Nam Long cooperates with Japanese investors in condo project

Created 24 April 2018
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HCMC - Nam Long Group has signed an agreement with two Japanese investors, Hankyu Hanshin Properties Corp. and Nishi Nippon Railroad, to develop a big condo project in HCMC’s Binh Tan District.

The deal allows Nam Long and its two strategic Japanese partners to jointly invest some VND7,676 billion to carry out the Akari City project on Vo Van Kiet Boulevard, the backbone road which connects the east and the west of HCMC. Akari means “light” in Japanese.

The project has a total floor area of 539,000 square meters, and 4,600 apartment units designed based on the standards of Nam Long’s Flora product line, with amenities such as community club, swimming pool, children’s playground and fitness center.

Speaking at the signing ceremony on April 20 at Lotte Legend Hotel Saigon in downtown HCMC, Steven Chu Chee Kwang, CEO of Nam Long Investment Corporation, said Nam Long and the two Japanese partners were increasingly boosting relations to create not only homes but also a real estate system in which properties for various purposes such as commercial property, school, hospital, service, entertainment and complex are developed synchronically to create residential communities of high quality and unique lifestyle.

Kazumasa Ohchi, representative of Hankyu Hanshin Properties, said the company has found Nam Long has a business strategy of providing high quality homes at affordable prices, which makes a great contribution to the development of local communities and society.

“Until now, we have together developed four continuous projects. Fortunately, all the projects were successfully carried out and received positive feedback from customers. This 5th project is a combination of our understanding and Nam Long’s experience. We hope to create an added value for the housing sector in Vietnam,” Kazumasa Ohchi said in a statement.

Nam Long says Akari City will be one of its key projects in the next 3-5 years. The project will be officially introduced in the third quarter of 2018.

In related news, CBRE Vietnam said the apartment market segment turned active in the first quarter of 2018, and newly launched apartment supply increased sharply compared to the same period of last year.

Strong sales momentum remained, especially in new projects. However, there was a small adjustment in prices and some major concerns about safety issues emerged, the market research company said.

According to CBRE Vietnam, there were some 9,500 new units launched onto the HCMC condo market in the first quarter, increasing 11% quarter-on-quarter and 79% year-on-year.

Sales performance was positive with 9,260 units sold, an improvement of 4% quarter-on-quarter and 26% year-on-year. A number of projects developed by major firms saw strong sales, from 90% to 100%, especially those with reasonable prices.

From 2018 to 2020, it is forecast that the mid-end segment will continue to account for the largest proportion of the market while the high-end, and luxury segments will see lower levels of new supply, helping the market develop more sustainably.

 

Source: ThesaigonTimes

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