement.

During the first phase of cooperation, the joint venture will develop 240 low-rise housing units and two high-rise condominiums, while the overall target is to construct 1,000 low-rise housing units and a total of 17 high-rise buildings.

“With steady economic growth and an expanding middle class, the Vietnamese market is expected to continue seeing an increase in the demand for housing. Amendments to the housing law in July 2015 that loosened restrictions on the purchase of real estate by foreigners are also likely to provide a boost to the housing market,” Mitsubishi said.

The Japanese partner is involved in a spate of real estate-related projects in many countries, most recently in the Landmark Project, a large mixed-use development in downtown Yangon, Myanmar.

The Yangon-based project entails redeveloping a site of around four hectares, where an office building, commercial facilities, a hotel and other real estate assets had been constructed. It will comprise of two new office buildings, one condominium, one building combining a hotel and serviced apartments, with commercial facilities being installed on the lower floors of each building, across a total floor area of over 200,000 sq m.

The Japanese company commits a total capital of $200 million to the Landmark Project, which will be developed in collaboration with Yoma Strategic Holdings and First Myanmar Investment, two affiliates of Myanmar conglomerate Serge Pun & Associates.

In Vietnam, Mitsubishi’s partner Bitexco is also a conglomerate of businesses spanning from real estate development and hydroelectric power generation to infrastructure development such as highways and utilities.

Bitexco’s real estate business started with the completion of an office building in Ho Chi Minh City in 2003, followed by the development of housing projects, commercial centers and hotels.

Also read:

Vietnam’s Bitexco forms JV with Dubai’s Emaar Properties to develop $1.37b project

Vietnam: Mekong exits Intresco; Hoa Sen’s $3.8b plan, Bitexco buys hotel firm

Yoma’s landmark property project in Yangon gets lease extension

Myanmar red tape delays ‘landmark’ project backed by Yoma founder Serge Pun

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.