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Kajima Corporation and Vietnam’s Indochina Capital have founded a joint venture to develop high quality property projects in the Southeast Asian country.
The new venture, Indochina Kajima Development (ICC-Kajima), has a total capital of $1 billion with a 10-year run, according to the Saigon Times.
Each partner contributed 50 percent and this is Kajima's first foray into real estate development in Vietnam, with a wide range of services including planning and designing.
CEO of Indochina Capital, Peter Ryder, said that ICC-Kajima Development will initially focus on urban residential projects in Hanoi, Ho Chi Minh City and Da Nang.
Peter Ryder (second from left) and Keisuke Koshijima (third) are are the signing ceremony. Photo by thesaigontimes.vn/Quoc Hung |
Ryder said that the alliance has taken into consideration about 50 potential projects, in which four will be launched within the next 12 to 15 months with a combined investment capital of $100 million.
Head of Kajima’s overseas division, Keisuke Koshijima, said Vietnam is considered a potential market in the region and a core market for the company in particular.
After investing in office building and hotel projects, the company has recently acquired a 13-floor mixed-use facility in Da Nang, according to the Nikkei Asian Review.
Established in 1840, Kajima is one of Japan’s largest general contractors. Its famous projects include Resorts World Sentosa in Singapore, Kansai International Airport, Dubai Metro in the UAE and the Suez Canal Bridge.
As an affiliate of Indochina Capital, Indochina Land was established in 1999 and has been participating in real estate projects such as Six Senses Con Dao, Hyatt Regency Da Nang and Montgomerie Links Golf Courses.
Related news:
> Japan provides $106 million in ODA for Vietnam
> Japan’s Mitsubishi jointly invests in $1.9 billion real estate project in Vietnam
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