Japanese groups to build high-end condominiums in Ho Chi Minh City

October 02, 2015 | 09:40

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Two Japanese real estate groups have announced their plan to construct a high-class condominium building in Ho Chi Minh City, newswire Vietnamplus reported Wednesday.

Daiwa House and Nomura said they will join hands with Sumitomo Forestry Co. Ltd. to develop high-end apartments in District 7.

The apartment building, which is estimated to cost around 27 billion yen (US$220 million), will comprise 1,000 units and cover a total area of 28,000 square meters in Phu My Hung, one of the city’s most modern residential townships.

The condominiums will include a public fitness area and pool.

Its construction and sale plan will be both executed in 2017.

Each apartment will be around 85 to 120 square meters in area.

The official price has yet to be released but it is expected to be two times the average rate of other apartments in Ho Chi Minh City.

The Japanese firms decided to invest in Vietnam’s real estate market because they have seen a rise in the demand for high-standard condominiums thanks to continuous economic growth and the loosening of property ownership regulations, Vietnamplus reported.

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